Unlocking the Editor’s Digest for Free: The Success Story of Djamo in Francophone Africa
Roula Khalaf, the Editor of the Financial Times, has selected an inspiring story about a fintech company, Djamo, which is revolutionizing the financial sector in francophone Africa. This story, chosen for its relevance and impact, is an example of the innovative and entrepreneurial spirit that is driving change in an often overlooked region.
The Phenomenal Growth of Djamo
Hassan Bourgi, the co-founder and chief executive of Djamo, found himself at a crossroads. His company had quickly risen to prominence as one of the leading credit card issuers in francophone Africa, but competition in the market was heating up. Bourgi had a few strategic options: He could concentrate on strengthening Djamo’s position in its core Ivory Coast market before expanding regionally, or he could accelerate the company’s entry into Senegal, Burkina Faso, and Cameroon to secure a first-mover advantage. Alternatively, he could introduce new financial products, such as micro-lending, which could potentially increase revenues but might also raise regulatory and credit-risk concerns.
Making the right strategic decision was crucial to maintaining Djamo’s momentum in a market that had recently begun to attract global fintech interest. Bourgi’s success story with Djamo started when he returned to Ivory Coast in 2019 after completing his master’s degree in management at Eada in Barcelona and selling his successful start-up, Busportal, in Peru. He found a banking system that was designed to serve only the few. More than 120 million adults across francophone Africa were either unbanked or underbanked. By 2025, Bourgi and his business partner, Régis Bamba, had turned Djamo into the region’s largest card issuer, with more than 750,000 users and $4.5 billion in transactions processed.
The Banking Landscape in Francophone Africa
Francophone Africa remains one of the least banked regions in the world. Fewer than a quarter of adults in the region hold a formal bank account, compared to over 60% in anglophone African countries. Mobile phone penetration, however, exceeds 80%, and mobile money adoption is surging, creating a digital-first consumer base without traditional banking infrastructure. For decades, banks have focused on high-income customers in urban centres, leaving younger and lower-income populations to rely on cash or informal savings schemes. This created a vacuum that mobile money providers like Orange Money and Wave partially filled.
However, their role is mostly limited to handling transactions, with little progress towards offering wider banking services. Djamo, on the other hand, offers an app-based account designed to work on low-cost smartphones, linked to a Visa card with no maintenance fees. This simple yet powerful proposition, coupled with a focus on user experience and trust, has seen Djamo grow rapidly.
Djamo: A Financial Platform for the Future
Djamo’s growth has not gone unnoticed. Regional banks have responded by creating digital divisions, and mobile money providers have expanded their product offerings. Despite the increasing competition, Djamo remains focused on its target market of salaried workers, freelancers, and young professionals who have outgrown mobile money but remain excluded from traditional banking. Djamo’s model, which blends scale with local execution, offers a blueprint for navigating these challenges.
Beyond strengthening its position in its current markets, Djamo’s next frontier may be lending. With transaction data from hundreds of thousands of users, Djamo is in a strong position to underwrite small, short-term loans — a move that could significantly deepen financial inclusion.
Djamo’s journey is emblematic of a broader shift in African fintech towards solutions that reflect local realities. If it succeeds, Djamo will not only be a fintech success story but also proof that francophone Africa can serve as a proving ground for some of the most radical experiments in digital banking anywhere in the world. As Bourgi puts it, “We are not here to digitise the old system. We are here to build a new one.”
Considerations for the Future
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What factors explain the historical under-representation of francophone Africa in global fintech investment?
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How should traditional banks respond to the rise of players like Djamo — through competition, collaboration, or acquisition?
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Should Bourgi go “deep” and secure his hold on the Ivory Coast market, go “wide” and expand into neighbouring markets, or go “lateral” and diversify Djamo’s product portfolio?
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Could Djamo become the Revolut of francophone Africa — a fintech growing into a full digital bank — or does its context demand a different playbook?
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How should regulators support innovation while ensuring financial stability and consumer protection?
Here is the source link for more information about this inspiring story. As Djamo continues its journey, it will undoubtedly continue to reshape the financial landscape in francophone Africa, offering valuable lessons for innovators, investors, and policymakers alike.
