AccèsBanque Madagascar was established in November 2006 and started operations in early 2007. It is the first bank in Madagascar specialising in provision of financial services to very small enterprises and the Madagascan poor, for whom banking services have often been unavailable.

Investment from the strategic investor AccessHolding (where CDC holds a 16.12% stake) has contributed to the expansion of AccèsBanque Madagascar.

By December 2008 the bank has over 5,000 borrowers with a loan portfolio of €2.7m and deposits totalling €4.6m from over 13,800 depositors. Most of the loans and deposits are very small. The bank also offers national and international money transfers to its customers. Micro-banking has become the main source of financial services for the bank’s customers.

In December 2007, after a year of operation, AccèsBanque Madagascar had three branches and 105 employees. By the end of 2008 it had expanded to six branches. There are plans to open two new branches in late 2009 including one in Antsirabe, the first outside the capital. The number of employees at AccèsBanque is currently 207, and this will increase with the opening of the new branches. Staff are provided with training developed by LFS Financial Systems, who has a management service contract with AccessHolding and with AccèsBanque Madagascar.

With an expanding network of branches particularly in rural areas, AccèsBanque Madagascar is poised to increase the availability of microfinance products to large numbers of previously unbanked people, helping them to access greater opportunities and escape poverty.

1 From year-end 2008, except for when stated otherwise.
2 €560,000 invested by AccessHolding. CDC’s investment in AccessHolding is €1.97m; total capital of AccessHolding is €12.21m.
3 From year-end 2007.