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Tag: Djamo

  • Djamo targets Francophone West Africa expansion with $17 million funding

    Djamo targets Francophone West Africa expansion with $17 million funding

    On Thursday, Ivorian fintech startup Djamo announced that it had raised $17 million in equity funding to expand its digital banking services across Francophone West Africa.

    This funding round, led by Janngo Capital, marks the largest ever for an Ivorian startup, bringing Djamo’s total equity funding to over $31 million.

    Djamo: Mobile-banking bridge for 1 million users.

    Djamo is positioned as a bridge between mobile money and traditional banking, offering accessible and comprehensive financial services to underbanked individuals and small businesses. The company serves over 1 million users in Côte d’Ivoire and Senegal, providing savings tools, investment products, and salary-linked accounts.

    Djamo’s innovative approach has resonated with users, with 55 percent of previously unbanked users and 90 percent using Djamo as their primary account.

    “This investment is a major step toward our vision of building one of the most iconic financial services platforms in Francophone Africa,” said Hassan Bourgi, Co-founder & CEO of Djamo. “Millions of people in our region remain underserved by traditional banks or stuck in mobile money ecosystems without access to wealth-building and fair financing opportunities. We are committed to providing them with seamless, affordable, and innovative banking that truly meets their needs”.

    Djamo gains capital for product and regional growth

    The new capital will support Djamo’s regional expansion and product development, including the launch of lending and interest-bearing savings products as it secures additional licenses.

    Djamo aims to increase the share of users receiving their salaries through its platform from 5-10 per cent to 50 per cent. Since its launch, the company has processed over $4.5 billion in transactions and onboarded over 10,000 small businesses.

    With a doubled valuation since its last funding round, Djamo is poised to become a leading digital bank for Francophone Africa’s emerging middle class.

  • Djamo secures $1.3 million funding from state-owned CDC-CI Capital

    Djamo secures $1.3 million funding from state-owned CDC-CI Capital

     Ivorian fintech startup Djamo has recently secured funding from the state-owned investment fund CDC-CI Capital, amounting to 800 million CFA francs (approximately $1.3 million).

    The announcement on Wednesday marks a key step in enhancing financial services in Côte d’Ivoire.

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    The investment agreement was finalised at Djamo’s headquarters in Abidjan, attended by key stakeholders, including CDC-CI Capital’s Managing Director, Arthur Coulibaly, Djamo’s co-founders, Hassan Bourgi and Régis Bamba, and the Chairman of the CDC-CI board of Directors.

    Investment to boost financial inclusion

    The backing from CDC-CI Capital hints at the Ivorian government’s interests in fostering financial technology solutions that drive economic development and financial inclusion.

    Djamo, founded in 2019, has gained traction by providing digital financial services tailored to the underbanked.

    Only about 19 per cent of Ivorians have access to traditional banking, while approximately 83 per cent of the population uses mobile money services. The startup’s platform allows users to send money seamlessly between bank accounts and mobile wallets.

    Arthur Coulibaly, Managing Director of CDC-CI Capital, emphasised the importance of this funding in fostering economic development through innovative financial solutions.

    “Our investment in Djamo is aligned with our goal to support high-growth potential startups that address key economic challenges,” he stated during the announcement event at Djamo’s headquarters in Abidjan.

    Read also: Algeria earmarks $11 million to support AI, cybersecurity startups

    Djamo’s expansion plans and user growth

    Djamo plans to utilise the new capital to enhance its virtual currency infrastructure and expand its reach among urban populations eager for digital banking solutions.

    Djamo’s customer-centric approach has fueled its rapid growth, reaching over 1.2 million subscribers in Côte d’Ivoire—more than doubled since late 2022.

    According to co-founder Hassan Bourgi, the startup’s success is rooted in its strategic focus on the “bank-ready” segment — young, urban Ivorians eager to embrace digital banking but underserved by traditional financial institutions.

    “We are targeting urbanites rather than the masses, as mobile money already adequately serves the latter segment,” Bourgi explained in a recent interview. “We see a substantial market of approximately 25 million people in the region who require their first proper bank account.”

    The company offers prepaid Visa debit cards and eliminates fees on select transactions, appealing to users seeking affordable banking. Partnerships with local banks ensure reliable and secure services, leading to higher transaction success rates.