Remitbee Launches Remittance Service to Benin

By Remitbee - Dec 3, 2021

Kóyo! We are constantly working to expand our global reach for online money transfer services, and we’ve recently added Benin to the list of countries that you can remit money to. You can now use Remitbee to get some of the most competitive CAD to CFA franc (XOF) exchange rates and send money quickly and securely to your loved ones in Benin. What’s more, transfers of $500 and over are free.

All about Benin

Benin is one of the most stable countries in Africa, and has a rich culture and natural beauty. It was formerly known as Dahomey, and the name of the country comes from the Bight of Benin, a bay off the coast. Benin became self-governing from the French in 1958 then eventually became independent in 1960. The Beninese have made their country a beacon of democracy, and Benin is the first country on the continent to move from dictatorship to democracy. The Beninese are also a leader in holding one of the first multiparty elections. There are five natural regions, including the coast, marsh and lagoon, rainforest and more. Benin holds the unique position of having the largest ecosystem in Africa, along with Niger and Burkina Faso. The UNESCO recognized Pendjari National Park has a population of lions, the only one in the region. In Benin visitors can see what is called the “Venice of Africa”, a village called Ganvie that was built entirely on stilts in Lake Nokoue. Most of the rainforest has been cleared now, but agriculture has replaced it and cotton is a popular product. The oil palms, ronier palms, and food are the most popular crops now.

Benin Holidays

Part of the shoreline of Benin was a trading point on the so-called Slave Coast. From here many enslaved people were shipped across the ocean by Europeans. As a result, the descendants of those people in the Americas retain some of their African culture and religion. Voodoo is one element of this. In fact, 11 percent of Beninese are followers of the voodoo religion. Benin celebrates Voodoo Day on January 10 and attendees come from all over, including outside of the country. For local people it is just as important a holiday as Christmas or Eid. The ceremonies are not for the squeamish. In one, a priest sacrifices a chicken and rips its neck off with his teeth.

Beninese Canadians

Many African immigrants come from West African countries where the language was English, but some Francophone immigrants like the Beninese have arrived as well. The total number of recent Beninese immigrants in Canada as of 2016 was 2,760. The overwhelming majority of immigrants from Benin live in the province of Quebec. There are also some in other smaller communities around Canada. After Quebec, the largest numbers of Benin immigrants live in the province of Ontario. Many Beninese in Canada still maintain ties with their home country. For Benin in Canada looking to exchange CAD to CFA franc (XOF), Remitbee can help. We offer high security, low and transparent fees, and a good exchange rate on Canadian Dollars to CFA franc (XOF). Our transfers also go directly to Beninese bank accounts.

Partner banks in Benin

Benin’s currency-issuing bank is the BCEAO or Central Bank of West African States. The bank issues the CFA Franc, sets interest rates, manages foreign exchange and applies monetary policy. CFA franc (XOF) is used in eight West African states, including Niger, Mali, and Togo. There are 15 banks in total in the country. Ecobank, Bank of Africa (BOA) and Nsia Banque (Diamond Bank) hold the largest share of business in Benin overall. At last accounting, Ecobank held 388 billion CFA francs in deposits. This Pan-African bank is also highly rated by its customers. Diamond Bank offers mobile banking, VISA cards, and more. Societe Generale has 17 branches in Benin and won the award from Global Finance for best bank in 2019. As a part of the international banking group based in France, it has the experience to offer a wide variety of financial products. These include chequing and savings accounts, loans, and a full suite of business banking services.

Sending money to Benin for a low fee at a great exchange rate is what Remitbee is all about.

We offer easy CAD to CFA franc (XOF) transfers. Your money will be sent quickly and in a secure manner directly into a Beninese account.

Just sign up. We’ll handle the rest.

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