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Ivorian Fintech Startup Djamo Raises $17 Million to Bridge Financial Gaps in Francophone West Africa

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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.

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AFRICA

Cameroon’s Election: Biya’s Eighth Term Fuels Protests and Widens Divide

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YAOUNDÉ, CAMEROON — At 92, President Paul Biya has won Cameroon’s latest presidential election, extending his 43-year grip on power. Representing the Cameroon People’s Democratic Movement (CPDM), Biya secured 53.66% of the vote, according to the Constitutional Council, while his main rival, Issa Tchiroma Bakary—a former ally now turned critic—trailed with 35.19%.

Protests Erupt Amid Claims of Fraud

The announcement has sparked outrage instead of celebration. Opposition leaders and activists have dismissed the results, accusing the government of rigging the vote. Tchiroma Bakary, who declared himself the winner before the official tally, called the election a “sham” and rallied his supporters to protest.

In cities like Douala, anger has spilled into the streets. Clashes between protesters and security forces have led to injuries and arrests, with young Cameroonians, fed up with decades under the same ruler, chanting for change and demanding their voices be heard.

A Nation Divided

Biya’s latest victory means more of the same for Cameroon—a government that promises stability but struggles with corruption, sluggish economic growth despite rich resources, and a lingering conflict in the Anglophone regions. With over 70% of Cameroonians under 35, many feel disconnected from a leadership that seems out of touch. Young people are increasingly vocal, pushing for a new generation to take the helm.

The world is watching. While some foreign leaders may send congratulations, Cameroon’s handling of the election and the unrest that follows will shape its ties with global partners and donors.

For Cameroon’s youth, another seven years of Biya feels like a rerun of a story they’re tired of living. The big question now is whether the government can find a way to connect with a generation demanding a say in their country’s future.

Afroradar.com will keep tracking the situation, bringing you updates and insights on Cameroon’s shifting political scene.

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AFRICA

Ghana in Mourning After Deadly Helicopter Crash Wipes Out Top Officials

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Ghana is still struggling to come to terms with a tragic military helicopter crash which killed eight people, including two government ministers and other top officials, on the morning of August 6, 2025.

The downed Ghanaian Air Force helicopter belonged to the Z-9 model and took off again from Accra en route to Obuasi at 09:12am but crashed after departure. They immediately began search efforts when the aircraft did not respond to radio contact. The helicopter was later reported to have crashed into a tree in the Adansi Akrofuom District of Ashanti Region, where it caught fire and burnt beyond recognition.

The crash killed Defense Minister Edward Omane Boamah, Environment, Science and Technology Minister Ibrahim Murtala Mohammed, Acting Deputy National Security Coordinator Muniru Mohammed, National Democratic Congress Vice Chairman Samuel Sarpong and former Parliamentary Candidate Samuel Aboagye as well as Squadron Leader Peter Bafemi Anala, Flying Officer Twum Ampadu and Sergeant Ernest Addo Mensah who were members of the crew.

National tragedy, Chief of Staff Julius Debrah declared during a press conference in the capital As the country mourns, flags are being flown at half mast on all government buildings as ordered by the government.

Rescue crews were on scene by 4 a.m., but by then the fire was so intense that little remained of the wreckage. It is not yet clear what prompted the crash — they are examining whether it could have been a technical fault or adverse weather conditions. The occurrence harks back to a military helicopter that crash-landed inside the Western Region in March 2024, but no one was injured in that accident.

The crash happened as Dr. Frank Amoakohene, the Minister for the Ashanti Region, was addressing an anti-galamsey event in Obuasi He rushed away to assist in coordinating the emergency response at the scene.

The government has vowed to provide support for the families of victims amid a wide probe to determine what led to the tragedy. At the moment, Ghana now awaits details of what might have caused such a tragic loss of lives. ​​​​​​​​​​​​​​​​

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Fuel Price Protests Turn Violent in Angola’s Capital

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Angolans Protesting High Fuel Prices in Capital Destroy Property in Marches Demonstrations in the streets of Luanda turned violent, and the police shot live bullets and tear gas.

Luanda, Angola — A peaceful strike by transport workers turned violent on Monday when the protesters took to the streets here to denounce a government measure to increase the price of fuel to 400 kwanzas a liter from about 300 kwanzas. The unrest has left businesses vandalized, residents shaken and questions swirling over the financial future of Angola.
The evening also brought burning tires and shattered storefronts along Broadway from 3rd to 7th. Two athletic sneaker stores and a T-Mobile store fared the worst — their windows smashed and their booty scattered. Video clips that made the rounds on social media showed protesters yanking buses to a halt and forcing them to discharge their passengers, and confronting drivers who were reluctant to join the three-day strike.
“The people are starving, and the government is killing us,” said Adilson Manuel, who is the spokesman for the social movement against the fuel hike. His comments echoed the frustration of many Angolans, who see the price jump as the latest blow to households already struggling with unemployment and an uptick in prices.
July 4, Angola’s government lifted fuel subsidies as part of an ongoing plan to reduce spending to comply with International Monetary Fund conditions under an economy support loan program to the heavily indebted African nation. It’s a paradox not lost on demonstrators: Despite its status as one of the world’s top oil-producing countries, Angola has to import most of its refined fuel because it lacks sufficient domestic refining capacity.
The figures and statistics paint a harsh picture for everyday Angolans. They increased taxi fares to 300 kwanzas a ride and a public bus ride in the city now costs 200 kwanzas. “It’s intolerable that the government is always trying to make our lives more difficult,” said one street vendor, Custodia dos Santos.

The police response was swift and brutal. The riot police and gendarmes used tear gas, batons and rubber bullets to push back protesters in a demonstration on 12 July, in which nine people were injured and 17 others arrested. One protester remains in custody, charged with the incitement of violence. Police claimed the protesters were going beyond agreed-upon routes — a charge organizers vehemently deny.
The crackdown reflects broader tensions within Angola, where the ruling MPLA party has held power for five decades. The signing into law of a contentious piece of legislation by President João Lourenço in August 2024 that imposes prison sentences of up to 25 years for damage caused during protests, has come in for heavy criticism from human rights groups accusing it of being designed to suffocate opposition.
The police violence against protesters in Angola is stomach-churning,” said Khanyo Farisè of Amnesty International, which found a pattern across 11 protests from 2020 to 2025 that left a minimum of 17 dead, with no officer held responsible.
The government has accused the opposition of fomenting the protests ahead of the election that will see multimillionaires in 2027, particularly UNITA. UNITA shot back, condemning the “autocratic attitude” of the police and heavy-handedness.
Defying even as the strike drags on.” Activist Laura Macedo has called for a stay-at-home strike, and organisers are working on a petition to the president, João Lourenço, and finance minister, Vera Daves, demanding Abreu’s decision is reversed.
The unrest has exposed a growing chasm between the rulers of Angola and a public that increasingly feels sidelined by policies prioritizing fiscal rectitude over social justice. We are facing hunger, the whole country is facing hunger, but our president is paying no attention at all.
With violence escalating and negotiations stalled, Angola hangs on the precipice of something. Here is the question now: Will leadership hear the voices of the streets, or will it seek to double down on a course that can only deepen the estrangement of the people from the people who govern them?

  • Track the rest of this unfolding story (if that’s what it is) on Afroradar. com. *

Afroradar. com condemns violence of any kind, and not withstanding the newsworthiness of the circumstances surrounding the public protests, does not condone the use of vandalism and property destruction. We call for peaceful dialogue and an end to violence through credible, inclusive leadership, and we continue to demand accountability consistent with the will of the Malian people.

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