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Sylvia Duruson
Affinity Africa has secured $8 million in seed funding to revolutionize banking access across Africa through its innovative digital platform. The oversubscribed funding round, led by Grazia Equity and BACKED VC, marks a significant milestone in the company’s mission to serve underbanked communities.
Since its Ghana launch in October 2024, Affinity Africa has rapidly grown its customer base to over 50,000 users. The platform particularly resonates with previously unbanked individuals, with 65% of customers accessing formal banking services for the first time. Women in the informal sector comprise over 60% of users, highlighting the platform’s success in reaching traditionally underserved demographics.
The company’s branchless model operates through a mobile app and agent network, powered by proprietary technology. This efficient approach enables Affinity to eliminate monthly fees and transaction charges, setting it apart in the banking sector. Services span personal and SME accounts, savings, payments, transfers, investments, and loans.
Growth metrics demonstrate strong market validation. Customer numbers have tripled year-over-year, while savings have increased 35% monthly since the mobile app launch. The platform’s proprietary scoring engine has driven 30% monthly growth in instant loans, maintaining a low 3% NPL rate.
The African banking landscape presents significant opportunities despite its challenges. Traditional banks in Ghana have experienced 24% yearly growth since the pandemic, with after-tax ROE of 34% exceeding global averages. However, structural inefficiencies and extensive paperwork requirements have left millions without access to financial services. Less than 10% of businesses can access credit, and over 60% of adults lack formal banking relationships.
Founded by Tarek Mouganie in 2022, Affinity Africa has attracted investment from notable firms including Enza Capital, Launch Africa, Renew Capital, and Finca International. The funding round also drew participation from Attijariwafa Ventures, Impact Assets, and angel investors, building on early support from Eldon Capital.
The investment signals confidence in Affinity’s innovative approach to financial inclusion. Rather than replicating Western fintech models, the platform addresses local needs through its hybrid digital and agent network model. This strategy has proven effective in reaching underserved communities while maintaining strong governance and risk management standards.
As retail banking assets in Africa remain at just 33% of GDP – well below the global average of 70% – Affinity Africa’s expansion comes at a crucial time. The platform aims to extend its successful Ghana operations to other African markets, leveraging its technology-driven, customer-centric approach to transform financial access across the continent.
