Benin-based FedaPay Secures Funding from Benin Business Angel Network

Benin-based payment aggregator, FedaPay, has announced it raised its first round of investment from Benin Business Angel Network (BBAN).

FedaPay is an efficient and secure system for payment by credit cards and by mobile money launched in 2018 by Hermann Aguessy and Boris Koumondji. The platform manages merchant accounts, allowing for flexible and easy API allowing businessmen and developers to integrate online payment systems into e-commerce websites and mobile applications. It’s a safe way to get paid quickly.

The platform’s African context design allows for easy navigation and aggregation of payment- including mobile money which is more anchored in African consumers’ habits.

Feda Connect is a Customer Relationship Management (CRM) tool used by large corporations. This service is fully integrated into their day-to-day operations.

Boris Koumondji, technical team lead and co-founder of getchaperon.com and fedapay spoke on FedaPay’s uniqueness and security level.

“FedaPay is better than its Beninese competitors because it distinguishes itself by offering customized and flexible pricing that corresponds with its merchants’ business models.

“FedaPay’s 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.

The merchants’ money is managed by a financial institution and is not transferred to the merchant’s bank account or mobile money account, “said Koumondji.

FedaPay intends to be the African Paypal after establishing itself in Benin by making financial inclusion a reality for everyone. To do this, the aggregator just launched its services in Niger and hopes to expand to other nations soon.