Djamo's Expansion into Lending and Savings in Ivory Coast: A Digital Finance Catalyst for Financial Inclusion in West Africa

In September 2025, Djamo, a Côte d'Ivoire-based fintech, made headlines by becoming the first startup in the country to secure a microfinance license from the Central Bank of West African States (BCEAO) Côte d’Ivoire : Djamo devient la 1re fintech à obtenir un agrément microfinance de la BCEAO^[1]. This regulatory milestone marks a pivotal moment not only for Djamo but also for the broader digital finance landscape in West Africa. By leveraging its newfound authority, Djamo is now offering an array of services—including interest-bearing savings accounts with up to 6% annual returns, unblocked current accounts, and working capital loans of up to 1 million FCFA—positioning itself at the intersection of innovation and financial inclusion Côte d’Ivoire : Djamo devient la 1re fintech à obtenir un agrément microfinance de la BCEAO^[1].

The Strategic Leap into Lending and Savings

Djamo's expansion into lending and savings is a calculated move to address persistent gaps in West Africa's financial ecosystem. Despite decades of progress, over 50% of adults in the region remain unbanked, according to the World Bank's Global Findex Database. Djamo's digital-first approach bypasses traditional barriers such as physical branch limitations and high operational costs, enabling it to reach underserved populations in both urban and rural areas.

The fintech's 6% interest rate on savings accounts is particularly noteworthy. In a region where formal savings products often offer minimal returns, this rate could incentivize millions to transition from informal savings mechanisms—such as rotating savings and credit associations (ROSCAs)—to digital alternatives. For borrowers, Djamo's loans provide a lifeline for small businesses, which form the backbone of West Africa's economies but frequently lack access to affordable credit.

Regulatory Tailwinds and Market Dynamics

The BCEAO's decision to grant Djamo a microfinance license reflects a broader regulatory shift toward embracing fintech innovation. Côte d'Ivoire's microfinance sector, already characterized by rising loan and deposit portfolios, is now witnessing a diversification of players. Djamo's entry signals confidence in digital platforms to deliver financial services responsibly, a trend mirrored across West Africa as regulators balance risk mitigation with inclusive growth.

This regulatory environment is critical for scaling impact. For instance, Djamo's unblocked current accounts align with BCEAO's push to digitize transactions, reducing reliance on cash and fostering a more transparent financial system. Meanwhile, its loan offerings could stimulate local entrepreneurship, particularly among women and youth, who constitute a significant portion of the unbanked population.

Digital Finance as a Regional Catalyst

Djamo's success is emblematic of a larger narrative: digital finance's transformative potential in West Africa. While the region lags behind East Africa in mobile money adoption—Kenya's M-Pesa, for example, has over 50 million users—Côte d'Ivoire and neighboring countries are catching up. Djamo's model, which combines mobile technology with microfinance principles, mirrors the strategies of regional pioneers like Orange Money and MTN Mobile Money. These platforms have demonstrated that digital finance can thrive when tailored to local needs, such as small-ticket transactions and microloans.

However, challenges persist. Infrastructure gaps, low digital literacy, and cybersecurity risks remain hurdles. Djamo's ability to navigate these issues will determine its long-term viability. For investors, the key question is whether Djamo can replicate the scalability of East African fintechs while adapting to Côte d'Ivoire's unique economic and cultural context.

Conclusion: A Model for Inclusive Growth

Djamo's expansion underscores the symbiotic relationship between regulatory innovation and financial inclusion. By democratizing access to savings and credit, the fintech is not only addressing market gaps but also contributing to Côte d'Ivoire's broader economic resilience. For West Africa, Djamo represents a blueprint for how digital finance can catalyze inclusive growth—a lesson that regional regulators, investors, and entrepreneurs would do well to heed.

As the sector evolves, Djamo's journey will be closely watched. Its ability to scale sustainably, mitigate risks, and maintain user trust will shape its legacy—and perhaps redefine the future of fintech in West Africa.