A Ghanaian fintech startup, Affinity, is redefining access to financial services for the country’s largely unbanked population, particularly informal sector workers and small business owners.
Founded in 2022 by entrepreneur Tarek Mouganie and officially launched in October 2024, Affinity offers a fully digital, branchless banking platform that provides savings, payments, money transfers, investments, and loans without monthly fees or transaction charges.
“Our mission is to serve the African majority, those often neglected by traditional banks and underserved by mobile money, with the most inclusive and cost-effective banking option in the market,” Mouganie disclosed.
Backed by an oversubscribed US$8 million seed round, Affinity has already attracted more than 70,000 customers and boasts loan repayment rates of 97 percent across its portfolio.
Banking the Excluded
In Ghana, micro, small, and medium-sized enterprises (MSMEs) account for around 80 percent of employment, yet remain largely outside the formal financial system.
According to Mouganie, more than 90 percent of these businesses lack access to credit, stunting their potential to expand and create jobs.
“Traditional banks overlook this segment because their high cost structures make serving lower-income, informal business owners unprofitable,” he explained.
What It Offers Beyond Mobile Money
While mobile money dominates Ghana’s payment landscape, it has clear limits. Platforms like MTN Mobile Money provide basic transfers but little else.
“Mobile money is widely used, but it does not offer savings accounts, business credit, or investment options, and often comes at a high cost,” said Mouganie.
Affinity aims to fill this gap by offering a full suite of banking services digitally and affordably.
Data-Driven Lending
Affinity’s branchless model allows it to operate at a fraction of traditional banks’ costs.
Nearly 90 percent of its users treat Affinity as their primary bank, enabling the company to build robust credit profiles through data analysis.
This has resulted in impressive loan performance: 97 percent repayment across its lending portfolio, and 99 percent for instant loans.
A Sustainable Business Model
Unlike traditional banks that depend on fees, Affinity charges no monthly fees or transaction costs.
Instead, it generates over 90 percent of its revenue through lending, with the remainder from commissions on services such as bill payments.
Mouganie, while positioning Affinity as one of Ghana’s cheapest digital lenders, said.
“Our low-cost operating structure means we can serve customers more efficiently than traditional players.”
