- November 24, 2022
- Posted by: Bastion team
- Category: World News
Last February, Djamo announced that it got accepted into Y Combinator, the first from Ivory Coast. Months later, the two-year-old fintech has raised $14 million in funding from the famed accelerator, as well as from three lead investors — Enza Capital, Oikocredit and Partech Africa — and other participating investors, including Janngo Capital, P1 Ventures, Axian and Launch Africa.
As with most fintechs across Africa, Djamo, launched by Régis Bamba and Hassan Bourgi last year, provides financial services for the underbanked and unbanked population. Its focus is on French-speaking markets where fewer than 25% of adults have bank accounts. One reason why this is so is that banks concentrate on affluent customers and those they deem profitable for business. But as banks slacked, mobile money from the region’s telcos filled in the gap, and in the last 10 years, their wallets have reached more than 60% of the population — proof of how many millions of French-speaking natives were hungry for financial services.
Today, this mobile money infrastructure and reach allows startups like Djamo to build upon their existing payment infrastructure to democratize financial access across banking and mobile money spheres. Djamo’s app allows for interoperability between banks and mobile money, meaning that its customers in Ivory Coast can send money from their bank accounts to mobile money wallets, and back; it has leveraged this characteristic to build a full suite of…