Affinity Africa, the digital bank recently secured $8 million in seed funding, has crossed the 100,000 customer mark. The milestone comes just seven months after the company raised an $8m seed round to fuel its expansion. At the time of the raise, Affinity had onboarded just over 50,000 customers.
The rapid growth reflects strong appetite for digital-first banking in Ghana, where a large share of the population remains underserved by traditional financial institutions. Affinity’s proposition has centred on lowering barriers to entry, offering free accounts with no monthly fees or transaction charges, and rolling out the country’s first fully electronic onboarding process.
Over the past year, the startup has broadened its product offering with high-yield savings accounts such as Affinity Boost, which allows customers to set financial goals, choose flexible terms and top up their savings at any time. Its lending products, ranging from instant loans to working capital for small businesses, are powered by a proprietary credit-scoring model that it says makes borrowing up to 50% cheaper than other digital lenders in the market.
The company’s growth story has also been recognised internationally. Earlier this month, Affinity was named the winner of the AFI Inclusive FinTech Showcase in Namibia, an award that celebrates firms building financial products for underserved communities.
“Reaching 100,000 customers is a powerful reminder of what’s possible when technology and purpose come together,” said Tarek Mouganie, Founder and Group CEO of Affinity Africa. “This isn’t the finish line for us—it’s just the beginning.”
Affinity now has its sights on reaching one million customers in Ghana and beyond. For Mouganie, the milestone is a testament to the customers who have placed their trust in Affinity, the team whose dedication makes it possible, and the investors and partners who continue to back the company’s vision.
