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Paoma becomes Madagascar’s new postal bank

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Paoma becomes Madagascar’s new postal bank

Paoma becomes Madagascar’s new postal bank

Paoma holds financial and managerial autonomy and has 250 branches across Madagascar. The firm is embarking on a major transformation to become a postal bank.

This initiative, supported by the Malagasy government through the Ministry of Posts and Telecommunications (MNDPT), aims to expand its activities beyond postal services with a clear objective: to offer diversified services to the population and promote financial inclusion.

Paoma’s nationwide branch network plays a key role in this transformation. According to the official document, this network « will remain an important relay for offering diversified services to the population and will constitute a real lever for the financial inclusion of the Malagasy population ».

As part of this ambitious project, the Malagasy government has set itself the goal of expanding the Postal Bank to 28 Paoma branches in major cities by the end of 2023. This gradual roll-out will continue until all 250 post offices are covered by the end of 2024.

To support this initiative, the MNDPT has already raised funds for human capital capacity building. To ensure a smooth transition, training will be provided to postal employees who will be transferred to the future Banque Postale.

The government has already approved the business model of the Postal Bank at a meeting of the Council of Ministers in April this year. It should be noted that Paoma holds 65 % of the shares in its subsidiary, while the remaining 35 % is held by the National Company of Participations (Sonapar).

The project to transform Paoma into a postal bank is an important step in the country’s economic and financial development. It demonstrates the government’s determination to promote financial inclusion through a postal network that is firmly rooted throughout the country and to diversify the services offered to Madagascar’s citizens.

In this way, Paoma is preparing to play a central role in Madagascar’s financial landscape, offering a wide range of services through its extensive branch network, thereby helping to improve the economic lives of citizens and strengthen financial inclusion in Madagascar.

The project has already raised many expectations and hopes for the emergence of a modern and accessible postal bank to meet the financial needs of the Malagasy population. The transformation of Paoma into a postal bank is therefore a major turning point for Madagascar’s economy and finance.

J.J.R.

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