AFG Bank Madagascar
“Can a regional African bank in Madagascar become the digital-first retail and SME banking champion through mobile apps and sector partnerships?”
HQImmeuble Gateway, Rue Seth Ranohisoa, Ankorondrano, Antananarivo 101, Madagascar
IndustryBank / National
The story
AFG Bank Madagascar is a privately-held commercial bank in Madagascar serving individuals, professionals, businesses and institutions. Part of AFG Bank (Atlantic Financial Group) regional African banking network with workforce distributed across Madagascar, France, and Cameroon. The bank is investing in digital channels (AFG Mobile app, AFG SMS, AFG e-Bank Super App launched in 2026) and sector-specific lending partnerships to expand its retail and SME credit footprint.
Product timeline
2026
Launched new Super App e-Bank digital banking application· banking
2026
Signed strategic partnership with UbiPharm Madagascar to launch PACK TONGASOA program providing preferential credit conditions to young pharmacists· lending
Regulated entities
1
regulatory licence held by AFG Bank Madagascar
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in AFG Bank Madagascar’s embedded-finance stack
Banking / BaaS
AFG Bank Madagascar (in-house)
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Accounting gap: none
10 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.