By Susan Olalere 
Affinity Africa, a Ghanaian fintech startup, has secured $8 million in seed funding to expand its digital banking services across the country. In a market where mobile money dominates financial transactions, Affinity is carving a space for digital banking by offering accessible and affordable financial services to individuals and small businesses.
Bridging the Financial Inclusion Gap
While Ghana’s banking sector remains highly profitable, much of its revenue comes from fees, and access to traditional financial services is limited. Millions remain underserved due to high operational costs, extensive paperwork, and long onboarding times. According to the World Bank, less than 10% of businesses in Africa have access to credit, and over 60% of adults lack formal banking services.
Affinity is addressing this gap by providing digital-first banking solutions. Since its launch in October 2024, the startup has onboarded over 50,000 customers—65% of whom had never accessed formal banking before. More than 60% of its users are women working in the informal sector, highlighting the platform’s impact on financial inclusion.
Navigating Ghana’s Strict Banking Regulations
Unlike Nigeria, where digital banks can easily operate with microfinance licenses, Ghana’s regulatory environment has made it challenging for fintechs to enter the market. Affinity’s journey began in 2020 when founder and CEO Tarek Mouganie and his team raised $2 million—partly from selling his London home—to acquire a microfinance institution. This served as a testing ground for their banking solutions.
“Ghana’s regulator prioritizes consumer protection, especially in deposit-taking institutions,” Mouganie said. “We had to prove strong risk management and align our mission with the government’s goal of banking the unbanked. What ultimately convinced them was how our digital platform reduces friction and lowers costs for individuals and small businesses.”
By 2022, Affinity raised an additional $3 million in a pre-seed round to upgrade its license. After months of testing, the Bank of Ghana granted approval, allowing the startup to officially launch its app in October 2024.
A Hybrid Banking Model
Affinity operates with a mix of digital and physical touchpoints, leveraging an agent network to onboard and educate first-time banking users. Out of its 50,000 customers, 26,000 joined through agent-assisted onboarding, while 24,000 signed up via the mobile app. Over time, 55% of agent-acquired users transitioned to the app, demonstrating a shift toward full digital adoption.
“This shift has led us to rethink our agency strategy—focusing on using agents for onboarding, initial education, and driving digital literacy to encourage app adoption,” Mouganie explained.
Affinity offers free savings and current accounts with no transaction limits. Users are automatically credit-scored based on transaction history, and after a few months, eligible customers receive credit lines with monthly interest rates between 3% and 7%. Since their launch, the fintech has disbursed over $15 million in loans, with instant loan uptake growing 30% month-over-month.
Investor Backing and Future Plans
Affinity’s $8 million seed round was led by European venture capital firms Grazia Equity (Germany) and BACKED VC (London), marking their first investment in Africa. Other investors include Enza Capital, Launch Africa, Renew Capital, Finca International, and Attijariwafa Ventures.
“At Backed, we are founder-first, and we couldn’t think of a better person to build Africa’s local bank than Tarek,” said Andre de Haes, founder and managing partner at Backed VC. “His expertise in banking regulation and strategy, combined with Affinity’s impressive early traction, made this an easy decision.”
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