The financial solution was set up by three African tech entrepreneurs to assist African migrants in their transition to life in France.

Moneco, a fintech solution founded by three African tech entrepreneurs Algerian Bilal Dahlab, Beninese Jimmy Kuassi Kumako, and Malagasy Shams Radjabaly was launched in 2022. The France-based startup, which raised approximately $1 million for technology development and growth, allows users to open a euro account, obtain an international VISA payment card, and make transfers throughout Europe or between Moneco users.

The Moneco mobile application, available on iOS and Android, requires users to create an account using a passport and a selfie. A physical address in France is necessary to complete the account creation process. Once the account is set up, users can order a Visa card for payments and other financial transactions. Moneco’s ultimate goal is to serve as a comprehensive financial resource.

The Moneco debit card is priced at €20, with a monthly fee of €1.5. Withdrawals outside France but within the Euro zone also incur a €1.5 fee. Transfers, account maintenance, direct debits, transfers to another Moneco user, card payments within the eurozone, and account opening are all free of charge.

Moneco took part in the Summer 2022 cohort of the Californian accelerator Y Combinator. Since its launch, the Android version of its mobile application has been downloaded over 5,000 times, according to the Play Store.

Adoni Conrad Quenum