Madagascar - Methods of PaymentMadagascar - Methods of Payment
Payments for exports into Madagascar are usually made through the following standard methods: open account, letter of credit, cash in advance, or documentary collection. Madagascar is a cash economy, with little financial depth compared to neighboring African countries. In fact, in 2011, there were only 44.3 bank accounts for every 1000 adults (World Bank).
Madagascar’s financial sector is small, with 11 banks, 6 finance establishments and 31 microfinance institutions. Deposits account only for 16.6 of the GDP. Foreign ownership controls most of the eleven banks, divided between French, Mauritian, Chinese, Gabonese, and Belgium. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Madagascar’s financial sector is small, with 11 banks, 6 finance establishments and 31 microfinance institutions. Deposits account only for 16.6 of the GDP. Foreign ownership controls most of the eleven banks, divided between French, Mauritian, Chinese, Gabonese, and Belgium. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.