Ghanaian digital bank Affinity Africa has secured $8 million in funding to scale its operations, proving that Ghana is carving out its place in Africa’s digital banking revolution. While fintech dominance often comes from Nigeria, South Africa, and Egypt, Affinity is showing that Ghana is ready to compete.
The funding round was led by European venture capital firms, including Germany’s Grazia Equity and London-based BACKED VC, alongside key investors such as Enza Capital and Launch Africa.
Since its launch in October 2023, Affinity Africa has onboarded over 50,000 customers, with a significant portion being first-time bank users, particularly women working in the informal sector.
Unlike Nigeria, where fintech startups can obtain microfinance licenses relatively easily, Ghana’s banking regulations are stricter and take longer to navigate. According to Affinity’s CEO, Tarek Mouganie, the company had to demonstrate strong risk management and financial sustainability before gaining regulatory approval. What ultimately convinced regulators was Affinity’s ability to make banking more accessible and affordable for small businesses and individuals.
Mouganie’s journey to founding Affinity Africa is remarkable. With a background in finance, he worked at a $160 billion investment firm and played a role in taking companies like Visa public. However, after moving back to Ghana a decade ago, he recognized the urgent need for financial inclusion. Determined to make banking more accessible, he sold his house in London to fund the venture and even acquired a microfinance bank to kick-start Affinity.
With this latest funding, Affinity Africa is poised to expand its impact, helping more underserved Ghanaians access modern financial services.
Affinity Africa now provides free savings and current accounts, instant credit scoring, and loans with monthly interest rates between 3% and 7%. Since its launch, the digital bank has disbursed over $15 million in loans, boasting strong repayment rates.
What sets Affinity apart is its hybrid approach—combining digital banking with an on-the-ground agent network. The bank currently has 30 agents who help small businesses get started before transitioning them to the app, ensuring a seamless digital onboarding experience.
Affinity Africa’s hybrid approach is paying off—more than half of the customers onboarded through agents have now fully transitioned to the digital app. This seamless mix of online and offline banking is fueling rapid growth, with the startup’s revenue increasing by 37% month-over-month.
By combining personalized support with digital convenience, Affinity is proving that Ghana is ready for a digital banking revolution and setting the stage for even greater expansion