Innovation is often a prerequisite for offering bespoke services. It is daring to challenge the status quo and to overcome obstacles lying ahead. BNI Madagascar provides the perfect example of this spirit through the development of mobile banking services, such as the Bank to Wallet and Wallet to Bank service launched in September. This service is unparalleled since it is cost-free for all BNI customers.
BNI Madagascar made no secret about its aim. Committed to further democratising the access to modern banking facilities for the Malagasy population, the bank has recently partnered with Telma, the leading mobile operator in Madagascar. This service provider is a close partner since it is a member of Axian Group, which is CIEL's joint shareholder in BNI Madagascar. The partnership led to the crafting of a Bank to Wallet and Wallet to Bank service available for ail subscribers of MVola, a mobile payment solution of Telma Group. lt allows clients to link their mobile phone account to their bank account. Clients can make cash deposits or withdrawal in a seamless way at any time, with a simple mobile phone.
By making the most of new technology, this service opens a new era for all cust om ers, whether for individuals or businesses. The key objective of this major shift is to put the client at the very centre of the service and respond to its needs within a specific context, by favouring an inclusive development model.
Most importantly, the bank constantly customises its services according to local realities and constraints. For any business activity, knowing its market and the needs of its prospective customers is key. Madagascar has indeed one of the lowest Internet penetration in the world, and only 5% of the population has a bank account. However, the mobile penetration is substantially higher as it reaches 51%. For BNI , this represented an opportunity to open the access to banking services to a new clientele. ln so doing, the bank consolidates its positioning as one of the largest commercial banks while contemplating the opportunity to increase its market share.
The nerve to think out of the box sometimes only means doing things differently with the resources already at hand. BNI makes an optimum use of technology to tailor-make its services to better suit market's needs. This product is the first of a series of value-added services , which the bank will unveil in the coming months. BNI Madagascar is currently the second most important asset in the investment portfolio of CIEL Finance. lt accounts for 30% of the overall portfolio, just behind Bank One.