In a West African financial landscape marked by tighter regulation of the fintech sector, digital financial companies must innovate to continue growing. Djamo, founded in Côte d’Ivoire, is a pioneering Francophone fintech. It offers an inclusive solution that connects unbanked populations to essential financial services. The company recently secured $17 million in fundraising, the largest amount ever recorded in the Ivorian tech ecosystem. With these funds, Djamo aims to expand its reach regionally and enhance its services for small and medium-sized enterprises (SMEs). In this exclusive interview, Djamo co-founder Régis Bamba discusses the startup's significant growth milestones, competitive landscape, regulatory pressure from the Central Bank of West African States (BCEAO), and his vision for financial inclusion in Africa.

We Are Tech(WAT): How did the idea for Djamo come about?

Régis Bamba (RB): The idea originated with my partner, Hassan Bourgi. When he returned to Côte d'Ivoire, he encountered significant hurdles opening a bank account. He reasoned that if someone with his strong digital background struggled so much, the general population must face even greater difficulties.

This experience, coupled with the persistently low banking penetration rate, solidified our conviction that access to financial services needed a complete overhaul. We questioned why access couldn't be streamlined through mobile phones, similar to mobile money. This led to the inception of Djamo. Our initial product was a Visa card directly accessible via a phone.

WAT: What have been the major milestones in Djamo's expansion?

RB: Djamo is now five years old. We began at the close of 2019, focusing on initial code development and partner outreach. In 2020, despite the pandemic, we successfully raised 300,000 euros from business angels. Early in 2021, joining Y Combinator, a Silicon Valley-based startup accelerator, significantly propelled our progress. By the end of 2021, we launched the Djamo product, acquiring our first customers and experiencing rapid growth.

In 2022, our transaction volume surpassed one million. The following year, 2023, saw an expansion of our services to include features like the "safe," transfers, and notably, an investment product on the BRVM. This marked a first for a fintech and was supported by an official license. We also initiated operations in Senegal that year. By the end of 2024, we introduced a business offering. In 2025, we achieved the milestone of one million active users, signifying regular engagement with the platform.

WAT: How does Djamo distinguish itself from traditional banks and other fintech companies?

RB: Djamo does not view itself as a competitor to traditional banks. Instead, we see ourselves as partners. Our objective is to bridge the gap between banks and the general population. While banks may not always possess the agility to reach specific demographics, we provide a technological solution that streamlines access to their services.

All our products are developed through collaborations with banks and adhere to West African Economic and Monetary Union (UEMOA) regulations. Our strength lies in offering a seamless customer experience characterized by minimal paperwork, transparent fees, and 24/7 support. We also contribute to financial literacy by helping customers explore banking services beyond basic mobile money.

Although mobile money remains useful for deposits, withdrawals, and transfers, it has limitations. Achieving comprehensive financial inclusion requires moving beyond these basic functions to include access to credit, investment opportunities, and savings tools. Therefore, Djamo positions itself as a complementary and agile entity, capable of collaborating with both banks and other fintechs to advance financial inclusion and education.

WAT: Why do banks struggle to reach the population, given that electronic services have driven financial inclusion above 83 percent while banking penetration remains around 25 percent?

RB : Several factors contribute to this situation. First, banking is a demanding profession, requiring the management of people's money under strict Central Bank regulations. These obligations can sometimes negatively impact the customer experience. Second, many banks lack a culture of innovation. They often operate as large, inflexible structures, even as customer needs evolve rapidly in an increasingly digital world.

Customers now expect services that are accessible, straightforward, and available online. However, many banks struggle to meet these expectations, particularly among younger demographics. For example, opening an account at a traditional bank typically requires an in-person visit, extensive paperwork, and a significant time commitment. In contrast, with Djamo, a few clicks suffice to obtain an account number, all from a user's location.

In today's era of artificial intelligence and digitalization, banks must adopt a more open strategy. They could benefit from collaborating with more agile and technologically advanced fintechs like ours to foster innovation while remaining within the existing regulatory framework.

WAT: In April 2025, you secured $17 million in venture capital, marking the largest such raise in Côte d'Ivoire. What are the key objectives for this fundraising?

