Ivorian fintech startup Djamo has recently secured funding from the state-owned investment fund CDC-CI Capital, amounting to 800 million CFA francs (approximately $1.3 million).
The announcement on Wednesday marks a key step in enhancing financial services in Côte d’Ivoire.
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The investment agreement was finalised at Djamo’s headquarters in Abidjan, attended by key stakeholders, including CDC-CI Capital’s Managing Director, Arthur Coulibaly, Djamo’s co-founders, Hassan Bourgi and Régis Bamba, and the Chairman of the CDC-CI board of Directors.
Investment to boost financial inclusion
The backing from CDC-CI Capital hints at the Ivorian government’s interests in fostering financial technology solutions that drive economic development and financial inclusion.
Djamo, founded in 2019, has gained traction by providing digital financial services tailored to the underbanked.
Only about 19 per cent of Ivorians have access to traditional banking, while approximately 83 per cent of the population uses mobile money services. The startup’s platform allows users to send money seamlessly between bank accounts and mobile wallets.
Arthur Coulibaly, Managing Director of CDC-CI Capital, emphasised the importance of this funding in fostering economic development through innovative financial solutions.
“Our investment in Djamo is aligned with our goal to support high-growth potential startups that address key economic challenges,” he stated during the announcement event at Djamo’s headquarters in Abidjan.
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Djamo’s expansion plans and user growth
Djamo plans to utilise the new capital to enhance its virtual currency infrastructure and expand its reach among urban populations eager for digital banking solutions.
Djamo’s customer-centric approach has fueled its rapid growth, reaching over 1.2 million subscribers in Côte d’Ivoire—more than doubled since late 2022.
According to co-founder Hassan Bourgi, the startup’s success is rooted in its strategic focus on the “bank-ready” segment — 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,” Bourgi explained in a recent interview. “We see a substantial market of approximately 25 million people in the region who require their first proper bank account.”
The company offers prepaid Visa debit cards and eliminates fees on select transactions, appealing to users seeking affordable banking. Partnerships with local banks ensure reliable and secure services, leading to higher transaction success rates.