Djamo Expands Rapidly Across Francophone Africa, Reaches One Million Users and Raises $17 Million

Djamo, one of Francophone Africa’s fastest-growing fintech startups, has announced that it has surpassed one million active users across Côte d’Ivoire and Senegal, cementing its position as a major force in the region’s digital banking space. The company also closed a landmark $17 million funding round, led by Janngo Capital, with participation from Partech, Oikocredit, SANAD Fund for MSMEs, Enza Capital, and Y Combinator.

Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo was built to bridge the gap between mobile money platforms and traditional banks. Its mobile-first app allows users to save, spend, transfer, and receive money seamlessly while providing access to digital cards, salary-linked accounts, and investment tools. More than 55 percent of Djamo’s users were previously unbanked, highlighting the platform’s impact in driving financial inclusion across underserved populations in Francophone West Africa.

The startup’s new funding will fuel its expansion into additional French-speaking African markets and accelerate product innovation. Djamo plans to enhance its platform with more tools for small and medium-sized enterprises (SMEs), introduce business accounts, and expand its partnerships with regional payment networks and mobile money operators. The company already serves more than 10,000 SMEs and processes over $4.5 billion in transaction volumes to date.

In a major regulatory breakthrough, Djamo recently secured a microfinance institution license in Côte d’Ivoire through its subsidiary, Djamo Finances. This license allows the company to expand its lending and savings products under formal supervision, further strengthening customer trust and its compliance credentials.

“Our vision is to make modern financial services accessible to everyone, especially the millions of Africans who have been excluded from the formal financial system,” said Hassan Bourgi, Djamo’s co-founder and CEO. “This investment and our recent regulatory approval mark a new chapter in scaling our impact across Francophone Africa.”

Djamo’s growth reflects a larger trend across the region, where mobile-first fintechs are reshaping access to financial services. Despite being home to over 150 million people, Francophone Africa has one of the lowest banking penetration rates on the continent, creating vast opportunities for digital financial inclusion. Djamo’s rapid rise underscores the appetite for accessible, affordable, and trusted digital finance solutions in emerging markets.

With its strong investor backing, expanding product portfolio, and regulatory milestones, Djamo is positioning itself as the leading neobank in Francophone Africa — driving a financial revolution that promises to bring millions more into the formal economy.

SOURCE: AGENCIES