BENIN – FedayPay, a fintech company, has raised its first round of investment from Benin Business Angel Network (BBAN).
FedaPay was founded by Hermann Aguessy and Boris Koumondji, and it is a payment gateway that allows businesses of all sizes to accept money transfers via mobile money and bank cards using a single payment method.
The firm, which has been operating in Benin since 2018, claims it has a big portion of the local market and is now focusing on the countries of the sub-region.
Payments through bank cards and USSD codes are also integrated within the FedaPay app.
The transaction gateway provides solutions that are tailored to each sort of business in order to satisfy its consumers. Individuals can use Feda Direct to accept payments from anywhere in the globe over a secure link from their smartphone, computer, or tablet.
Feda Commerce, an easy and versatile way of integration into any type of application and on any platform, is available to e-merchants.
Feda Connect is a Customer Relationship Management (CRM) tool used by large corporations. This service is fully integrated into their day-to-day operations.
Koumondji says that FedaPay is better than its Beninese competitors because it distinguishes itself by offering customized and flexible pricing that corresponds with its merchants’ business models.
He claims its payment method coverage allows them to take payments from customers via mobile money and bank cards in a single integration. All transactions that flow through the platform also adhere to the PCI DSS security criteria.
According to Boris Koumondji, the security policy in place focuses on preventing fraud and safeguarding company funds. Indeed, not only is “each transaction checked and vetted by the system in order to detect suspicious activity,” but “the merchants’ money is managed by a financial institution and is not transferred to the merchant’s bank account or mobile money account.”
FedaPay intends to be the African Paypal after establishing itself in Benin. Its goal is to make financial inclusion a reality for everyone. To do this, the aggregator just launched its services in Niger and hopes to expand to other nations in the near future.