The ruling party's candidate is Prime Minister Lionel Zinsou, who used to head France's largest investment bank.
The election was delayed after problems with the distribution of polling cards, an issue that continued until the day before the vote.
Mr Zinsou, who is Franco-Beninese, is considered as "France's candidate" by his detractors, Benin gained independence from France in 1960.
Among other leading candidates are two prominent businessmen, Sebastien Avajon and Patrice Talon, as well as economist Abdoulaye Bio Tchane and financier Pascal Irenee Koupaki.
Benin's constitution barred Mr Boni Yayi from seeking a third term, although he had tentatively sought changes to the text allowing him to do so.
The rulers of other African countries such as Burundi, Rwanda and Congo-Brazzaville have recently changed their constitutions to allow third terms. Source BBC. Stay turned more updates coming soon on Benin Decides.
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