Djamo, a Y Combinator-backed neobank, has secured a microfinance licence from the Central Bank of West African States (BCEAO).
In a statement seen and translated by Condia, Djamo said, “After a rigorous 3-year process, Djamo Finances SA, a subsidiary of the DJAMO group, has obtained approval from the Ministry of Economy and Finance of Côte d’Ivoire, with a favourable opinion from the BCEAO (Central Bank of West African States).”
This makes Djamo the first fintech to secure such a licence in the region. The licence will enable Djamo to expand its services and offer current accounts with no fees or limits, savings accounts with interest of up to 6% per year, and instant credit to eligible users. The rollout of Djamo Finances’ offerings will be gradual.
Djamo, founded in 2020 by Hassan Bourgi and Régis Bamba, aims to bridge the financial access gap in French-speaking African countries. Traditional banks in the region often cater to the affluent, leaving many reliant on mobile money.
Djamo positions itself between mobile money and traditional banking by offering accessible mobile money with the financial depth of a bank account. The company targets a growing segment of users, mostly younger customers, who’ve outgrown mobile money wallets but still find traditional banks expensive, outdated, or inaccessible.
Click to signupDjamo’s mission for financial inclusion
Djamo’s mission is to facilitate financial inclusion in Francophone Africa, enabling customers to manage their finances without frustration.
The company has received substantial support and financial backing to achieve its mission. It became the first startup from Côte d’Ivoire to join YC in 2021 and raised a notable $14 million Series A in 2022, which was the highest amount a startup from its home country had ever raised.
It was about the time of its Series A that it began its licensing process. Along the line, in April 2025, the company raised another $17 million to expand its product suite for retail customers and small businesses. It also tapped FairMoney co-founder, Nicolas Berthozat, who had left the company, to lead its Credit and SME-focused business.
“These users are evolving,” CEO Bourgi told TechCrunch in April. “But they don’t want to go where their parents went, into institutions with predatory pricing and aren’t adapted to the new generation of customers. And this is what we are building, trying to become the go-to bank for this huge cohort of customers that is evolving now to more complex, wealth-building financing opportunities.”
Djamo serves over one million customers across the Ivory Coast and Senegal. The Ivorian fintech now offers savings vaults, investment products, and salary-linked bank accounts. Djamo attracts banked users who treat it as a secondary account for smoother bill payments and mobile money integration. It also targets the unbanked, who are migrating from basic mobile money services.
Djamo expressed gratitude to its regulators, partners, determined team, and customers for their support.
Facing increasing competition from telecommunications companies, Djamo’s banking licence and new model represent a strategic move to solidify its position in the Francophone African market.
[Translated] Full Transcript of Djamo’s official statement regarding their licence
Announcement
After a rigorous 3-year process, Djamo Finances SA, a subsidiary of the DJAMO group, has obtained approval from the Ministry of Economy and Finance of Côte d’Ivoire, with a favorable opinion from the BCEAO (Central Bank of West African States).
This approval will allow us to deploy the new offers you’ve been waiting for: a current account with no fees or limits, and a savings account with interest of up to 6% per year. And when the unexpected happens, our instant, clear, and responsible credit will be there to support our eligible users. The rollout of Djamo Finances’ offers will be gradual.
Our mission has remained unchanged since 2020: to facilitate financial inclusion in Francophone Africa and let you enjoy your money without frustration.
A huge thank you to: Our regulators for their trust. Our loyal partners. Our determined team. You, our customers, who are our reason for being.
The Djamo Team
