Question 1

What is Caisse d'Épargne de Madagascar?

Accepted Answer

Caisse d'Épargne de Madagascar (CEM) is a microfinance institution and the oldest financial institution in Madagascar, founded in 1918. Operating as a deposit and credit microfinance institution since March 1, 2019, CEM serves approximately 1.1 million members across the country. The institution is 100% Malagasy-owned and operates under the supervision of the Ministry of Economy and Finance.

CEM specializes in savings mobilization, credit distribution, insurance products, digital financial services, and money transfer services. It plays a central role in financial inclusion for underserved populations throughout Madagascar.

Question 2

When was Caisse d'Épargne de Madagascar founded?

Accepted Answer

Caisse d'Épargne de Madagascar was founded in October 1918 by French colonial authorities under the name Caisse Nationale de l'Epargne (CNE). The institution was originally established as an administrative public establishment to collect savings from the local population and mobilize funds for the central administration.

The institution evolved significantly over time. In 1985, it received its current name, Caisse d'Épargne de Madagascar, as an industrial and commercial public establishment attached to the Ministry of Post and Telecommunications. Law 95-019 of September 18, 1995, transformed CEM into a limited company (Société Anonyme), which became fully operational on June 14, 2001, granting it legal, administrative, and financial autonomy. On March 1, 2019, CEM transitioned to become a registered microfinance institution, allowing it to expand its services to include credit distribution, insurance products, and digital financial services.

Question 3

Where is Caisse d'Épargne de Madagascar headquartered?

Accepted Answer

Caisse d'Épargne de Madagascar is headquartered at 21 Rue Karija Tsaralalàna, Antananarivo 101, the capital city of Madagascar. The headquarters houses the main administrative offices and serves as the central coordination point for the institution's nationwide operations.

Question 4

Where does Caisse d'Épargne de Madagascar operate?

Accepted Answer

Caisse d'Épargne de Madagascar operates throughout Madagascar with a network of 29 branches spread across all regions of the country. The institution has established agencies in provincial capitals and major cities including Antananarivo, Toamasina, Mahajanga, Fianarantsoa, Toliara, and Antsiranana.

CEM also maintains a presence in smaller cities and rural areas such as Antsirabe, Ambanja, Ambilobe, Nosy-Be, Manakara, Morondava, Sainte-Marie, and Sambava. This extensive geographic coverage allows CEM to reach underserved populations in remote areas, making it one of the most accessible financial institutions in Madagascar.

Question 5

What services does Caisse d'Épargne de Madagascar offer?

Accepted Answer

Caisse d'Épargne de Madagascar offers a comprehensive range of financial services tailored to different demographic segments. Core savings products include the Compte Livret d'Épargne (savings account), Compte Spécial Épargne (special savings account), and Compte Spécial Retraite (special retirement account).

As a microfinance institution, CEM provides microcredit services to individuals and small businesses with limited or no access to traditional banking services. The institution distributes insurance products and operates digital financial services including mobile money transactions and electronic payment systems.

CEM serves as the primary Western Union representative in Madagascar since becoming the first authorized agent in 1998. The institution offers money transfer and payment services through dedicated Western Union counters at multiple locations. CEM's services target all age groups, from newborns (through accounts opened by family members) to students, young professionals, entrepreneurs, and retirees.

Question 6

What makes Caisse d'Épargne de Madagascar unique?

Accepted Answer

Caisse d'Épargne de Madagascar is distinguished as Madagascar's oldest financial institution with over 106 years of continuous operation. It is the only 100% Malagasy-owned major financial institution in the country, reinforcing its commitment to local economic development.

CEM is a member of the World Savings and Retail Banking Institute (WSBI) since 1996 and the Institut Mondial des Caisses d'Épargnes (IMCE), connecting it to a global network of savings banks. The institution has cultivated a unique cultural position in Madagascar, where opening a CEM account for newborns is a traditional practice, often replacing conventional birth gifts.

CEM's dual mission combines social and economic objectives, focusing on financial inclusion while maintaining profitability. The institution emphasizes financial education as a core component of its services, positioning itself as the "grand éducateur financier" (great financial educator) for all social strata in Madagascar. CEM has partnered with international organizations including the Millennium Challenge Account (MCA) since 2002 and the German Savings Banks Foundation for International Cooperation (Sparkassenstiftung) since 2004.

Question 7

What type of financial institution is Caisse d'Épargne de Madagascar?

Accepted Answer

Caisse d'Épargne de Madagascar is classified as an Institution de Microfinance (IMF) de dépôt et de crédit, which translates to a deposit and credit microfinance institution. This classification was officially granted through Decision No. 002/2019-CSBF on March 1, 2019.

Under Madagascar's financial regulatory framework (Law 2017-026), microfinance institutions provide financial services primarily to individuals and legal entities with limited or no access to traditional banking services. As a deposit and credit microfinance institution, CEM is authorized to collect deposits, extend credit, distribute insurance products, offer digital financial services, and provide money transfer and payment services. This institutional type differs from commercial banks in Madagascar by focusing on financial inclusion and serving underserved market segments while maintaining broader accessibility through lower service thresholds.

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