Ivorian fintech Djamo has achieved a historic milestone by becoming the first fintech in the West African Monetary Union to obtain a microfinance license from the Central Bank of West African States (BCEAO). The announcement was made on September 11, 2025, by co-founder and CEO Hassan Bourgi at an industry gathering attended by regulators, startups, and innovation leaders. The approval marks a turning point for the company, allowing it to evolve from a payments-focused platform into a regulated financial institution with broader service offerings.
A New Chapter for Djamo
With this license, Djamo is authorized to introduce regulated products that strengthen its financial services portfolio. Customers will gain access to free current accounts with no management fees, high-yield savings accounts offering up to six percent annual interest, and digital credit up to CFA1 million. These additions complement the fintech’s existing services in digital payments, transfers, and securities investment through the regional BRVM exchange.
Commitment to Transparency and Governance
The approval also reinforces Djamo’s commitment to regulatory compliance, governance, and customer protection. According to Elfried Didehia, recently appointed CEO of Djamo Finances, client deposits are now guaranteed under the FGDR-UMOA, a regional deposit insurance scheme. This move strengthens customer confidence by ensuring that funds managed through Djamo’s microfinance arm are both secure and regulated.
Customer-Centric Design
Djamo’s leadership emphasized that user experience remains at the core of its strategy as it transitions into microfinance. Co-founder and Chief Product Officer Régis Bamba highlighted the focus on simplicity, transparency, and accessibility in every product, from account setup to interest tracking. He reiterated that the company’s mission is to deliver intuitive financial services that can be managed easily from a smartphone.
Scaling with Strong Backing
Founded in 2020 by Bourgi and Bamba, Djamo operates in Côte d’Ivoire and Senegal, two of West Africa’s fastest-growing fintech markets. In April 2025, the company raised $17 million in a record-breaking funding round led by Janngo.africa with support from Partech, Oikocredit, Enza Capital, and Y Combinator. Earlier in the year, Côte d’Ivoire’s sovereign investment arm CDC-CI also injected CFA800 million into Djamo’s e-money operations, signaling institutional confidence in its model.
Operational Momentum
Djamo reports significant operational growth, having processed more than $4.5 billion in transactions since its launch. The company also claims a fivefold increase in revenue since 2022 and currently serves over 10,000 small and medium-sized enterprises across the region. These metrics reflect Djamo’s accelerating role as a digital-first financial solutions provider in a competitive and evolving market.
Industry Context
The timing of Djamo’s approval coincides with BCEAO’s preparation to launch an interoperable instant payments platform by the end of September 2025. This initiative will connect banks, microfinance institutions, and fintechs across the West African Monetary Union, enabling seamless real-time transfers for customers. Djamo’s entry into regulated microfinance positions it advantageously within this new ecosystem, strengthening its ability to capture market share.
Côte d’Ivoire’s Microfinance Landscape
According to the Ministry of Economy and Finance, Côte d’Ivoire hosted 45 active microfinance institutions at the close of the first quarter of 2025. Deposits across the sector reached CFA647.3 billion while loans disbursed totaled CFA629.4 billion, both recording quarterly growth. A handful of large players, including Unacoopec-CI, Baobab CI SA, and Advans-CI SA, dominate the market, but Djamo’s digital-first model could disrupt the balance.
Driving Financial Inclusion
Djamo’s move into regulated financial services underscores a broader ambition to foster financial inclusion in West Africa. By leveraging digital technology, the company aims to reach underserved populations with affordable, transparent, and accessible financial products. This strategy aligns with regional priorities to expand formal banking access and modernize the financial sector.
Djamo’s BCEAO license marks a decisive shift for the Ivorian fintech, transforming it into a regulated player in West Africa’s growing financial services industry. The company now stands equipped to expand its offerings, enhance customer trust, and compete more directly with established microfinance institutions. As the sector evolves with new regulations and infrastructure, Djamo is poised to play a central role in shaping the future of digital banking in the region.