Djamo Secures Microfinance License, Expanding Financial Services in West Africa
Ivorian fintech company Djamo has achieved a significant milestone by obtaining a microfinance license from the Central Bank of West African States. This landmark approval makes Djamo the first fintech in the region to receive such a license, signaling a shift towards greater inclusion of digital players within the regulatory framework. The license paves the way for Djamo to broaden its service offerings significantly beyond its existing payment and investment capabilities.
Expanding Financial Services with New License
With the newly acquired license, Djamo is poised to introduce a range of regulated financial products. These include savings accounts with annual interest rates of up to 6%, cash loans reaching up to CFA 1 million (approximately $1,600), and unrestricted current accounts accessible entirely online. Previously, Djamo’s activities were primarily focused on facilitating payments, transfers, and providing access to investment opportunities within the regional securities exchange. Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo currently operates in Côte d’Ivoire and Senegal. The company reports impressive growth, having processed over $4.5 billion in transactions, achieved a fivefold increase in revenue since 2022, and currently serves over 10,000 SMEs.
Djamo’s expansion plans are fueled by a record-breaking $17 million fundraising round completed in April. This was the largest venture round ever secured by an Ivorian startup, led by Janngo.africa, with participation from investors including Partech, Oikocredit, Enza Capital, and Y Combinator. This funding will be instrumental in supporting Djamo’s broadened scope of services and further expansion within the West African market, offering crucial financial tools to individuals and small businesses.
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Related Keywords: Djamo, microfinance, license, savings, loans, TechMoran, fintech, Ivory Coast, digital banking, financial inclusion
