Symbiotics has backed Ivorian fintech Djamo with a $3.5 million debt investment aimed at widening access to basic financial services. The financing will fund expansion in Djamo’s core market, Côte d’Ivoire, and strengthen its product suite for underserved customers. The move underscores growing investor confidence in inclusive digital finance across Francophone West Africa.
Deal Overview
The transaction was facilitated by Symbiotics, a market access platform focused on impact investing. Djamo, which operates in Côte d’Ivoire and Senegal, will use the capital to deepen services in its primary market while maintaining momentum across the region. Structuring the support as debt signals both discipline and conviction in the company’s ability to scale responsibly.
Addressing Cost Barriers
In many parts of the region, maintaining a traditional bank account can cost about $120 per year, even when balances are low or accounts are inactive. Those fees weigh heavily on vulnerable groups, reinforcing longstanding barriers to participation in the formal economy. Djamo targets these pain points by reducing fees, lowering entry requirements, and removing the need to rely on scarce branch infrastructure.
Product and Reach
Djamo enables customers to open a virtual account quickly, obtain a payment card, and use it for local and international transactions. The company also offers savings features designed to help individuals and small businesses build financial autonomy. According to the firm, roughly half of its users were previously unbanked, and about 60 percent are accessing their first card.
Strategic Rationale
The new capital is intended to accelerate product rollout and improve the overall customer experience in Côte d’Ivoire. Djamo plans to enhance accessibility and reliability for a growing base of active users while refining tools that simplify everyday money management. Expansion efforts in Senegal remain part of the broader regional strategy as the platform scales.
Leadership Commentary
Symbiotics’ Head of Markets, Vincent Lehner, said the investment aligns with the firm’s view that innovative fintechs are central to advancing financial inclusion in emerging and frontier markets. He emphasized that supporting access to affordable services in Francophone Africa remains a priority for the platform. The partnership with Djamo reflects Symbiotics’ belief in practical digital solutions that close persistent gaps.
Company Perspective
Djamo’s cofounder and CEO, Hassan Bourgi, described the financing as fully aligned with the company’s growth plan. He said the funds will help expand access across the region and consolidate the base of active customers already on the platform. Bourgi added that Djamo will speed up the delivery of simple and impactful tools that people can use to manage their finances every day.
Development Impact
By broadening access to accounts, cards, payments, and savings, the partnership contributes to universal access to financial services. The parties note that these efforts support Sustainable Development Goal 8, which promotes inclusive and sustainable economic growth. As more people gain formal financial tools, households and businesses can better save, transact, and plan.
Operating Model and Differentiation
Djamo’s model is designed to lower friction across the customer journey, from onboarding to everyday transactions. Virtual accounts and digital issuance reduce the time and cost typically associated with opening and maintaining a bank relationship. The emphasis on affordability and usability positions the company to reach segments that traditional institutions have struggled to serve.
Symbiotics’ $3.5 million investment provides Djamo with timely firepower to scale inclusion-focused financial services in Côte d’Ivoire and beyond. With simpler onboarding, lower costs, and accessible savings tools, Djamo aims to bring first-time users into the formal system and help existing customers do more with their money. The deal strengthens a growing ecosystem of digital finance providers working to make banking affordable, practical, and universal in Francophone West Africa.