Hiridjee’s Axian fintech Mvola obtains Madagascar banking licence
After a process lasting more than a year, this authorisation allows Mvola to offer its services without being backed by a bank – a first in Africa, according to its teams.
12/11/2021 at 20h44, by Africa Business+
Madagascar is at the forefront of financial innovation. According to Africa Business+ sources, Mvola, the mobile banking operator of the Axian group, owned by the Hiridjee family, obtained a banking licence in mid-September. This is a first on the continent, where these fintechs usually have an electronic money issuer (EME) licence and work in partnership with a bank to share their revenues.
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