Oikocredit invests in Ivorian fintech Djamo to support its growth and expansion in francophone West Africa
Oikocredit and other investors will assist the fast-growing fintech in offering affordable financial services to many more financially excluded people.
Social impact investor and worldwide cooperative Oikocredit participated in an equity investment round of Djamo, a fintech in Côte d'Ivoire. Djamo’s affordable mobile-app-based financial services currently reach over 500,000 customers including previously unbanked people, micro and small enterprises in French-speaking West Africa.
Banking fees are high in francophone West Africa, where fewer than a quarter of adults have bank accounts. Oikocredit has joined several other equity investors in providing patient capital to help Djamo provide fairly priced and responsible financial services to empower people across the region.
Launched in Côte d’Ivoire in 2020 and focusing on younger demographics who are comfortable with digital services and mobile apps, Djamo plans to further develop its suite of financial services and to expand into other francophone West African countries.
“Djamo’s mission to provide affordable financial services to the unbanked population using fintech is well aligned with Oikocredit’s goals of maximizing social impact with our investments” said Prevost Kla, Responsible for Equity Investments in West Africa.
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