Djamo receives crucial boost in its mission to bring about financial inclusion in Ivory Coast. Image Credits: Djamo
Côte d’Ivoire fintech startup, Djamo, has raised $1.3 million in funding from CDC-CI Capital, a subsidiary of the state owned Caisse des Dépôts et Consignations de Côte d’Ivoire (CDC-CI). The investment agreement was formalized at Djamo’s headquarters in Abidjan. Major stakeholders, including CDC-CI Capital’s Managing Director, Arthur Coulibaly, Djamo’s co-founders Hassan Bourgi and Régis Bamba, and the Chairman of the Board of Directors of CDC-CI all attended the program.
Djamo came into inception in 2019, emerging as a leading player in the Ivorian fintech sector. The fintech startup offers a wide array of digital financial services which includes Visa-powered debit cards and mobile-first banking solutions. Djamo’s approach of eliminating fees on top-ups, card payments, and in-network transfers within specified limits, has attracted a steadily increasing user base of over 1.2 million subscribers in the country. Customers who subscribe to its premium plans can benefit from higher transaction limits and additional features.
Djamo’s ability to maneuver Côte d’Ivoire’s regulations by forging partnerships with local banks represents a major aspect of its operational strategy. These partnerships enable Djamo to issue domestically recognized payment cards, ensuring higher transaction success rates, as local merchant fraud detection algorithms often favor local cards over foreign alternatives.
According to co-founder Hassan Bourgi, the startup’s success is stems from its strategic focus on the “bank-ready” segment which is made up of 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. We see a substantial market of approximately 25 million people in the region who require their first proper bank account.” Bourgi explained.
This investment will be instrumental in strengthening Djamo’s virtual currency capabilities, which are at the core of its transaction processing system. For CDC-CI Capital, the investment represents both a strategic opportunity and a fulfillment of its mandate to drive national economic development. As a financial institution focused on supporting high-growth potential startups, CDC-CI Capital plays a pivotal role in financing initiatives that address key economic and social challenges in Côte d’Ivoire.
In 2022, Djamo raised a $14 million investment round co-led by Enza Capital, Oikocredit, and Partech Africa, with participation from Janngo Capital, P1 Ventures, Axian, Launch Africa, and other existing investors. The momentum continued into 2024 with a $13 million Series B round, bringing Djamo’s total funding to $30.6 million at the time. Notable investors such as DCG Expeditions and Athletico Ventures backed the startup, further solidifying its position in the market.
