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Djamo It is one of several digital banking companies that target Africa underestimated. But unlike many, which focus on big markets such as Nigeria, Egypt, or South Africa, Djamo has carved the niche in the West African center, particularly the Ivory Coast and recently Senegal. Now more than one million customers are serviced on both countries.
With the support of Y Comminator, Fintech simply gathered $ 17 million to expand its products for these retail customers and in the last two years it has trip to thousands of small businesses.
Own capital tour, the biggest to start the Ergosyan, exceeds the Djamo $ 14 million a In 2022 and reflects the continuous investor’s confidence to make banking accessible and accessible to its mission.
Co-founder and CEO Hasan Pyramid It refused to share the new assessment, but said that after the last increase, it doubled.
Pyramid Djamo founded with main products and technical officer Régis bamba Shut down the financial entrance gap in French-speaking African countries, Where are few? have bank accounts. Traditional banks in the region often serve the rich, leaving most of the population, depending on cell money, a cheaper method, which includes phone numbers, uses financial transactions.
The mobile money was useful in expanding financial access to Africa. As of 2022, 28% of adults in the sub-Saharar Africa had a mobile money account World BankAnd the region holds more than half of the world. But that progress has also created a ceiling.
Most mobile cash platforms offer basic services. Cash, cash, P2P transfers and payment payments. Although useful, they do not open more advanced financial instruments such as loan, investment or long-term savings.
Djamo is positioned between mobile money and traditional banking activities. The beginner offers the availability of mobile money in the financial depth of the bank account, a similar schedule, which has been used by the OPay and TransStion’s Palmpay to Nigeria to tens of millions of customers.
Its target is a growing part of users, mainly young customers that exceed cell money wallets, but traditional banks find expensive, outdated or unavailable, founders say, founders.
“These users are developing,” said the pyramid. “But they don’t want to go where their parents went to predatory pricing institutions and are not adapted to the new generation of customers.
Expanding the product for demand
By us Last coverageDjamo has expanded from cards and peer peer transmissions. Currently, Ivorian Fintech offers savings, investment products due to the first Fintech’s brokerage license and salary bank accounts that see the pyramid to promote customer involvement.
Like many neobanks, Djamo attracts bank users who treat it as a secondary account for more smooth reporting fees and cell money integration. But it is inexhaustible, it is more difficult to activate those who show more long-term potential. These users who make up more than 55% of Djamo database are often treated as their primary financial service.
Pyramid says ten users who rely on Djamo because their basic account comes from this passage. To achieve more than these, Djamo has adopted a Hybrid approachCombining his plan with offline agents who personally meet customers to facilitate transactions, which is similar to a mobile money model, which has now been more widely adopted on the continent.
At present, only 5-10% of Djamo users receive salaries through the program. “The next stage for us,” said Pyrami.
Meanwhile, Djamo also provides services for small businesses, 10,000 of them, many of which started retail users. According to CTO Bamba, the launch now provides mass payments, payment links and QR code tools to help merchants directly accept and manage payments.
Fintech generates income from trading fees with online card procurement and premium degree plan, which pays 25% of users. Bamba adds that the company is studying additional income flows, including the loan and earning the interest rate on customer deposits. It provides for patent provision, which will allow it to offer interest rate savings and credit products.
The founders of Djamo say that the company has increased from 2022 and has developed more than $ 4.5 billion transaction after launching 5x.
In his latest expansion, Djamo has entered the market, which prevails by the wave, one of the largest Fintechs of Africa, which is known for low-cost mobile money transfers. But not, not directly compete with Djamo positioned himself as a complementary service, offering digital banking experience where users can save more advanced tools such as savings, investments and credit.
Now the 250-member team bets that the new phase of its funding, Pan-African, Focused VC Jannga Capital will help scale these services in French-speaking Africa.
“We are excited about the biggest vc tour of the Ivory coast and double Djamo, the mission-based Fintech, which allows financial services to Fatumata B of West Africa.
“In a region where 25% of adults are available to official financial services, where women are twice as likely to rule out vital.
Other investors participating in the rival include the Sanad Foundation for Msmes (managed in the field of finance), Partech, Oikocredit, Enza Capital and Y Comminator.