In a move aimed at supporting financial inclusion in Côte d’Ivoire, fintech startup Djamo has secured an investment of 800 million CFA francs ($1.3 million) from CDC-CI Capital, a subsidiary of the state-owned Caisse des Dépôts et Consignations de Côte d’Ivoire (CDC-CI). The fresh capital will be deployed to enhance Djamo’s virtual currency infrastructure and expand its reach among the underbanked population.
The investment agreement was formalized 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 Board of Directors of CDC-CI. The backing from CDC-CI Capital hints at the Ivorian government’s interests in fostering financial technology solutions that drive economic development and financial accessibility.
Founded in 2019, Djamo has emerged as a leading player in the Ivorian fintech sector, offering a range of digital financial services, including prepaid Visa-powered debit cards and mobile-first banking solutions. By eliminating fees on top-ups, card payments, and in-network transfers within specified limits, Djamo has successfully attracted a growing user base, leveraging a tiered service model to sustain its business. Customers opting for its premium subscription benefit from higher transaction limits and additional features.
This customer-centric approach has driven Djamo’s rapid expansion, with the company now boasting over 1.2 million subscribers in Côte d’Ivoire. This represents more than double its subscriber count 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.”
A key aspect of Djamo’s operational strategy has been its ability to navigate Côte d’Ivoire’s regulatory landscape by forming partnerships with local banks. These collaborations allow 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.
The latest investment from CDC-CI Capital will play a crucial role in strengthening Djamo’s virtual currency capabilities, which are central to its transaction processing infrastructure. This upgrade is essential for maintaining seamless operations as Djamo continues to scale its platform and onboard new users.
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. This investment in Djamo aligns with broader governmental efforts to deepen financial inclusion through digital innovation.
Djamo’s latest funding milestone signals growing investor confidence in West Africa’s fintech ecosystem. The region has witnessed a surge in demand for digital banking solutions, with startups like Djamo at the forefront of transforming financial services.
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.
With increasing support from both private and public sector investors, Djamo is set to accelerate its mission of making financial services more accessible to millions across West Africa.