In the rapidly evolving landscape of African fintech, Djamo stands out as a digital banking startup with a clear focus: serving the underbanked in Francophone West Africa. While many competitors target the continent’s largest markets—Nigeria, Egypt, and South Africa—Djamo has found its footing in the Ivory Coast and, more recently, Senegal. With over one million customers now using its services across these two countries, the Y Combinator-backed company is proving that smaller, often overlooked markets can yield significant opportunities.

Djamo recently secured $17 million in an equity funding round, marking the largest ever for an Ivorian startup. This surpasses its previous $14 million Series A in 2022 and signals strong investor confidence in its mission to democratize financial access. Led by co-founder and CEO Hassan Bourgi and chief product and technical officer Régis Bamba, the company launched in 2020 to address a persistent challenge in French-speaking African countries: limited access to formal banking. While traditional banks in the region tend to serve wealthier clients, the majority of the population relies on mobile money—using phone numbers for basic transactions—as a more affordable alternative.

The Mobile Money Ceiling

Mobile money has been a game-changer for financial inclusion in Africa. According to the World Bank, 28% of adults in Sub-Saharan Africa had a mobile money account as of 2022, with the region accounting for over half of the global total. This growth has brought millions into the financial ecosystem, enabling cash deposits, withdrawals, peer-to-peer transfers, and bill payments. However, mobile money’s simplicity is also its limitation. It lacks the advanced tools—like credit, investments, or long-term savings—that many users need as their financial needs evolve.

Djamo is stepping into this gap, positioning itself as a hybrid between the accessibility of mobile money and the sophistication of traditional banking. Its approach mirrors strategies used by heavyweights like Softbank-backed OPay and Transsion-owned PalmPay, which have scaled to tens of millions of users in Nigeria. Djamo’s target audience is a growing cohort of younger customers who have outgrown mobile money but remain wary of traditional banks due to high fees, outdated services, or inaccessibility.

“These users are evolving,” Bourgi said in an interview. “But they don’t want to go where their parents went, into institutions with predatory pricing and aren’t adapted to the new generation of customers. And this is what we are building, trying to become the go-to bank for this huge cohort of customers that is evolving now to more complex, wealth-building financing opportunities.”

A Growing Product Suite and Regional Ambitions

The $17 million raise will fuel Djamo’s plans to expand its offerings for both retail customers and the thousands of small businesses it has onboarded over the past two years. While Bourgi declined to disclose the company’s new valuation, he confirmed it has doubled since the 2022 Series A, reflecting its rapid growth and market potential. Djamo currently serves over one million users, a testament to its appeal in a region where financial inclusion remains a pressing challenge.

In the Ivory Coast and Senegal, where few adults hold bank accounts, Djamo’s mobile-first platform provides an affordable entry point to services like savings accounts, debit cards, and, increasingly, credit options. By catering to small businesses as well, the startup is tapping into the backbone of these economies, offering tools to help entrepreneurs manage cash flow and grow.

A Niche With Big Potential

Djamo’s focus on Francophone West Africa sets it apart in a crowded fintech space. While Nigeria’s market size and South Africa’s established infrastructure draw significant attention, the French-speaking countries of West Africa represent an underserved yet promising frontier. With a combined population of over 60 million across the Ivory Coast and Senegal alone, the region offers ample room for growth.

Investors, including Y Combinator and others in the latest round, see Djamo as a bet on this untapped potential. The startup’s success also highlights a broader trend in African fintech: tailoring solutions to local needs rather than adopting a one-size-fits-all approach. For Djamo, that means building a bank that resonates with a new generation—one that’s ready to move beyond mobile money but demands affordability, convenience, and relevance.

As Djamo scales its operations and product suite, it’s not just raising capital—it’s raising the bar for what digital banking can achieve in Francophone Africa. For the million-plus customers it already serves, and the millions more it aims to reach, Djamo is more than a fintech startup; it’s a bridge to a more inclusive financial future.

In a dramatic turn of events, singer Sean Kingston and his mother, Janice Turner, have been found guilty in a $1 million federal fraud trial in Broward County, Florida. The verdict, delivered after three and a half hours of jury deliberation on Friday, marks a significant legal milestone for the celebrity duo.

