Ghana-based digital banking startup Affinity Africa has secured $8 million in seed funding to expand its financial services in a market dominated by mobile money. The fintech aims to bridge the gap between traditional banking and underserved populations by offering a low-cost, digital-first banking model.
Since its launch in October 2024, Affinity Africa has onboarded over 50,000 customers, with 65% of them having never accessed formal banking before. The platform has also made significant strides in financial inclusion, with over 60% of its users being women working in the informal sector.
While mobile money is widely used for transactions, Ghana’s traditional banking sector remains highly profitable, relying heavily on fees. However, inefficiencies like high operational costs, extensive paperwork, and slow onboarding have left millions without access to formal banking services. According to World Bank data, fewer than 10% of businesses in Africa have access to credit, and over 60% of adults remain unbanked.
Unlike countries such as Nigeria, where digital banks can easily obtain microfinance licenses, Ghana’s strict banking regulations make entry into the sector challenging. Fintechs must meet stringent risk management and financial sustainability criteria before obtaining a license.
“Ghana’s regulator prioritizes consumer protection in deposit-taking institutions,” said Affinity Africa’s CEO, Tarek Mouganie, in an interview with TechCrunch. “We had to prove strong risk management, break-even as a microfinance institution, and align with the government’s goal of banking the unbanked.”
The startup’s success highlights the growing demand for digital banking solutions in Ghana and across Africa, as more consumers seek affordable, accessible, and efficient financial services. With its latest funding, Affinity Africa is ready to expand its operations and further transform Ghana’s financial ecosystem.
It’s been a heavy week in Nigeria’s tech and finance sectors—Starlink stirred fresh controversy with another price hike, GTBank slipped in a subtle SMS charge increase, Paystack got slammed with a major fine, MTN lost its Kogi grip, and the AfDB dropped a reality bomb on Nigeria’s economy. Here’s a three-paragraph breakdown of each story […]
The launch extends Bolt’s current tricycle services already active in Jos and Uyo, but this is the first time it’s bringing electric versions into Nigeria’s commercial capital.
Nigerians are worse off today than they were at independence 64 years ago, he stated, urging urgent action to reverse the troubling trend.
The new Lagos facility features cutting-edge computer-based testing (CBT) infrastructure and will soon include a virtual lab tailored for computer science students. This setup is designed to support practical learning while staying true to Miva’s digital-first delivery model.
With its newly acquired licence, the firm is set to offer a broad suite of financial solutions, including funds management, advisory services, and loan products such as asset loans, MSME support, payday loans, and education financing.
Investigations show the site offers investors unusually high returns with minimal risk, while depending heavily on a referral structure to pay users.
This isn’t the first time Starlink has tried to raise its subscription cost in Nigeria. Back in October 2024, the company announced a new fee of N75,000 per month.
Themed “Galvanising MSMEs for Economic Growth and Stability,” this year’s edition focuses on enhancing business resilience, streamlining regulatory processes, and promoting financial inclusion.
In a notice sent to its customers, GTBank explained that the fee adjustment was necessary due to “a recent increase in telecom rates as communicated by the telecommunication service providers.”
The state-of-the-art facility, located at Oladipo Alayande School of Science, was built by the National Information Technology Development Agency (NITDA) and delivered under the Renewed Hope Initiative (RHI
It’s been a heavy week in Nigeria’s tech and finance sectors—Starlink stirred fresh controversy with another price hike, GTBank slipped in a subtle SMS charge increase, Paystack got slammed with a major fine, MTN lost its Kogi grip, and the AfDB dropped a reality bomb on Nigeria’s economy. Here’s a three-paragraph breakdown of each story […]
The launch extends Bolt’s current tricycle services already active in Jos and Uyo, but this is the first time it’s bringing electric versions into Nigeria’s commercial capital.
Nigerians are worse off today than they were at independence 64 years ago, he stated, urging urgent action to reverse the troubling trend.
The new Lagos facility features cutting-edge computer-based testing (CBT) infrastructure and will soon include a virtual lab tailored for computer science students. This setup is designed to support practical learning while staying true to Miva’s digital-first delivery model.
With its newly acquired licence, the firm is set to offer a broad suite of financial solutions, including funds management, advisory services, and loan products such as asset loans, MSME support, payday loans, and education financing.
Investigations show the site offers investors unusually high returns with minimal risk, while depending heavily on a referral structure to pay users.
This isn’t the first time Starlink has tried to raise its subscription cost in Nigeria. Back in October 2024, the company announced a new fee of N75,000 per month.
Themed “Galvanising MSMEs for Economic Growth and Stability,” this year’s edition focuses on enhancing business resilience, streamlining regulatory processes, and promoting financial inclusion.
In a notice sent to its customers, GTBank explained that the fee adjustment was necessary due to “a recent increase in telecom rates as communicated by the telecommunication service providers.”
The state-of-the-art facility, located at Oladipo Alayande School of Science, was built by the National Information Technology Development Agency (NITDA) and delivered under the Renewed Hope Initiative (RHI
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2 replies on “Ghana’s Affinity Africa Raises $8M to Transform Digital Banking Landscape”
[…] Ghana is gearing up to introduce its long-awaited central bank digital currency (CBDC), the e-Cedi, marking a significant step in the country’s financial evolution. Initially leading the CBDC race in Africa, Ghana lost momentum when Nigeria debuted the eNaira over three years ago. Now, with final approvals pending, the Bank of Ghana (BoG) is set to roll out the e-Cedi in 2025. […]
[…] has initiated a collaboration with Ghana aimed at enhancing AI-driven solutions across various sectors, including education, healthcare, […]