Affinity Ghana, a full-scale digital bank based in Ghana, has secured funding for an undisclosed amount from the Africa-focused impact investment firm Renew Capital.
About The Company
Affinity offers a full suite of banking services, including current, savings and investment accounts, transfers, payments, and loans, with a targeted focus on financially excluded populations in Africa.
Affinity prioritizes customers, offering accounts with no fees and competitive interest rates on deposits, and providing access to a range of affordable loan products.
By The Numbers
Affinity Ghana currently has over 17,000 customers. It disbursed $12.5 million in loans in 2023.
It has also mobilized $26 million in customer savings.
What They’re Saying
“At Affinity, we’ve developed a fully integrated platform dedicated to promoting financial inclusion by effectively addressing the challenges faced by individuals and MSMEs without access to financial services across sub-Saharan Africa,” stated the Group CEO and Founder of Affinity Africa, Tarek Mouganie.
“Our approach revolves around low-cost deposits, fully online digital channels, and becoming the most affordable MSME lender.”
“Progress is being made across the continent related to financial inclusion, but there are still millions more to reach,” stated JC Oelofse, Renew Capital’s head of investment.
“Renew Capital is thrilled to invest in Affinity, our first investment in Ghana, and looks forward to supporting them as they look to expand across the continent.”
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