Djamo, a rising digital banking platform that has quickly become a key player in Francophone West Africa, has raised $17 million in a significant round of funding aimed at expanding its offerings and reaching more underserved populations. This round, which was led by Janngo Capital, is the largest venture capital investment ever secured by an Ivorian startup, surpassing Djamo’s previous $14 million Series A round in 2022. The funding marks a milestone for the company, underscoring its rapid growth and ambitions to revolutionize banking in the region.
Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo’s mission is to address the significant financial inclusion gap in French-speaking African countries. Traditional banking services have long been scarce or difficult to access in these regions, leaving millions without proper banking infrastructure. Djamo aims to bridge this gap by offering accessible digital banking solutions that combine the ease of mobile money with the sophistication of traditional banking features.
The company currently serves over 1 million active users across Côte d’Ivoire and Senegal, two of the largest markets in the Francophone West African region. With this new capital injection, Djamo plans to expand its footprint, increase its user base, and broaden the scope of services available to its customers. As part of its growth strategy, Djamo will focus on increasing its customer base and offering new features such as lending services and interest-bearing savings accounts, as it works to secure the necessary regulatory licenses in the region.
Focus on Financial Inclusion
One of Djamo’s key differentiators is its commitment to serving the unbanked population. In fact, over 55% of Djamo’s users had no prior access to traditional banking services. The platform has rapidly gained traction, with a remarkable 90% of its users reporting that Djamo is now their primary financial service provider. This shift represents a significant transformation in how people in West Africa engage with their finances.
The company’s offerings include a range of innovative financial tools, such as savings features, investment products, and salary-linked accounts designed to serve both individual users and small businesses. Djamo’s seamless integration with mobile phones makes it particularly well-suited for the region’s tech-savvy, yet underbanked population. The platform’s simple and intuitive user interface has allowed it to gain trust among people who previously lacked access to banking services, making it a critical tool for financial inclusion.
Djamo has also made strides in empowering women financially. Approximately one-third of the platform’s users are women, reflecting its efforts to close the gender gap in financial access. This aligns with broader regional initiatives to empower women economically and ensure they have the resources to build financial security for themselves and their families.
Ambitious Plans for the Future
The new $17 million funding will allow Djamo to accelerate its expansion plans, not only by scaling its platform but also by enhancing the customer experience. The company is set to roll out new products and services to better meet the needs of its rapidly growing user base. This includes launching products such as micro-lending facilities for individuals and small businesses, as well as offering more competitive and diversified savings options.
“We are incredibly excited to lead this investment round in Djamo,” said Fatoumata Bâ, founder and executive chair of Janngo Capital. “Djamo is truly leading the charge in transforming financial access in Francophone Africa, particularly in terms of its inclusive approach and its focus on gender equality. The company has the potential to not only drive financial inclusion but also contribute to broader economic development across the region.”
The impact of Djamo’s work extends beyond just providing banking services. As one of the few platforms in the region offering comprehensive digital banking solutions, Djamo plays a key role in the digital transformation of financial services in West Africa. By providing a secure, accessible, and affordable alternative to traditional banking, Djamo is helping drive economic growth and provide much-needed financial empowerment for millions of people who have historically been excluded from the financial system.
A New Era for Digital Banking in West Africa
Djamo’s growth is part of a broader trend of increasing investment in fintech companies across Africa. With more than 60% of the population in Sub-Saharan Africa lacking access to formal banking services, digital banking platforms like Djamo are playing a critical role in shaping the future of finance on the continent. As the region becomes more interconnected through mobile technology, companies like Djamo are well-positioned to lead the way in providing inclusive, scalable, and innovative financial solutions.
The success of Djamo reflects a significant shift in how banks and financial services operate in Francophone Africa. It also highlights the tremendous opportunities that exist in markets where traditional banking infrastructure is limited or nonexistent. By leveraging technology, Djamo is not only making banking services accessible to millions but also providing an essential lifeline for businesses and entrepreneurs in the region, many of whom have previously struggled to access financial services.
Conclusion
With its new $17 million funding round and a clear vision for expansion, Djamo is poised to continue its rapid growth across Francophone West Africa. The company’s dedication to financial inclusion, its focus on gender equality, and its innovative approach to digital banking are helping to transform the financial landscape in one of the world’s most dynamic and underserved regions. As Djamo expands its product suite and strengthens its platform, it will undoubtedly play a key role in shaping the future of banking in West Africa, improving the financial prospects of millions, and contributing to the economic development of the region.
By making banking services more accessible, Djamo is not just changing the way people manage their finances but also creating a more equitable and inclusive financial ecosystem for all. The future looks bright for Djamo, and with the backing of key investors, it is on track to become a leader in the African fintech space.
