Affinity Ghana receives investment from Renew Capital for expansion of digital banking services

Affinity Ghana, a burgeoning digital bank, has successfully secured funding from Renew Capital, an investment firm with a keen focus on African ventures.

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.

The digital bank was established by Tarek Mouganie and offers a broad range of banking services. These include checking and savings accounts, transfers, payment processing, and loans. 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.

Tarek, as the top executive at Affinity, has repeatedly emphasized the bank’s commitment to boosting financial inclusion, with an aim to simplify banking processes and make it more affordable for everyone.

Since its commencement in 2020—which began with the acquisition of a microfinance business in Ghana—Affinity has been on a meteoric rise. After receiving a license upgrade from the Bank of Ghana in 2022, it has served over 17,000 customers. The bank states that it extended $12.5 million in loans in the previous year alone, and helped clients save up to $26 million.

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.