In 2019, Régis Bamba, a young Ivorian, left the Telecom operator MTN after five years, defying the predictions of his colleagues. With a master’s degree in computer science from Towson University in the United States, he ventured into entrepreneurship with unwavering determination. His meeting with Hassan Bourgi ignited his passion, and together, they founded Djamo in 2020, a fintech offering online transactions via a Visa card.
The initial idea: to address a crucial need in the UEMOA region, where only 20 to 25% of the population is banked. « There is a huge potential of people who do not have access to banking services, » he explains.
Djamo started with a simple product: a Visa card allowing local and international payments. Quickly, the offer diversified with the receipt of salaries via an IBAN, interoperable transfers between bank accounts and mobile money, and recently, an investment product accessible to all through the regional securities exchange.
The majority of our clients access banking services for the first time thanks to Djamo
Faced with underbanking, Djamo experienced rapid success, filling a gap left by traditional financial institutions. In December 2020, Djamo became the first Francophone African startup to join Y Combinator, the prestigious Silicon Valley accelerator. Supported by Y Combinator, Djamo raised 14 million dollars in November 2022 to expand its product range and conquer new markets. Régis Bamba, grateful for his opportunity, encourages others to create opportunities to develop the entrepreneurial ecosystem, while Djamo rises in the fintech sky.
« The majority of our clients access banking services for the first time thanks to Djamo, » rejoices Régis Bamba. They can now receive their salaries, save, and even invest, thus paving the way for real financial inclusion. Djamo does not just provide financial services; it also engages in the financial education of its users, allowing them to understand and effectively use these tools to improve their daily lives.
« We really contribute to this financial inclusion by educating these clients and allowing them to access these financial services as easily as possible, » he emphasizes. Djamo’s journey is not without challenges. Compliance and regulation are areas where the start-up works closely with authorities. « The regulator does an excellent job in protecting the population, » acknowledges Régis Bamba, but he adds that « the creation of regulatory ‘sandboxes’ would allow fintechs to innovate and test new products in a controlled environment, while ensuring user safety. »
We firmly believe that technology can bridge the gap between rural and urban areas, offering all Africans the same economic opportunities
In 2022, Djamo raised 14 million dollars, the largest funding round ever for a start-up in Ivory Coast, to expand throughout Francophone Africa. This fundraising demonstrates investors’ confidence in Djamo’s vision and its ability to transform financial services on the continent. Djamo’s goal is to continue developing innovative solutions to facilitate access to financial services.
« We firmly believe that technology can bridge the gap between rural and urban areas, offering all Africans the same economic opportunities, » asserts Régis Bamba. Djamo envisions a future where every individual, no matter where they are, can manage their finances easily and safely thanks to their services.
« Our journey is just beginning, and we are eager to see how far we can go to democratize access to financial services in Africa. » For Régis Bamba, connecting people to the banking system is opening up enormous opportunities for them. « This mission is very rewarding because it directly contributes to financial inclusion and the economic development of our continent, » he says.
Every time a client uses Djamo to save, invest, or receive their salary, Africa takes another step towards a future where everyone has the means to thrive. By combining technology, education, and innovation, Régis is determined to help create a competent and educated generation, ready to contribute to the continent’s future. « Our journey is just beginning, and we are eager to see how far we can go to democratize access to financial services in Africa, » concludes Régis Bamba.
