Ivorian FinTech startup Djamo has scored $14m in a funding round headed by Enza Capital, Partech Africa and Oikocredit.
Also taking part in the raise were Janngo Capital, Axian, Launch Africa, P1 Ventures and Y Combinator.
According to Techpoint Africa, Djamo – which was part of Y Combinator’s Winter 2021 batch – provides financial services for users in Francophone Africa.
In Ivory Coast, where the firm was founded, only about 19% of citizens in the country have a bank account. On the other hand, mobile money services are prevalent – 83% of Ivorians use mobile money services. Djamo claims it provides a platform for users to send money between mobile money wallets and banks.
Djamo also helps them receive salaries digitally and provides a Visa-powered debit card that users can use when paying for services online. Customers can create virtual accounts for peer-to-peer transactions or use the startup’s savings feature.
Djamo chief product officer and co-founder Régis Bamba said that the company has primarily grown through word of mouth, adding that the company wants to ensure users get the best value for their money.
“In our region, users pay amongst the highest fees in the world but do not always receive adequate service in return, and that can be extremely frustrating. The one thing that we want to achieve is to offer a product where customers get real value for their money.
“The app has been growing organically like crazy, and to get such numbers in a market like this within a short period, is proof that we’re nailing the overall user experience and building something very relevant for users.”
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