While fintechs love to talk about ‘disruption’, sometimes the most significant moves are made quietly. This appears to be the case for Djamo, the Ivorian fintech leader, which has discreetly begun piloting a microcredit service — a strategic pivot as the battle for Francophone Africa’s digital wallets intensifies.
For the past few days, select Djamo users have found a new lending feature inside their app. One user, who confirmed being part of the pilot, tested the service. “At 11:58 a.m., I applied for 160,000 CFA francs,” he noted. “Also at 11:58 a.m., the money was already credited to my account. No paperwork. No supporting documents. Just one minute.”
This seamless, instant credit offering is more than just a new feature; it’s a declaration of intent. By moving beyond its core prepaid card service into lending, Djamo is escalating its evolution into a full-fledged neobank, adding credit to a roster that already includes savings, online payments, and payroll services.
But this offensive move comes as Djamo’s defensive line is being tested. The prepaid card market, which it once comfortably dominated, has become a crowded battleground, with heavyweight incumbents finally waking up to the opportunity.
The Giants Enter the Ring
Just this week, in a move that signals the scale of the new competition, Orange Money Group announced a major partnership with the banking-as-a-service provider JUMO. The collaboration aims to roll out microcredit solutions across the continent, leveraging JUMO’s AI-driven credit scoring to tap into Orange’s colossal customer base of over 100 million.
In a joint statement filled with the polished enthusiasm typical of such corporate alliances, the two companies highlighted their ambition. JUMO, having already disbursed over $8 billion in loans to 31 million Africans, brings its decade of data analytics to the table. Orange, which processed over €160 billion in transactions in 2024, brings the reach.
Aminata Kane, CEO of Orange Money Group, said the goal is to help customers “manage everyday emergencies.” Andrew Watkins-Ball, JUMO’s founder, expressed his pride in being chosen to “connect Orange customers with products from the market-leading banks that run on our platform.”
This telco-fintech alliance is a direct challenge to Djamo’s model, promising to deliver similar app-based lending services across multiple markets, with Burkina Faso, Mali, and Botswana slated for launch soon. For Djamo, the message is clear: the era of having the field largely to itself is over.
A Crowded Party
The pressure isn’t just coming from telcos. Banking and private equity-backed players are also muscling in.
In Senegal, Mixx by Yas, the fintech arm of Madagascar-based Axian Telecom, recently launched its Mixx Mastercard in partnership with Ecobank. The move is a direct assault on the prepaid card market, aiming to bridge mobile money with global payment networks. Mamadou Lamine Traoré, CEO of Mixx by Yas, stated his goal is to capture the trust of “younger, tech-savvy consumers” — precisely Djamo’s core demographic.
Meanwhile, in Abidjan, Wizall Money, owned by Moroccan banking giant Banque Centrale Populaire (BCP), has introduced its own Carte Bleue prepaid card. Backed by the institutional might of Banque Atlantique Côte d’Ivoire, Wizall Money is another well-capitalised competitor fighting for the same unbanked and underbanked users.
Even the mobile money behemoth Wave, backed by US investors, has thrown its hat in the ring. Its partnership with Orabank to launch a VISA virtual card has been particularly aggressive on pricing, offering free issuance and no rejection fees, appealing directly to cost-conscious online shoppers.
Djamo’s Counter-Strategy: From Cards to Credit
Faced with this onslaught, Djamo’s push into credit appears to be a calculated flight up the value chain. While prepaid cards are an excellent tool for customer acquisition, they are becoming a low-margin, commoditised product. Credit, on the other hand, is a “stickier” service that generates higher revenue and locks users more deeply into an ecosystem.
Djamo’s strategy has always been to focus on what it calls “bank-ready” users: young, urban professionals and freelancers who need more than basic mobile money but are poorly served by traditional banks. This segment, estimated at around 25 million people in the region, is now the primary target for every serious player.
The company is not without resources to fight this war. Its recent $17 million Series B round, led by Janngo Capital, included participation from Partech, Oikocredit, and, crucially, a $1.3 million investment from the Ivorian government’s CDC-CI Capital, signalling strong local backing.
Still, the landscape is complex. According to the BCEAO, the regional central bank, prepaid cards remain the fastest-growing segment, with circulation rising by 16% to 1.6 million cards in 2023. However, fintechs like Djamo still rely on partnerships with traditional banks for card issuance and regulatory compliance — a symbiotic relationship that tempers any narrative of pure disruption.
For now, the unending battle has produced clear winners: consumers in Francophone Africa, who are suddenly spoiled for choice. Djamo’s quiet launch of an instant credit service is its boldest move yet to prove it can outmanoeuvre the slow-moving but powerful incumbents. The question is whether a seamless user experience and a head start will be enough to defend its position against giants who can compete on scale, capital, and brand recognition. The fintech royal rumble is just getting started.