RB: Our objective is clear: growth. As a startup, our ambition is to achieve exponential expansion. These funds will allow us to invest in research and development, helping us identify the most effective growth strategies. The capital will also be used to build the necessary foundations for strengthening our partnerships, especially with banks. The goal is to continuously expand our range of banking services, including credit, savings, and even investment options. We aim to do this while maintaining the simplicity and accessibility people associate with Mobile Money. This is a model that users are very familiar with, and we intend to draw inspiration from it to make banking services as straightforward to access as Mobile Money.

WAT: A key objective of this fundraising effort is to develop solutions tailored for small and medium-sized enterprises (SMEs), a sector that continues to face challenges accessing financing. What are your plans in this area?

RB: Our small and medium-sized enterprise clients all share a common desire. They want to leverage Djamo's simplicity for their business operations. Currently, opening a corporate bank account remains overly complicated and frustrating. Within our existing user base, we also observe a segment of informal entrepreneurs. These individuals often hold a primary job while managing a supplementary business, known locally as a "gombo." As these activities mature, these entrepreneurs increasingly seek more appropriate tools to expand their ventures.

Our objective is to provide them with professional solutions while retaining the inherent flexibility that defines Djamo. However, we are proceeding with caution. Our initial step involves thoroughly understanding their specific needs. Crucially, we also need to ensure we establish the correct regulatory framework before offering these services. This represents a natural progression for us, given the evolving nature of our customer base. Consequently, our aim is to gradually extend Djamo's simplicity to the business sector.

WAT: You mentioned your presence in Senegal since 2023. What are your current plans for regional or international expansion?

RB: For now, we remain focused on Côte d'Ivoire and Senegal, our two priority markets. These are also the two largest markets within the West African Economic and Monetary Union (UEMOA). Significant opportunities still exist to explore in these countries, both in terms of services and customer segments. Should future expansion occur, it would logically target other UEMOA nations due to their shared regulations. This consistency greatly simplifies the process, as we are already familiar with the rules and compliance requirements. However, our current strategy emphasizes deepening our presence in these two markets. We aim to launch new services, strengthen existing ones, and reach a broader population.

WAT: Since May 6, the Central Bank of West African States (BCEAO) initiated a stringent regulatory campaign across the West African Economic and Monetary Union (UEMOA), implementing stricter requirements for payment institution licensing. This has led to immediate activity suspensions, particularly in Senegal, causing widespread concern. How is Djamo adapting to this evolving framework?

RB: This regulatory process is not a recent development. The issue has been under consideration for two years, with the regulator making significant efforts to educate fintechs. This provided ample time for companies to prepare. While the recent events in Senegal might appear sudden, they align with the BCEAO's previously announced intentions.

We were prepared. We took proactive steps and were not affected by these suspensions. Unfortunately, some fintechs were impacted despite their willingness to comply. However, the BCEAO is now beginning to normalize their situations. Licenses have recently been granted to those that met the requirements.

It is also important to note that this situation primarily affects Senegal. Other UEMOA countries have not been significantly impacted. I believe this is a necessary step to structure and strengthen the ecosystem. The BCEAO is relatively open to innovation compared to other regions. However, given that we are dealing with financial transactions, a strict regulatory framework is entirely appropriate.

The goal is to foster innovation within a secure and healthy environment. With ongoing projects, particularly concerning interoperability, I believe we are moving in the right direction to enhance financial inclusion.

WAT: The Ivorian fintech sector is experiencing remarkable growth. With players like Djamo, Push, Wave, and even telecommunications operators entering the fintech space, significant momentum is evident. What factors, in your opinion, explain this development?

RB : Several trends explain this growth. First, Internet access has significantly improved, with considerably lower prices allowing more people to connect. Second, smartphones have become much more affordable. Today, one can purchase a smartphone for 30,000 or 40,000 CFA francs, a notable change from just a few years ago.

These developments have altered user habits, leading to increased connectivity. Some events now occur entirely online, and the COVID-19 pandemic accelerated this digitalization. Even older generations are now comfortable using applications like WhatsApp or making video calls.

Furthermore, a relatively favorable regulatory environment supports innovation, with the BCEAO playing a facilitating role. Most importantly, the population is highly receptive. The transition from cash to mobile money was rapid, and today, nearly everything can be paid for using a phone. This widespread adoption is paving the way for the next phase of digital banking.

People now seek more than just basic deposits or withdrawals. They are beginning to inquire about savings, investment opportunities, and access to credit, among other services. This creates a demand that innovators can fulfill.

