Ghana’s Affinity Africa Raises $8M to Expand Digital Banking
TLDR
- Ghanaian fintech Affinity Africa has raised $8 million in seed funding to expand its digital banking services
- Founded by Tarek Mouganie, a former investment banker, Affinity has onboarded 50,000 customers since launching last October
- The company has disbursed $15 million in loans, with monthly revenue growing 37% and a non-performing loan (NPL) rate of 3%
Ghanaian fintech Affinity Africa has raised $8 million in seed funding to expand its digital banking services, targeting individuals and micro, small, and medium enterprises (MSMEs). Unlike mobile money providers, Affinity offers full banking services, including savings, loans, payments, and investments.
Founded by Tarek Mouganie, a former investment banker, Affinity has onboarded 50,000 customers since launching last October. 65% of its users had never accessed formal banking before, and 60% are women working in the informal sector. The company has disbursed $15 million in loans, with monthly revenue growing 37% and a non-performing loan (NPL) rate of 3%.
Affinity Africa blends digital banking with an offline agent network, which has helped drive adoption. 55% of agent-acquired customers have transitioned to the app, signaling growing digital literacy. Affinity aims to scale its hybrid model, using agents for onboarding while pushing customers toward full digital banking adoption.
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Points clés à retenir
Ghana’s strict banking regulations make it harder for fintech startups to enter the market. Affinity secured a savings and loans license, the first granted in over a decade, allowing it to offer credit products. Loans generate 90% of Affinity’s revenue, with the rest coming from fees on transactions like utility and internet payments. The fintech has seen 54% month-over-month growth in deposits, mainly from mobile money top-ups. The $8 million seed round was led by Grazia Equity (Germany) and BACKED VC (London), marking their first African investment. Other backers include Enza Capital, Launch Africa, Renew Capital, Finca International, and Attijariwafa Ventures.
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