Digital banking in Ghana takes a step forward with Affinity Africa introducing goal-based savings, broadening its horizon in the financial sector.
Affinity Africa, a groundbreaking digital bank, has made its mark in Ghana's financial sector. With a unique approach that combines on-the-ground agents and smartphone technology, Affinity is transforming the way Ghanaians manage their finances.
Since its October 2024 debut, Affinity has attracted over 80,000 customers, with nearly 90 percent opening their first bank account. The bank's strategy of maintaining low operating costs and raising deposits in local currency has helped sustain competitive savings and lending rates, setting it apart from competitors.
CEO Abdul-Jaleel Hussein described Affinity Boost, the bank's savings product, as a response to customer demand, particularly for micro, small, and medium enterprise (MSME) owners and informal workers. About 60 percent of Affinity's customers are women in the informal economy, one of the country's most underserved groups.
Affinity's license from the Bank of Ghana is the first of its kind in over a decade. The license comes with high compliance requirements, but Affinity's offline agents meet customers in markets and workplaces, mirroring strategies used by African digital banking unicorns such as Moniepoint and TymeBank.
Tarek Mouganie, Founder and Group CEO of Affinity, holds degrees from Imperial College London and the University of Cambridge. He argues that success will hinge on breadth as well as affordability.
To date, Affinity has raised USD 13 million, including an USD 8 million seed round in February 2025. However, there is no information in the search results indicating which person raised this funding.
The value of mobile money transactions in Ghana rose 57% to GHS 2.7 trillion in 2024, and mobile money now accounts for over 60% of non-cash transactions. Mobile banking penetration in Ghana stands at 68.2%, one of the highest globally, and active mobile money accounts surpassed 24 million in 2024.
More than half of customers onboarded by Affinity's agents eventually transition to the mobile app, indicating growing digital literacy. This transition is crucial for Affinity's long-term success, as it aims to outperform industry averages, with repayment rates above 97 percent, outperforming the industry.
Competition in the digital banking sector is intensifying as banks expand digital services and fintechs broaden their offerings. However, Affinity's focus on the underserved segments of the population and its unique business model could give it an edge in the competitive landscape.
