The news
- Djamo secures $17 million to enhance financial services in Francophone Africa.
- The Ivorian fintech now boasts over 1 million users across Côte d’Ivoire and Senegal.
- Djamo aims to bridge the gap between mobile money and traditional banking.
Ivorian fintech startup Djamo has raised $17 million in a recent funding round, marking a significant milestone for Francophone Africa’s burgeoning fintech landscape. This investment reflects the growing interest in digital banking solutions tailored to the unique needs of underbanked populations in French-speaking West Africa.
Founded in 2020 by CEO Hassan Bourgi and Chief Product and Technical Officer Régis Bamba, Djamo set out to address the financial access challenges prevalent in Francophone Africa.
Traditional banks in the region often cater primarily to the affluent, leaving a substantial portion of the population reliant on basic mobile money services. Djamo positions itself as a bridge between these mobile money platforms and conventional banking, offering accessible and comprehensive financial services.
The startup’s innovative approach has resonated with users, propelling its customer base to over 1 million across Côte d’Ivoire and Senegal. This rapid growth reflects a strong demand for more inclusive financial solutions in the region.
Djamo’s product suite has evolved to meet the diverse needs of its users. Beyond facilitating peer-to-peer transfers and providing payment cards, the company now offers savings vaults and investment products. Notably, Djamo secured the region’s first fintech-issued brokerage license, enabling it to provide investment opportunities previously inaccessible to many in its target market.
The recent $17 million funding round is the largest ever for an Ivorian startup, surpassing Djamo’s previous $14 million Series A raise in 2022. This influx of capital is expected to fuel further expansion and innovation, allowing Djamo to enhance its offerings and reach more underbanked individuals in Francophone Africa.
Djamo’s trajectory highlights the potential of fintech solutions to transform financial inclusion in regions that have traditionally been overlooked. By tailoring its services to the specific needs of Francophone African users, Djamo is not only bridging the gap between mobile money and traditional banking but also setting a precedent for other startups aiming to make a similar impact.
As Djamo continues to grow, its success serves as a testament to the viability and necessity of localised fintech solutions in driving financial inclusion across Africa.
