Affinity Africa has raised $8 million in funding to expand its digital banking model with the aim of increasing financial inclusion across the continent.
The platform focuses on individuals and small and medium-sized enterprises (SMEs), and launched in Ghana in October 2024. Affinity Africa has acquired over 50,000 customers to date. Of these customers, 65% had no prior access to formal banking products, and more than 60% are women working in the informal sector.
Affinity operates a branchless model, providing services more efficiently and accessibly through mobile and web applications, an agent network, and a proprietary technology platform.
This allows the company to offer its products without monthly fees or transaction charges, making it more accessible than traditional banks. The product portfolio includes personal and SME accounts, savings, payments, transfers to banks and mobile money wallets, investments, and loans.
Affinity’s customer base has grown by 300% year-over-year, with savings increasing by 35% month-over-month. Instant loan applications have also accelerated. The company aims to expand its presence in Ghana and increase participation across Africa.
Currently, less than 10% of businesses have access to credit, and 60% of adults on the continent lack access to financial services. Digital banking companies like Affinity are providing solutions to this problem and establishing their place in the market.