Affinity Africa is betting on a hybrid approach to digital banking in Ghana, combining on-the-ground agents with smartphone dashboards. The digital bank this month launched Affinity Boost, a savings product that lets customers set goals, fix a tenor, and top up funds at any time, including through automated deposits.

CEO Abdul-Jaleel Hussein described Boost as a response to customer demand. “This makes it especially well-suited for MSME owners and informal workers whose incomes can be irregular,” he told WT.

Affinity’s offline agents are central to its model. They meet customers in markets and workplaces, mirroring strategies used by African digital banking unicorns such as Moniepoint and TymeBank. More than half of customers onboarded by agents eventually transition to the mobile app, which Affinity sees as evidence of growing digital literacy.

“[The network] allows us to meet customers where they are… without them needing to waste valuable hours travelling to a bank branch,” Hussein said.

Growth Since Launch

Since its October 2024 debut, Affinity has attracted 80,000 customers, nearly 90 percent of whom are opening their first bank account. About 60 percent are women in the informal economy, one of the country’s most underserved groups.

The startup has also disbursed millions in loans with repayment rates above 97 percent, outperforming industry averages. To date, it has raised USD 13 million, including an USD 8 million seed round in February 2025. Its agent base of roughly 30 continues to onboard small traders, with 55 percent migrating to the app.

Regulatory and Competitive Landscape

Affinity’s license from the Bank of Ghana—the first of its kind in over a decade—comes with high compliance requirements. Competition is intensifying as banks expand digital services and fintechs broaden their offerings. The company’s strategy of maintaining low operating costs and raising deposits in local currency may help sustain its competitive savings and lending rates.

Founder and Group CEO Tarek Mouganie, who holds degrees from Imperial College London and the University of Cambridge, argues that success will hinge on breadth as well as affordability. “True financial inclusion isn’t just about payments,” he said. “Customers need savings, credit, investments, and insurance to build resilience and wealth.”

The backdrop is promising: mobile money now accounts for over 60% of non-cash transactions in Ghana. In 2024, the value of mobile money transactions rose 57% to GHS 2.7 trillion, with active accounts surpassing 24 million. Mobile banking penetration stands at 68.2%, one of the highest globally.

Affinity’s hybrid model—using agents to build trust and technology to scale—positions it to bridge the gap between mobile money and legacy banks. Sustaining its momentum in a regulation-heavy, competitive market will determine whether it can grow from a promising upstart into a fixture of Ghana’s financial landscape.

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