Djamo app raises $14 million, aims to expand in Francophone Africa

Djamo, the popular consumer finance app has reportedly secured $14 million from the renowned accelerator, along with three lead investors like Oikocredit, Enza Capital, and Partech Africa, and other participating investors, such as P1 Ventures, Janngo Capital, Axian, and Launch Africa.

According to credible sources, the company will use the $14 million in financial funds, which it claims is the biggest investment round for a startup in Ivory Coast, to expand its product portfolio to include lending and investments before the end of next year and enter two more nations in Francophone Africa.

As per reports, banks' focus on wealthy clients and those they view as profitable for business is one factor contributing to this funding. But when banks fell short, mobile money from the area's telecoms filled the void. In the previous ten years, their wallets have touched around 60% of the population, as millions of French-speaking locals were desperate for banking services.

According to analysts, firms like Djamo can now expand on their current payment infrastructure to equalize financial access in the banking and mobile money sectors due to the reach and infrastructure of mobile money.

Since Djamo's software enables interoperability between banks and mobile money, its Ivory Coast users can transfer funds back and forth from their bank accounts to their mobile money wallets, and the company has taken advantage of this feature to provide a comprehensive range of financial services.

The first product from Djamo is a debit card supported by Visa that enables customers to shop online from retailers like Alibaba, Amazon, or Netflix. Other products come in the form of salary-receiving software, peer-to-peer virtual accounts, and an autosaving tool that helps users reach their financial objectives.

For the uninitiated, Djamo, founded by Hassan Bourgi and Régis Bamba in 2022, offers financial services to the underbanked and unbanked populace, as do the majority of fintechs throughout Africa.

Source credit: https://techcrunch.com/2022/11/23/consumer-finance-app-djamo-eyes-francophone-africa-expansion-backed-by-new-14m-round/?guccounter=1