Ghanaian digital banking startup Affinity Africa has surpassed 100,000 customers, marking a major milestone for the two-year-old fintech that aims to make banking “simple, affordable, and inclusive.”
Founded in 2022 by Tarek Mouganie and publicly launched in 2023, Affinity has grown rapidly through what the company describes as “organic customer advocacy,” relying little on traditional advertising.
“Reaching 100,000 customers ahead of target, with little to no marketing spend, is proof that when you design the right product, customers themselves become your biggest advocates,” Mouganie said.
The milestone, achieved in record time, highlights a growing shift among Ghanaians toward digital-first banking solutions that offer speed, fairness, and accessibility over the rigid processes of legacy institutions.
What Affinity Offers and How It Operates
Affinity Africa runs a fully regulated, branchless digital banking platform that provides a wide range of financial services to both individuals and micro, small, and medium enterprises (MSMEs) across Ghana.
Through its mobile-based system, users can open personal and business accounts, make payments, transfer money to banks and mobile wallets, save, invest, and access loans, all without stepping into a physical bank.
Its latest innovation, Affinity Boost, is a goal-based savings account designed to help users accelerate their financial targets while earning competitive returns.
According to Abdul-Jaleel Hussein, CEO of Affinity Ghana, “From instant onboarding to transparent pricing and some of the most competitive interest rates in the country, Ghanaians are choosing Affinity because they finally see a financial institution built around their needs.”
The 100,000-Customer Milestone
The company’s achievement of 100,000 active users within a short span reflects a new era of trust in digital banking ecosystems across Africa.
Unlike many startups that rely on large marketing budgets to attract users, Affinity’s growth has been described as “driven by word of mouth, virality, and genuine customer love.”
The company attributes its success to offering a seamless and transparent service that resonates with ordinary Ghanaians.
As Mouganie noted, “The idea that banking could be free, fair, and accessible was long dismissed as impossible in Ghana. We have shown the opposite.”
Previous Achievements and Challenges
Earlier this year, Affinity secured US$8 million in an oversubscribed seed round, underscoring investor confidence in its business model and potential for regional expansion.
The funding is being deployed to strengthen its domestic operations and prepare for entry into new African markets.
However, Affinity’s path has not been without challenges, operating a branchless, trust-based system in a market historically skeptical of online banking required building credibility from the ground up.
Despite this, its customer-focused approach and regulatory compliance have helped it earn widespread acceptance among both urban and rural users.
Traditional vs Digital Banking: The Key Difference
In Ghana, traditional banks have long been criticized for high service charges, complex procedures, and limited access for small businesses and low-income earners.
Digital banks like Affinity are changing this narrative by eliminating paperwork, offering instant account setup, and maintaining transparent pricing.
While only about 57 percent of Ghanaian adults held bank accounts as of 2023, according to the World Bank’s Global Findex data, digital finance platforms are helping bridge that gap by reaching the unbanked and underbanked populations.
With its proprietary underwriting technology, Affinity is even enabling customers to access credit for the very first time, empowering households and businesses previously excluded from formal finance systems.
Why It Matters
Affinity Africa’s milestone is more than just a success story, it reflects the transformative role of fintech in expanding financial inclusion across Africa.
As Ghana’s financial ecosystem continues to digitize, Affinity’s customer-first model offers a blueprint for how technology can democratize access to money management.
By removing barriers like physical presence, high fees, and rigid bureaucracy, the company is giving Ghanaians more control over their financial future.
“What’s attracting customers to Affinity is not campaigns or promotions, but the product itself,” Hussein emphasized,
This is showing a paradigm shift where trust, accessibility, and transparency are becoming the new currency of modern banking.
