How an Ivory Coast Start-up is Revolutionizing Fintech and Financial Inclusion

Digital banking in West Africa faces major challenges, with less than 25% of adults in French-speaking countries having traditional bank accounts. This gap has created opportunities for innovative financial technology companies to step in and serve millions of underbanked people across the region.

Djamo has emerged as Ivory Coast’s leading fintech startup, serving over one million users across Ivory Coast and Senegal while raising $17 million in funding – the largest equity round ever for an Ivorian company. The company started in 2020 with a simple digital payment card but has grown into a comprehensive financial services platform that connects traditional banking with mobile money systems.

The startup’s success demonstrates how local fintech companies can address specific regional needs in Francophone Africa. Djamo’s approach focuses on providing affordable, accessible financial services to people who previously had limited banking options, while building partnerships and expanding across West African markets with unified financial regulations.

Overview of Djamo Ivory Coast

Djamo stands as Ivory Coast’s leading fintech startup, founded in 2020 to bridge the financial access gap in Francophone West Africa. The company has achieved record-breaking funding milestones and serves over one million customers across the region.

Company Background

Djamo launched in 2020 as an Ivorian startup focused on digital banking solutions. The company initially offered a Visa-powered digital payment card but quickly expanded its services.

The fintech has grown into a comprehensive financial platform. It now provides savings accounts, investment products, and business banking services to customers in Ivory Coast and Senegal.

Djamo secured $17 million in equity funding in 2025, marking the largest venture capital round in Ivory Coast’s history. This achievement followed a $14 million Series A round in 2022.

The startup is backed by Y Combinator and has built a team of 250 employees. It has processed over $4.5 billion in transactions since its launch.

Mission and Vision

Djamo aims to make banking accessible and affordable for underserved populations in French-speaking African countries. The company targets users who have outgrown basic mobile money services but find traditional banks expensive or outdated.

The fintech positions itself between mobile money platforms and traditional banking institutions. It offers the accessibility of mobile money with the advanced financial tools typically found in banks.

Over 55% of Djamo’s user base consists of previously unbanked individuals. These customers often use the app as their primary financial service provider.

The company focuses on younger customers seeking modern banking solutions. It provides wealth-building and investment opportunities that traditional banks in the region often lack.

Key Founders and Leadership

Hassan Bourgi serves as co-founder and CEO of Djamo. He leads the company’s strategic vision and expansion efforts across Francophone West Africa.

Régis Bamba co-founded the company alongside Bourgi and holds the position of Chief Product and Technical Officer. He oversees product development and the technical infrastructure that powers Djamo’s services.

Both founders began developing the Djamo concept in 2020. They brought expertise from related financial technology fields to create solutions tailored for the West African market.

The leadership team has guided Djamo through multiple funding rounds. Under their direction, the company’s valuation has doubled since the 2022 Series A round, though specific figures remain undisclosed.

Djamo’s Financial Services and Products

Djamo offers a comprehensive suite of digital financial services designed for underbanked populations in Francophone West Africa. The platform combines mobile banking capabilities with traditional financial products like savings accounts and investment options.

Mobile Banking and Debit Cards

Djamo’s core product is a Visa-powered debit card that enables digital payments across multiple channels. The company has become Ivory Coast’s leading card issuer, surpassing major traditional banks in card distribution.

The mobile banking platform allows users to send money between bank accounts and mobile money wallets. This interoperability feature bridges the gap between traditional banking and mobile money systems.

Users can access salary accounts through the app. The platform includes automated spending categorization that provides insights for better budgeting decisions.

Most Djamo users had never owned a payment card before joining the platform. This reflects the company’s success in reaching previously unbanked populations who couldn’t access traditional banking products.

The app serves over 1 million users across Ivory Coast and Senegal. About 60% of these customers were previously unbanked before using Djamo’s services.

Savings and Investments

Djamo provides an automated saving product that offers guidance toward customers’ financial objectives. The platform helps users develop better money management habits through digital tools.

The company is gradually introducing customers to regional mutual funds as investment opportunities. These investment options are designed for users who want to grow their savings beyond traditional accounts.

