Ghanaian digital bank Affinity Africa has secured $8 million in funding to expand its services, proving that Ghana is a rising force in Africa’s fintech scene, traditionally dominated by Nigeria, South Africa, and Egypt.
The funding round was led by European venture capital firms, including Germany’s Grazia Equity and London’s BACKED VC, with additional backing from Enza Capital and Launch Africa.
Affinity Africa launched in October 2023 and has already onboarded over 50,000 customers, many of whom are first-time bank users, including a significant number of women in the informal sector.
Unlike Nigeria, where fintechs can easily obtain microfinance licenses, Ghana’s stricter banking regulations have made it difficult for digital banks to thrive. Affinity’s CEO, Tarek Mouganie, explained that the bank had to prove it could manage risk and break even before receiving regulatory approval.
Mouganie’s journey to launching Affinity Africa is remarkable. A UK-trained investment banker, he previously worked at a $160 billion investment firm and was involved in major deals like Visa’s public listing. However, after returning to Ghana a decade ago, he recognized the country’s financial inclusion gap and decided to take action.
To fund his vision, he sold his house in London and bought a microfinance bank to establish a foundation for Affinity. Today, the bank offers:
– Free savings and current accounts
– Instant credit scoring
– Loans with monthly interest rates between 3 and 7 percent
So far, Affinity has disbursed over $15 million in loans with strong repayment rates. Affinity Africa combines digital banking with a network of 30 field agents, who help small businesses transition to digital banking. The strategy is working—more than half of agent-onboarded customers have fully switched to the app, demonstrating high trust in the platform.
With revenue growing 37 percent month-over-month, Affinity Africa is proving that Ghana is ready for a digital banking revolution. This funding marks a major step toward scaling financial inclusion in the country.
