New Oikocredit equity investment in Djamo to support neobank expansion in francophone West Africa
Press releases
Oikocredit and others are investing in Djamo to expand financial services for underserved clients.
Amersfoort, the Netherlands – Social impact investor and worldwide cooperative Oikocredit has participated in a new USD 17 million equity investment round for neobank Djamo, alongside other investors including Janngo Capital, Partech, Enza and Finance in Motion.
Ivorian fintech Djamo, an Oikocredit partner since 2022, is positioning itself between mobile money and traditional banking. Djamo offers a complete range of automated services through a single app: personal accounts free of monthly fees and overdraft charges; savings; loans; money transfer; investing; and business banking. The fintech has reached its first 1 million active clients and 10,000 small and medium enterprises in Côte d’Ivoire and Senegal and is further expanding its digital financial services across the region.
Over 60% of Djamo’s clients were previously unbanked, and the app is increasingly used as a primary financial service, especially among younger adults, with a growing number receiving their salaries directly through the platform. Through a hybrid approach that includes digital tools and on-the-ground agents, Djamo reaches people often left behind by traditional financial institutions. A third of its clients are women.
Hassan Bourgi, Co-Founder and CEO of Djamo, said: “This investment is a major step towards our vision of building one of the most iconic financial services platforms in francophone Africa. Millions of people in our region remain underserved by traditional banks or stuck in mobile money ecosystems without access to wealth-building and fair financing opportunities. We are committed to providing them with seamless, affordable and innovative banking that truly meets their needs.”
Sébastien Rigaud, Head of Equity for Africa at Oikocredit, said: “We are committed to continue supporting Djamo with this follow-on investment. Since our first investment in 2022, Djamo’s founders and team have shown an impressive execution capability. We are well aligned with Djamo’s mission to provide a wide range of affordable financial services to the unbanked population in West Africa.”
About Djamo
Founded by Regis Bamba and Hassan Bourgi, Djamo’s mission is to build the future of banking for the next generation in francophone West Africa, where banking access remains limited. Using a single app designed for individuals and small businesses, Djamo offers simple, affordable and accessible financial services to millions across the region, bridging the gap between traditional banking systems and the financial needs of new generations of digital users. For more information, visit www.djamo.com.
About Oikocredit
Social impact investor and worldwide cooperative Oikocredit has five decades of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Oikocredit finances more than 480 partners, with total outstanding capital of EUR 1,105.3 million (at December 2024). For more information, visit www.oikocredit.org.
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Note for editors
For more information or to request an interview, please contact: Viviana Cordero, Impact Communications Specialist, Oikocredit International, telephone: +31 33 422 4040, email: [email protected].