The savings features integrate with the spending categorization system. This combination helps users understand their financial patterns and set realistic saving goals.

Djamo’s approach focuses on personal finance management rather than simply digitizing cash transactions. The platform targets areas where customers remain underserved by existing digital solutions.

Credit and Lending Features

Djamo serves approximately 10,000 small and medium enterprises (SMEs) alongside individual consumers. The platform provides business-focused financial services for commercial clients.

The company generates revenue through interchange fees, floating income, payout charges, and subscription fees. A significant percentage of users pay for premium subscription features.

While specific lending products aren’t detailed in available information, Djamo’s business model suggests credit-related services for both individual and business customers. The platform continues expanding its financial service offerings to become a comprehensive personal finance partner.

Bridging Traditional Banking and Mobile Money

Djamo creates a connection between basic mobile money services and full banking features. The platform helps people move from simple money transfers to complete financial tools like savings and investments.

Partnerships with Local Banks

Djamo works with existing banks in Ivory Coast and Senegal to expand financial access. These partnerships allow the platform to offer banking services without building everything from scratch.

The company connects with local financial institutions to provide regulated banking products. This approach helps Djamo offer services like savings accounts and loans through established banking networks.

Key partnership benefits include:

• Access to banking licenses and regulations
• Expanded service coverage across regions
• Lower costs for customers
• Faster rollout of new features

Local banks benefit from these partnerships by reaching younger customers. Many traditional banks struggle to serve people who prefer mobile-first solutions.

Interoperability Across Platforms

The platform connects with multiple mobile money services across Francophone Africa. Users can move money between different systems without switching apps completely.

Djamo supports transfers between various mobile money providers. This feature helps people who use different services for work, family, or business needs.

The system works with popular mobile money platforms in West Africa. Users can send money to people who use different providers without extra fees or complications.

Supported features include:

• Cross-platform money transfers
• Bill payments through multiple channels
• Business payments across different systems
• International transfers within the region

This connection helps small businesses accept payments from more customers. Many SMEs serve people who use different mobile money services.

Benefits for Unbanked Populations

About 60 percent of Djamo users never had bank accounts before joining the platform. The app provides banking services to people that traditional banks often ignore.

Women make up one-third of Djamo’s user base. This group faces extra challenges getting banking services in many African countries.

The platform offers savings accounts with no minimum balance requirements. Traditional banks often require large minimum deposits that many people cannot afford.

Key benefits for unbanked users:

• No minimum account balance
• Lower fees than traditional banks
• Mobile-first design for easy use
• Financial education through the app

Djamo serves over 1 million users across Ivory Coast and Senegal. Most of these customers now have access to formal financial services for the first time.

The platform helps people build credit history through regular use. This feature opens doors to loans and other financial products in the future.

Impact on Financial Inclusion in Francophone Africa

Djamo has become a key driver of financial inclusion across Francophone West Africa, with over 1 million users accessing digital banking services previously unavailable to them. The platform specifically targets underserved populations while working to close gender gaps and improve financial literacy throughout the region.

Serving Underserved Populations

Djamo focuses on reaching people who lack access to traditional banking services across Francophone Africa. The company targets consumers and small businesses in Côte d’Ivoire and Senegal where banking infrastructure remains limited.

The platform offers mobile-first banking solutions that work without requiring physical bank branches. Users can open accounts, transfer money, and access credit through their smartphones.

Key services include:

• Digital wallet functionality
• Mobile money transfers
• Microloans for small businesses
• Savings accounts with low minimum balances

Small and medium enterprises benefit from Djamo’s business banking features. These companies often struggle to get loans from traditional banks due to strict requirements and high fees.

The startup’s $17 million funding round will help expand these services to more countries in Francophone West Africa. This expansion aims to bring banking services to rural areas where traditional banks don’t operate.

Advancing Women’s Economic Participation

Djamo works to close the gender gap in financial access across Francophone Africa. Women in the region face significant barriers when trying to access traditional banking services.

