FedaPay SAS is a fintech company that has developed innovative solutions to improve the financial sector in Africa. In 2022, it developed MyFeda, a mobile application that facilitates online sending, receiving and payment operations anywhere in the world, without having a bank account.
According to a report published in 2023 by the GSMA, mobile money has 1.6 billion accounts registered in 2022 around the world, and nearly half of them are from sub-Saharan Africa. According to a report published in 2023 by the GSMA, mobile money has 1.6 billion accounts registered in 2022 around the world, and nearly half of them are from sub-Saharan Africa. The total amount of mobile money transactions increased by 22% in 2022, amounting to nearly $1,260 billion. In addition, the World Bank’s December 2023 briefing note states that remittances to low- and middle-income countries have reached $669 billion. These major statistics served as leverage for the fintech FedaPay SAS when it launched MyFeda, a simple and secure payment solution via mobile money and credit cards, in 2022.
For merchant payments, bulk installments, or international transfers, it has a web-based platform that relies on the use of an easy-to-integrate API key. It allows entrepreneurs and other professionals to integrate online payment on their websites or mobile applications. In this segment, every month, fintech meters record several billion CFA in transaction volumes.
FedaPay SAS has successfully incorporated in London and was able to onboard the BBAN network (Benin Business Angel Network) which had acquired 10% of the fintech in 2020. Currently present in 8 African countries, it aims to extend its solutions to two other countries in the near future. To ensure the reliability of its services, it relies on a security policy that facilitates the fight and management of fraud, the security of merchants’ money, the authenticity of registered companies or a network of more than 30 countries.
How MyFeda works
Making it easier to control your money spending and being able to make different types of transactions: this is the objective of FedaPay SAS by launching MyFeda, a futuristic application that anticipates and responds to the needs of consumers. It doesn’t matter if the money is available on a mobile money account or on a card, the mobile app allows you to take control of its management. To benefit from it, you must create a MyFeda account giving access to a free virtual Visa card that can be topped up from a mobile money account.
MyFeda goes above and beyond by offering a solution that stands out from the competition. Through the app, it is possible to transfer money from a MyFeda account abroad, make online payments with your virtual Visa card and receive money in your MyFeda account. Better still, MyFeda users can, with their card, subscribe to online services, on the application, make card-to-card transfers or to mobile money numbers. An innovation that allows more than 30 thousand users to have a unique experience.
On the other hand, topping up a wallet via MyFeda consists of storing money that can be used to make various kinds of online and offline purchases or to top up a card. Thus, any user can use it to transfer money from a MyFeda card to any other card or a money mobile number.
“Becoming part of the daily lives of its users”
“At the international level, MyFeda is available in several countries and has established partnerships with local networks such as Orange money in Senegal, Orange money and MTN Mobile Money in Côte d’Ivoire, TMoney in Togo, Airtel Money in Niger, Orange Money in Mali, MTN Mobile Money, Moov Money and Celtiis Cash in Benin,” said Boris Koumondji, CEO of FedaPay SAS. Since its launch in October 2022, this application for individuals has been a great success. It has already recorded a monthly top-up volume of more than 100 million CFA francs.
According to Hermann Aguessy, President of the company: “MyFeda’s ambition is to become a super financial application allowing its users to make purchases and transfers anywhere in the world from their smartphone. This application aims to become part of the daily life of its african users by allowing them to carry out operations as simple as a Canal+ subscription, the purchase of tickets and tickets online and innovative access to basic financial services. »
To develop in Benin, FedaPay SAS received this year an investment from ABAN on the Catalytic Africa project through and lobbying by BBAN. In 2020, the said network invested about 36 million CFA francs, allowing FedaPay SAS to achieve a growth of almost 1000% after two years.
