Ivorian fintech startup Djamo has become the first digital financial services company to obtain a microfinance license from the Central Bank of West African States (BCEAO). The milestone approval positions the Y Combinator-backed company to offer regulated banking services across Francophone West Africa.
Historic Approval Opens New Banking Opportunities
After a three-year licensing process, Djamo Finances SA received official approval from Ivory Coast’s Ministry of Economy and Finance, backed by a favorable opinion from BCEAO. The license allows Djamo to operate as a full microfinance institution across the West African Economic and Monetary Union (WAEMU) region.
Hassan Bourgi, Djamo’s co-founder and CEO, announced the achievement during an event in Abidjan on September 11, 2025. The approval enables Djamo to expand beyond basic payment services into comprehensive banking products.
Expanded Services Target Underserved Markets
The microfinance license unlocks several new services for Djamo’s one million customers across Ivory Coast and Senegal. Users can now access:
- Fee-free current accounts with no transaction limits
- High-yield savings accounts offering up to 6% annual interest
- Instant credit facilities up to 1 million CFA francs for eligible customers
- Enhanced investment products for wealth building
These services address gaps in traditional banking, where high fees and complex requirements often exclude younger customers and small businesses.
Regulatory Achievement Amid Stricter Fintech Rules
Djamo’s success comes as BCEAO implements tougher regulations across the WAEMU region. Since January 2024, all fintech companies must obtain direct authorization from the central bank, with capital requirements ranging from 10 million to 100 million CFA francs ($17,400 to $174,000).
The August 31, 2025 deadline for fintech licensing created significant pressure on digital financial service providers. Many companies struggled to meet the new requirements, making Djamo’s achievement particularly notable.
Strong Financial Backing Supports Growth Plans
Djamo has raised over $31 million since its founding in 2020. The company secured $14 million in Series A funding in 2022, followed by $17 million in additional funding in April 2025. This financial strength helped Djamo navigate the complex licensing process while continuing operations.
The startup became the first Ivorian company to join Y Combinator in 2021, gaining access to Silicon Valley’s premier startup accelerator network. Former FairMoney co-founder Nicolas Berthozat joined Djamo in 2025 to lead its credit and small business initiatives.
Strategic Expansion Plans Across WAEMU Region
The microfinance license allows Djamo to expand operations across all eight WAEMU countries: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo. This regional scope provides access to over 130 million potential customers.
Djamo plans gradual rollout of its enhanced services, starting with existing markets before expanding to new countries. The company’s regulatory compliance gives it significant advantages over unlicensed competitors facing operational restrictions.
