Djamo, a financial services platform based in Ivory Coast, has raised $17 million in a funding round led by Enza Capital, with participation from Oikocredit, Janngo Capital, and P1 Ventures. The company, which provides a mobile app for payments, transfers, and bill settlements, intends to use the capital to develop new credit and savings products, deepening its offerings in Francophone Africa. Djamo's co-founder and CEO, Hassan Bourgi, stated that the funding will accelerate the company's mission to build a holistic financial hub for its customers.
Founded in 2020, Djamo operates primarily in Ivory Coast and Senegal, where it has amassed over 500,000 users. The platform allows users to open an account with a local IBAN, receive a Mastercard debit card, and conduct transactions without monthly fees. The new investment underscores continued investor interest in Africa's fintech sector, particularly in regions where traditional banking penetration remains low but mobile phone usage is high.
The funding announcement comes amid a broader trend of financial technology firms targeting the Francophone West African market, which has often been overshadowed by East Africa's dominant mobile money ecosystem led by M-Pesa. Companies like Djamo are focusing on integrating digital payments with broader financial services, a strategy seen as key to improving financial inclusion. The region presents a significant opportunity, with a large unbanked population and increasing smartphone adoption.
Djamo's plan to launch credit products aligns with a common evolution for successful payment platforms in Africa, which often leverage transaction data to assess creditworthiness. This move could address a critical gap in access to formal credit for individuals and small businesses in its markets. The involvement of impact-focused investors like Oikocredit highlights the social inclusion dimension of the company's growth strategy.
The fintech landscape in Francophone Africa has seen increased activity, though funding has historically trailed that of Anglophone markets. Djamo's raise is a notable transaction in the region for 2026. It follows other recent deals, such as Stabyl's $2.7 million pre-seed round for a foreign exchange liquidity platform, and Timon's expansion into Kenya, indicating a diversified but growing investment environment across the continent.
Regulatory frameworks in the West African Economic and Monetary Union (UEMOA), which includes Ivory Coast and Senegal, are also evolving to accommodate digital financial services. Analysts note that navigating these regulations while scaling a product suite is a central challenge for firms like Djamo. The company's success will depend on its ability to execute its product roadmap and manage unit economics in a competitive sector.