Finally, Côte d’Ivoire benefits from a relatively stable economic and political context, which is a significant attraction. Compared to other countries in the region, such as Nigeria or Ghana, which face currency devaluation, Côte d’Ivoire offers greater visibility and security. This attracts entrepreneurs and investors who view the country as an ideal starting point for their projects.

WAT: Can we say the Ivorian government actively supports this momentum?

RB : Yes, that is accurate. However, in my view, it is not the primary catalyst. What truly drives the market forward is demand. The needs exist, and entrepreneurs are providing concrete solutions in response. This aligns with market principles: when there is clear demand and a stable environment, projects naturally gain traction.Compared to riskier markets, entrepreneurs here proceed without hesitation. The current context provides reassurance. This also explains why some foreign entities are beginning to establish operations in Côte d’Ivoire.

WAT: Your $17 million funding round in 2024 surpassed your 2022 raise of $14 million. However, these figures remain modest compared to amounts raised in countries like Nigeria or Kenya within the Anglophone sphere. What accounts for this difference between Francophone and Anglophone zones?

RB: These markets are simply more mature than ours. They gained a head start, likely by taking certain risks earlier. As a result, their ecosystems developed more rapidly, with a greater pool of available talent. Since there is no language barrier, international investors naturally gravitate toward these countries. It is also worth noting that they are large markets, including Nigeria, Kenya, and Ghana, which gives them clear appeal.

However, this trend is shifting. In the CFA zone, we offer more stable economic environments without currency devaluation, which reassures investors. They are starting to take notice. Our recent fundraising is concrete proof of this shift. It is the largest ever completed by an Ivorian startup, demonstrating that it is possible and that the Francophone world is now attracting attention.

Now, it is up to us, as entrepreneurs, to meet this challenge. We need to offer innovative, solid, and sustainable solutions capable of convincing investors for the long term. I am convinced this movement will grow. At Djamo, we are already witnessing this dynamic. Some of our team members are so inspired they want to launch their own ventures, which we will be able to support. This is creating a virtuous ecosystem that other fintechs will also join. In five years, I am convinced that Francophone Africa will have gained significant maturity and will hold substantial weight in African tech.

WAT: How does Djamo plan to maintain its leading position amid rising competition from players offering similar services?

RB: We must remember that our markets are still emerging. The real competition is not other fintech companies; it is cash. Currently, 80 percent of transactions in sub-Saharan Africa are still conducted using physical currency. This indicates a vast market to capture, with ample room for multiple players. Generally, we are not directly competing, as each company targets a segment that has not yet adopted digital financial services.

Certainly, some companies are expanding more rapidly, but this does not necessarily threaten others. At Djamo, we are committed to collaboration. Crucial issues such as transaction security, data protection, and combating fraud are challenges no single fintech can address independently. Therefore, we have opted to open our platform to other entities, aiming to create an integrated ecosystem. I believe this cooperative model is the most effective way to advance financial inclusion.

WAT: What social role should fintechs play in countries like Côte d'Ivoire?

RB: In my view, financial education is the cornerstone. This subject is largely absent from our education systems, despite significantly influencing an individual's future quality of life. Therefore, a fintech has a responsibility to educate its users, helping them understand how to manage their money wisely.

At Djamo, we dedicate substantial resources to this effort. Each product is designed to be simple and accessible, and we create various content, including videos, articles, and tutorials, to support our users. The aim is to impart reusable skills that can even be applied on other platforms. To me, this represents the true social value of a fintech.

WAT: Financial education is often lacking from an early age...

RB: Precisely. The consequences are evident, with regular waves of Ponzi schemes or dubious investments attracting uninformed individuals. Our role is to raise awareness, reminding people that genuine wealth is built over time through sound financial habits. This also entails affordable pricing. Thanks to technology, we reduce our operating costs, as there is no need for numerous physical branches when everything is managed remotely. These savings can then be passed on to the customer through lower prices. This approach creates a positive cycle that facilitates digital adoption.

WAT: Are you considering an eventual public listing, particularly on the BRVM?

RB: We are not ruling out that path. Given our position in the ecosystem, we have a duty to seriously consider it. The BRVM is a pillar of the regional financial environment, and listing a model like ours there would make sense. Of course, it must also be beneficial for investors and for Djamo. However, it remains a credible option in our long-term vision.

Interview by Charlène N’dimon