Djamo, a fintech startup focused on digital banking, has emerged as a notable player in Africa’s financial landscape, specifically targeting the underserved populations in Francophone West Africa, namely the Ivory Coast and Senegal. Since its launch in 2020 by co-founders Hassan Bourgi and Régis Bamba, Djamo has amassed over 1 million customers and has recently raised $17 million, marking the largest funding round for an Ivorian startup. This investment follows a $14 million Series A round in 2022, signalling strong investor confidence in Djamo’s mission to improve banking accessibility and affordability.
The founders recognised a significant gap in financial services for the largely unbanked population in these regions, where traditional banks cater primarily to wealthier customers. As a result, many locals rely on mobile money services, which, while useful, do not provide the comprehensive financial tools necessary for credit, investments, and savings. Djamo bridges this gap by offering a more robust banking experience that combines the convenience of mobile money with traditional banking services.
To meet evolving user needs, Djamo has expanded its offerings beyond basic transactions. It now provides savings vaults, investment products via a pioneering fintech brokerage licence, and salary-linked accounts, enhancing direct engagement with its users. Despite competing with mobile money giants like Wave, Djamo positions itself as a complementary service, allowing clients to manage funds and access advanced financial tools.
A noteworthy aspect of Djamo’s user base is that over 55% comprises individuals who previously lacked traditional banking access. This demographic is seen as a primary driver of Djamo’s growth, along with the startup’s innovative approach of using offline agents alongside its app to facilitate customer interactions. Bourgi disclosed that while currently only 5% to 10% of users receive salaries through the app, the goal is to increase this figure significantly in the future.
The company has experienced remarkable financial growth, with a fivefold revenue increase since 2022 and processing over $4.5 billion in transactions. Djamo’s revenue model includes transaction fees and subscription services, with plans to introduce more revenue streams, including lending and interest-bearing accounts.
With the recent funding round spearheaded by Janngo Capital and support from several other investors, Djamo aims to expand its services further across French-speaking Africa. The startup is dedicated to not only enhancing financial accessibility but also addressing gender disparities in financial inclusion, with women representing a significant portion of its user base. As Djamo continues to grow, it stands poised to play a critical role in transforming the financial landscape in West Africa, particularly for underserved communities.
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