The credit market is evolving in a contrasted manner. As economic activity continues its adjustment in 2026, data from the Credit Information Bureau (BIC) reveals mixed developments in Madagascar's credit market. Overall activity in installment credit recorded a slight slowdown compared to the same period in 2025.
The non-amortizable credit segment, however, presents a very different dynamic, marked by a sharp decline in the number of borrowers but an increase in financed amounts. For installment credit, the number of active clients fell from approximately 344,000 in the first half of 2025 to 302,000 in 2026, a decrease of nearly 12%. Despite this decline in borrowers, total outstanding credit remained practically stable at around 1,760 billion ariary, demonstrating good portfolio resilience. The clientele remains primarily concentrated in the 35-44 and 25-34 age groups, together representing nearly 60% of borrowers. Payment behavior analysis also provides a positive signal. The number of credits with more than 90 days of payment arrears fell from 68,335 in June 2025 to 49,575 in June 2026, indicating a marked improvement in portfolio quality and borrower repayment discipline. Demographically, women are slightly strengthening their presence in installment credit. Their share increased from 51.6% to 52.9% of borrowers between the two periods, confirming their growing role in accessing formal financing.
Conversely, the non-amortizable credit segment is experiencing more pronounced changes. The number of beneficiaries dropped from 116,843 to 53,371, a decline exceeding 50%. However, this customer contraction is accompanied by growing outstanding credit, rising from 56.5 billion to 61.3 billion ariary. This trend suggests credit concentration among fewer borrowers receiving larger financing. The age structure is also evolving in this segment. Borrowers aged 25-34 remain the most represented group, while the share of those aged 19-24 is progressing significantly, reflecting growing interest from younger generations in this financing type. Finally, the gender distribution is rebalancing. Women now represent 46.3% of non-amortizable credit holders, compared to 38.5% a year earlier, narrowing the historical gap with men.
Overall, Credit Bureau data shows Madagascar's credit market becoming more selective in 2026. Installment credit maintains its central role with improved portfolio quality, while non-amortizable credit is characterized by financing concentration and rising female clientele. These trends reflect growing sector maturity and progressive adaptation of credit supply to market needs. As Madagascar's financial ecosystem develops, Credit Bureau data is becoming a strategic tool to support financial inclusion, manage risk, and foster responsible credit growth in the country.