It was announced last February that it had been accepted into Y Combinator. Enza Capital, Oikocredit and Partech Africa, along with other investors, have invested in the two-year-old fintech.
Financial services for the underbanked and unbanked are provided by Djamo. Less than 25% of French-speaking adults have a bank account. One of the reasons why this is so is that banks focus on wealthy customers. As banks slacked, mobile money from the region's telcos filled in the gap, and in the last 10 years, their wallet has reached more than 60 percent of the population.
This mobile money infrastructure and reach allows startup like Djamo to build upon their existing payment infrastructure to give more people access to banking and mobile money.
A Visa-powered debit card can be used to make online purchases on sites such as Amazon. Virtual accounts for peer-to-Peer transactions, a product to receive salaries, and an autosaving product are some of the other products. There are a number of similar products across Africa.
It was a challenge for customers to receive salaries digitally because they weren't integrated into the banking system, according to CEO Bourgi. Any company can pay salary to employees with a Djamo account, if they chose to do so. Along with other products, we want customers to be able to better manage their money and plan for their futures. We aren't necessarily to use cash like a wallet. We are here to work on finances.
YC-backed Djamo is building a financial super app for consumers in Francophone Africa
Bamba said that the company still depends on word of mouth to scale because customers see so much value in the different use cases. More than half a million customers have been registered on the platform, which is more than five times the number of customers Djamo had onboarded at the time.
Users in our region pay some of the highest fees in the world but don't always receive adequate service in return. The goal is to offer a product where customers get real value for their money. The app has been growing organically like crazy and to get such numbers in a market like this within a short period is proof that we are doing a good job of building something very relevant for users.
The 50,000 monthly transactions that were recorded during the February interview were not updated. An amendment to its pricing plan has resulted in a revenue growth of 20% to 25% month-on-month. According to them, these options are 80% cheaper than other bank accounts offered by financial institutions in the country.
The image is called Djamo.
The majority of customers never used a Visa card before joining the platform, according to Bourgi. It is a feat the chief executive is proud of and it is crucial in the effort to make financial services accessible to the rest of the world. The startup will be able to expand into two other countries in Africa before the end of next year thanks to the funding capital it received.
The general partner at Partech Africa said thatFrancophone Africa has a large integrated market with a fast-growing demand for services from a new cohort of digital-native young adults. We are excited to join forces with high caliber local investors who are experts in their field.
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