Benin: MyFeda Allows Accountless International Transfers

By : Adoni Conrad Quenum

Date : lundi, 22 mai 2023 15:51

Before launching MyFeda, the Beninese startup behind the solution had developed a popular payment aggregator. This new technology aims to facilitate online transactions. 

MyFeda is a fintech solution developed by Beninese startup FedaPay SAS. It allows users to send and receive funds and make online payments anywhere in the world without a bank account. 

"MyFeda is a mobile solution that allows you to manage your money daily. Whether your money is on your mobile money account or a card, MyFeda allows you to control all your expenses whatever their nature (online, or in a brick-and-mortar store),” the solution indicates on its web platform. 

To access its services, users need to first download its mobile app (Android or iOS version) and create their MyFeda accounts. The process can be completed in just a few minutes. 

With MyFeda, users can send and receive funds via mobile money in Benin, Togo, Côte d'Ivoire, Mali, Niger, Senegal, and Guinea. They can also send funds via Western Union and MoneyGram or make bank transfers using MasterCard and Visa cards. The solution also provides access to a virtual Visa card.

Each MyFeda account is managed by the Lagos-based pan-African bank, United Bank of Africa (UBA), and linked to a card from the same bank.

A monthly subscription fee is required to use the services offered by MyFeda. Since its launch, the Android version of the app has been downloaded more than 5,000 times, according to PlayStore data.  

Adoni Conrad Quenum


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