Affinity Ghana, a pioneering digital bank, has secured funding from Renew Capital, an Africa-focused impact investment firm, to advance its mission of providing banking services to millions of unbanked adults across the continent.
Affinity commenced operations by acquiring a microfinance business in Ghana in 2020. Following a license upgrade from the Bank of Ghana to the savings and loan category in March 2022, the company witnessed significant growth. Serving over 17,000 customers, Affinity reported a 12x increase in revenue by disbursing $12.5 million in loans in 2023 and mobilizing $26 million in customer savings.
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Renew Capital’s decision to invest in Affinity reflects its commitment to advancing financial inclusion across Africa. JC Oelofse, Renew Capital’s head of investment, expressed optimism about Affinity’s potential to expand its reach and impact across the continent, highlighting the critical role of innovative fintech solutions in driving inclusive growth.
Affinity has garnered support from a diverse group of investors, including Africa-focused venture capital firms such as Enza Capital and Launch Africa Ventures, as well as international investors like Grazia Equity and Nour Nouf Knowledge Company. These investors recognize Affinity’s strategic approach and its significant contributions to promoting financial inclusion in Africa.
Affinity aims to address the financial exclusion of approximately 350 million adults in Africa. Operating as a digital banking platform, Affinity offers a comprehensive range of banking services, including current, savings, and investment accounts, as well as transfers, payments, and loans, with a specific focus on underserved populations in Africa.
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