Janngo Capital’s founder Fatoumata Bâ highlighted how Djamo’s work specifically helps women gain financial access. The platform removes many traditional barriers that prevent women from opening bank accounts or accessing credit.

Women entrepreneurs use Djamo’s services to start and grow small businesses. The platform provides microloans and business accounts that help women become financially independent.

The digital nature of Djamo’s services allows women to manage finances privately through their phones. This privacy helps in communities where women face restrictions on financial activities.

Promoting Financial Literacy

Djamo integrates financial education into its platform to help users make better money decisions. Many people in Francophone Africa lack basic knowledge about saving, investing, and managing debt.

The app includes educational content that teaches users about budgeting and financial planning. These lessons help people understand how to use banking services effectively.

The platform uses simple language and local examples to make financial concepts easy to understand. This approach helps bridge the knowledge gap that often prevents people from using formal financial services.

Djamo also provides guidance on health-related financial planning. Users learn how to save for medical expenses and understand health insurance options available in their countries.

Business Model, Growth, and Market Expansion

Djamo operates as a strategic ally to traditional banks rather than a competitor, building partnerships with licensed institutions within the WAEMU framework. The company has achieved remarkable growth since its founding, expanding from 90,000 users in early 2021 to over one million active customers by 2025.

Revenue Streams and Business Strategy

Djamo generates revenue through a partnership-based model with traditional banks and licensed financial institutions. The fintech positions itself as a bridge between banks and underserved populations rather than competing directly with established financial institutions.

The company keeps operational costs low by avoiding physical branches. These savings get passed to users through transparent and affordable pricing structures.

Djamo started with a Visa-powered card for digital payments. The business has gradually expanded to become a comprehensive personal finance platform for consumers across Francophone Africa.

Customer Growth and User Demographics

The tech startup has experienced explosive growth in its user base. Customer numbers increased more than five times from 90,000 users in February 2021 to over 500,000 by 2022.

By 2025, Djamo surpassed one million active customers. This milestone represents significant penetration in markets where only 25% of the population uses formal banking services.

Growth Metrics:

• 2021: 90,000 users
• 2022: 500,000+ registered users
• 2025: 1+ million active customers
• Revenue: 5x growth since 2022

The company primarily serves underbanked populations in Francophone West Africa. Many users come from informal economies where 80% of transactions still happen with cash.

Djamo’s next focus targets SMEs and informal entrepreneurs. Many of these business owners already use the platform for personal banking needs.

Regional Expansion into Senegal and Beyond

Djamo currently operates in two major WAEMU economies: Ivory Coast and Senegal. These markets provide a solid foundation for the company’s regional expansion strategy.

The fintech benefits from WAEMU’s shared financial regulations across member countries. This regulatory consistency allows Djamo to scale operations more easily between different markets.

Expansion Strategy:

• Focus on deepening presence in existing markets first
• Leverage WAEMU regulatory framework for future growth
• Target other WAEMU countries as next expansion phase

The company remained unaffected by recent enforcement actions that caused turbulence in Senegal’s fintech sector. Djamo’s proactive compliance approach helped it navigate regulatory challenges successfully.

Fintech growth in the region benefits from cheaper internet access and more affordable smartphones. Political and economic stability in key markets like Ivory Coast creates favorable conditions for expansion.

Investments, Funding, and Partnerships

Djamo has secured significant funding from international investors, raising $17 million in its latest round led by Janngo Capital. The fintech startup previously completed a $14 million Series A round in 2022 and received additional backing from Y Combinator.

Major Funding Rounds

Djamo completed its largest funding round in 2024, raising $17 million in equity funding. This represents the biggest venture capital round ever for an Ivorian startup.

The company previously raised $14 million in its Series A round in November 2022. Both Janngo Capital and Partech Partners participated in this earlier funding round.

In addition to these major rounds, Djamo received 800 million CFA francs ($1.3 million) from CDC-CI Capital. This state-owned investment arm provided funding to enhance the company’s virtual currency infrastructure.

