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November 25, 2022

Consumer finance company Djamo raises $14m for expansion in Francophone Africa

Djamo , an Abidjan, Côte d’ivoire-based personal finance company, has raised $14m in equity funding round that was co-led by Enza Capital , Oikocredit, and Partech Africa.

The financing round had seen participation from Janngo Capital, P1 ventures, Axian, and Launch Africa, reported Finsmes.

Djamo, a Y Combinator-backed fintech, plans to use proceeds from the round to expand in Francophone Africa and develop a complete suite of personal finance services, reported Africa Global Funds.

This two-year fintech is the first from Ivory Coast to be accepted into Y Combinator in February 2021.   

It was co-founded by Regis Bamba and Hassan Bourgi.

The fintech offers a personal finance app for consumers in Francophone Africa where fewer than 25% adults hold a bank account.

Through its app, the company aims to provide access to simple and affordable banking to millions of unbanked people living in the French speaking African region.

It teams up with banks in the region to provide a mobile-first service. Consumers are delivered a Visa card within two days of creating their account without charging them monthly fees or overdraft charges.

So far this year, the company has launched three additional services –  virtual accounts, automatic saving facility, and a product to get paychecks.

These three services complement the current local and cross border payment services available through its app and card.

Currently, it has more than 500,000 customers, which is more than five times the 90,000 customers it registered as of February 2021, reported TechCrunch.

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