Grace Ashiru
CĂ´te d’Ivoire’s state-backed investment arm, CDC-CI Capital, has injected 800 million CFA francs (approximately $1.4 million) into local payments startup Julaya through a convertible bond agreement, which was signed on October 17, 2025. This move marks a significant step in the Ivorian government’s efforts to support homegrown tech ventures, particularly those in the fintech sector, that have the potential to scale regionally and boost the local economy.
The newly secured capital will support Julaya Côte d’Ivoire’s product development and expansion plans. With the financing, the startup aims to attract new customers throughout the region, further solidifying its position in the competitive payments space.
The timing of the investment is particularly crucial. Julaya achieved a significant regulatory milestone earlier in May 2025, when it secured formal Payment Establishment status from the Central Bank of West African States (BCEAO). This regulatory green light eases the company’s path to broader commercial expansion and fosters opportunities for strategic partnerships with other financial institutions across the region.
Founded in 2018, Julaya has already established a solid client base, serving over 1,000 businesses ranging from small merchants to larger enterprises. With the regulatory approval now in place and the financial backing from CDC-CI Capital, Julaya is poised to scale its operations and increase its market share in the Ivorian and wider West African payments ecosystem.
CDC-CI Capital’s support for Julaya is part of a broader strategy to direct public funds into local tech companies. This move follows the fund’s recent equity stake acquisition in healthtech company Ades in early October 2025, and its backing of fintech Djamo earlier in the year. The fund’s investments are largely backed by the World Bank-supported PCCET programme and focus on platforms that enhance payments, health, and financial inclusion in CĂ´te d’Ivoire.
By opting for convertible bonds rather than equity investments, CDC-CI Capital ensures that Julaya has the working capital it needs without immediately diluting ownership. This structure provides both parties with flexibility, allowing the startup to grow its operations without the pressure of early-stage equity dilution. Should the company hit key milestones in the future, CDC-CI Capital can convert its bond into equity.
Convertible bonds have become a favored tool for early-stage growth ventures, as they offer quicker deployment of funds, which is vital for startups in the development phase. This type of deal also sends a strong signal to the private investment community that the state is willing to back promising local companies with significant potential.
That said, there are risks associated with such arrangements. The terms of repayment and future conversion of the bond need to be clearly defined, especially given the unpredictability of market conditions. Moreover, Julaya must prove its ability to turn regulatory success into consistent revenue growth and improved profit margins.
In the wider context, the deal underscores the growing role of public funds in bridging the equity and quasi-equity gap for African startups. Should CDC-CI Capital’s strategy prove successful, it could encourage more homegrown players to develop the necessary infrastructure for payments, reducing dependence on foreign companies for critical services.
For both founders and investors, the key takeaway is clear: with local capital now available on favorable terms, skilled teams in CĂ´te d’Ivoire and the broader region have a better chance to scale their businesses and achieve regional success.
