Ivorian fintech Djamo has obtained a microfinance license from the Central Bank of West African States, becoming the first fintech in the region to secure such approval as regulators open the door to new digital players.
The license will allow Djamo to offer regulated savings accounts paying up to 6% annually, cash loans of up to CFA1 million ($1,600), and unrestricted current accounts accessible entirely online. Until now, the startup’s services were limited to payments, transfers, and investment access on the regional securities exchange.
Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo operates in Côte d’Ivoire and Senegal. The company says it has processed more than $4.5 billion in transactions, grown revenue fivefold since 2022, and served over 10,000 SMEs.
The expansion follows a record $17 million fundraising in April, the largest-ever venture round for an Ivorian startup, led by Janngo.africa with backing from Partech, Oikocredit, Enza Capital, and Y Combinator. Côte d’Ivoire’s state investment arm, CDC-CI, invested an additional CFA800 million ($1.2 million) in February.
Djamo also named Elfried Didehia, a former Ecobank and Cofina executive, as chief of its finance unit.
The BCEAO move comes ahead of a planned instant payments platform to launch by Sept. 30, linking banks, licensed microfinance firms, and fintechs across the West African Economic and Monetary Union.
Côte d’Ivoire counted 45 active microfinance institutions as of March, serving 2.53 million clients with CFA647.3 billion in deposits and CFA629.4 billion in loans, according to government data. The market is concentrated, with Unacoopec-CI controlling 38.9% of customers, followed by Baobab CI SA (11.2%) and Advans-CI SA (10%).
Djamo’s license positions it to challenge incumbents and expand access to formal financial services in a region where large parts of the population remain unbanked.