Notable Investors

Janngo Capital led Djamo’s $17 million funding round. The investment firm, founded by Fatoumata Bâ, focuses on supporting fintech companies across Francophone West Africa.

Other major investors include:

• SANAD Fund for MSMEs (managed by Finance in Motion)
• Partech Partners (Paris-based venture capital firm)
• Oikocredit (returned for additional investment after 2022 backing)
• Enza Capital

CDC-CI Capital, a subsidiary of Côte d’Ivoire’s state-owned Caisse des Dépôts et Consignations, provided additional backing to support financial inclusion goals.

Y Combinator and Global Partnerships

Djamo participated in the Y Combinator accelerator program, gaining access to Silicon Valley expertise and networks. This backing helped position the startup for international growth.

Y Combinator’s involvement provided Djamo with mentorship and connections to global fintech markets. The accelerator participated in the company’s latest $17 million funding round.

The startup leveraged these partnerships to expand operations from Ivory Coast into Senegal. International investor backing enabled Djamo to serve over 1 million users and 10,000 small businesses across both markets.

Djamo’s Role in the African Fintech Ecosystem

Djamo has established itself as a key player in Africa’s fintech landscape, particularly within Francophone West Africa. The company’s recent $17 million funding round represents the largest venture capital investment in Ivory Coast’s tech history, demonstrating growing investor confidence in the region’s digital banking potential.

Position Among African Fintechs

Djamo occupies a unique position in Africa’s competitive fintech market by focusing on underserved Francophone markets. While most African fintechs target large English-speaking countries like Nigeria, Egypt, and South Africa, Djamo has carved out a specialized niche in Ivory Coast and Senegal.

The company serves over 1 million customers across both countries. This customer base includes 10,000 small and medium enterprises, highlighting its dual focus on consumers and businesses.

Key differentiators include:

• Mobile-first banking approach designed for digital natives
• Affordable financial services targeting the underbanked population
• Strong presence in Francophone Africa where competition is less intense

Djamo’s revenue model relies on merchant fees from online card purchases and premium subscription plans. About 25% of users pay for premium services, indicating strong customer engagement and willingness to pay for enhanced features.

The fintech has achieved significant growth since its 2021 founding. Revenue increased five times between 2022 and 2024, demonstrating rapid business expansion in a challenging market environment.

Regulatory Compliance and Innovation

Operating in West Africa’s tightening regulatory environment, Djamo has positioned itself as a compliant innovator. The company navigates complex financial regulations across multiple countries while maintaining its growth trajectory.

Djamo bridges the gap between traditional banking systems and mobile money ecosystems. This positioning helps the company comply with banking regulations while offering innovative digital solutions that meet local market needs.

The fintech offers comprehensive banking services including digital savings accounts, salary-linked bank accounts, payment cards, and peer-to-peer transfers. These services operate within existing regulatory frameworks while providing modern banking experiences.

The company’s focus on financial inclusion aligns with regulatory goals across Africa. About 60% of Djamo’s customers were previously unbanked, supporting government initiatives to increase formal financial service access.

Future Prospects for Djamo

Djamo’s expansion plans center on becoming one of Africa’s most recognized financial services platforms. The recent funding will enhance the platform with advanced spending, saving, investing, and borrowing features.

The company plans to expand across Francophone West Africa, targeting markets with similar characteristics to Ivory Coast and Senegal. This regional focus allows Djamo to leverage its expertise in French-speaking markets and regulatory environments.

Growth opportunities include:

• Expansion to additional Francophone African countries
• Enhanced lending products for consumers and SMEs
• Investment services for wealth building
• Advanced analytics and financial management tools

Women represent one-third of Djamo’s user base, positioning the company to address gender gaps in financial inclusion. This demographic focus supports broader economic development goals across the region.

The fintech sector in Africa continues growing rapidly, with increasing smartphone penetration and digital adoption. Djamo’s established market position and proven business model provide advantages for capturing this growth in Francophone markets.

Investor backing from prominent firms like Janngo Capital, Partech, and Y Combinator provides financial resources and strategic guidance for sustainable expansion across the continent.