Djamo, a fintech in Francophone Africa that is establishing a personal finance company, has raised $14 million in an equity round to continue constructing a full suite of financial services and expand into other countries.
Enza Capital, Oikocredit, and Partech Africa jointly led the funding round. Janngo Capital, P1 Ventures, Axian, Launch Africa, and other current investors also took part.
The two co-founders of Djamo, Regis Bamba and Hassan Bourgi, were driven to create it because they wanted the hundreds of millions of people living in the region to have access to straightforward, accessible, mobile-first banking.
Less than 25% of adults in West Africa have bank accounts, thus there is a clear problem that Djamo is trying to solve.
In order to provide a seamless mobile-first service with no monthly fees or overdraft penalties, Djamo teams up with local banks. Within 2 days of opening an account, a Visa card will be delivered.
“Many fintech have recently appeared in Francophone Africa thanks to a regulatory environment that is more tolerant of innovation while safeguarding consumers. According to Hassan Bourgi, co-founder and CEO of Djamo, “The central bank now has a separate bureau for fintech, demonstrating how much they feel fintech can play a vital role in changing financial inclusion.
This new round of funding will enable the company to enter new markets and complete its array of personal finance services, giving its consumers greater agency and choice in their financial lives.