After ten years supporting Orange’s growth on the Malagasy market, a consortium of minority investors led by Terra Mauricia and Kibo Fund divested in January 2021 its 16% stake in Orange Madagascar.

According to a brief statement released by Enexus Finance, investment banking firm specialised in middle-market transactions in Africa and financial advisor in the transaction, Orange is the earliest operator in the Malagasy telecommunications market.

It adds that the French telecommunications firm has become a dominant player in voice and data services for both individuals and businesses, “and a leading financial service provider with its subsidiary Orange Money Madagascar.”

In May 2020, the company announced the inclusion of Burkina Faso and Morocco on a list of countries in Africa where subscribers can receive Orange Money remittances directly from France.

The two countries join Ivory Coast, Guinea, Madagascar and Mali to access the international money transfer solution offered by the French multinational telco.

According to Orange, the new remittance corridors have been operational since 8 May 2020 for Burkina Faso and 20 May 2020 for Morocco.

Enexus Finance states that with an estimated 9% CAGR in the coming years, Madagascar is expected to be one of the fastest growing telecom markets in Africa, partly driven by a dynamic B2B market as the country has been recently emerging as a leading BPO destination in Africa.

Orange, an established operator in Francophone Africa, has a presence in 17 African countries.