Affinity Ghana Secures Funding From Renew Capital For Expansion of Digital Banking Services
Affinity, a digitally-driven financial bank based in Ghana, has secured funding for an undisclosed amount from the Africa-focused impact investment firm Renew Capital.
Affinity plans to utilize the funding to address the issue of 350 million unbanked adults in Africa. The company’s mission is to make banking services accessible to everyone, particularly those marginalized by the traditional banking system.
Speaking on the deal, Renew Capital’s Head of Investment, JC Oelofse said,
“This is our first investment in Ghana. We’re excited to support their expansion goals across the continent, where millions still lack access to financial services.”
Founded by Tarek Mouganie, Affinity offers various banking services like checking and savings accounts, transfers, payments, and loans. Interestingly, they don’t charge account fees and offer competitive interest rates, making banking more affordable.
The business has been in operation since 2010, and the acquisition was completed in 2020. In 2022, the company received its Savings and Loans license, the first in almost a decade. Affinity is fully licensed and regulated by the Bank of Ghana.
The primary objective of Affinity is to tackle a persistent issue across Africa the lack of bank accounts among 350 million adults. Their mission lies in rendering banking services accessible to all, with an emphasis on those who have been sidelined by the conventional banking system.
A unique aspect of Affinity’s business model is their no-account-fee policy, along with offering competitive interest rates, which contributes to making banking more affordable.
Backing Affinity in its quest to democratize banking are several leading finance powerhouses such as Enza Capital, Launch Africa Ventures, Grazia Equity, and Nour Nouf Knowledge Company. Among these strong supporters, it aims to continue its mission to facilitate accessible banking for all.