The Verdict and Charges

Sean Kingston, known for his hit single “Beautiful Girls,” and his mother were convicted on all counts of wire fraud and conspiracy to commit wire fraud. The trial, which began earlier in the week, saw a series of revelations that highlighted the extent of their alleged fraudulent activities.

Allegations and Evidence

Prosecutors accused Kingston and Turner of defrauding multiple businesses, including jewelers, luxury furniture makers, high-end auto dealers, and TV entertainment systems companies. The pair allegedly used Kingston’s celebrity status to convince sellers to deliver luxury items before payment, using fraudulent wire transfers to deceive them.

A Fort Lauderdale-based jeweler testified that Kingston and Turner falsified a wire transfer for a luxury watch worth $285,000 and promised introductions to other celebrities, which never materialized. The total value of the items obtained through this scheme exceeded $1 million.

Defense and Testimony

Janice Turner, who handled her son’s business transactions, admitted to sending fake bank wires but claimed it was to protect Kingston from being taken advantage of. She argued that the luxury items were necessary to maintain Kingston’s image as an entertainer. The defense also pointed out that some alleged victims had received their money or merchandise back, disputing the intent to defraud.

Legal Consequences

Kingston will be confined to house arrest with electronic monitoring until his sentencing on July 11. He must also post a surety bond of a home valued at $500,000 and $200,000 in cash. Turner, however, will remain in federal custody until sentencing, with the judge citing her past criminal history and role in the scheme as key factors.

Background and Arrest

Kingston was arrested in May 2024 in California, the same day his mother was arrested during a raid on his Southwest Ranches mansion in Florida. The scheme allegedly involved using Kingston’s social media influence to convince sellers to deliver items, with Turner ensuring delivery details and sending fraudulent payments.

This case serves as a stark reminder of the potential misuse of celebrity influence and the severe legal consequences that can follow. As Kingston and Turner await their sentencing, the entertainment industry watches closely, underscoring the importance of transparency and integrity in financial dealings.

As MAKUTANO, the influential business network of the Democratic Republic of Congo, approaches its 10th anniversary, it continues to push the boundaries of innovation. With a firm belief that Africa’s prosperity hinges on robust partnerships between African nations, MAKUTANO proudly announces its groundbreaking “Forum 2023,” set to take place entirely “off-site” in Côte d’Ivoire.

The event is set to bring together fifty Congolese business leaders and high-performing investors, alongside a delegation of public decision-makers led by His Excellency, Prime Minister Jean Michel Sama Lukonde. This dynamic group will converge in Abidjan on the 20th and 21st of September, engaging in a series of collaborative discussions with a diverse array of 100 key decision-makers spanning both the public and private sectors across the continent.

The significance of the Forum 2023 lies not only in its unique format but also in its underlying mission. MAKUTANO’s emphasis on fostering strong inter-African partnerships underscores the understanding that the continent’s progress is intricately linked to collaborative efforts. By facilitating direct interactions among business leaders, investors, and government officials from different nations, the event seeks to catalyze discussions that could lead to innovative solutions, strategic alliances, and cross-border initiatives.

MAKUTANO’s choice of Côte d’Ivoire as the host country for this significant event also carries symbolic weight. The country, known for its economic dynamism and welcoming business environment, serves as an ideal backdrop for these crucial exchanges. The “hors les murs” approach—meaning “outside the walls”—represents a departure from traditional conference settings, offering participants a chance to connect in a relaxed yet stimulating atmosphere, away from the confines of convention centers.

As Africa stands on the precipice of various opportunities and challenges, the Forum 2023 is poised to contribute significantly to the continent’s growth trajectory. By facilitating direct engagement between the movers and shakers of Congolese and Ivorian business, politics, and entrepreneurship, MAKUTANO is paving the way for a new era of collaboration, partnership, and shared success.

As the countdown to September begins, anticipation builds for this transformative event, which promises to reshape the way business networks interact, collaborate, and innovate on the African continent.