In Ghana, mobile money has become a cornerstone of financial life. Offered by all major telecom operators, mobile money services allow users to send and receive funds, make withdrawals at agent outlets, earn interest on wallet balances, and run small businesses all without stepping into a bank.
For many like Ghanaian entrepreneur Kofi Dotse, traditional banks have become virtually obsolete. Dotse, who runs advertising, events, and fashion businesses, conducts nearly all his financial transactions through mobile money. A rare visit to a physical bank—triggered by the need to clear a car at the port—cost him two hours of productivity, underscoring why so many Ghanaians avoid banks altogether.
Tarek Mouganie, founder of Affinity Africa, understands this disconnect well. “For sole proprietors, stepping away from their business means lost income,” he notes. While mobile money solves many problems, it also has its limits: physical verification at agent outlets, transaction caps (GHS 5,000 daily), and charges on nearly every service.
Affinity Africa was founded to bridge these gaps. With a savings and loans license—the first granted by the Bank of Ghana in over a decade—the company provides fully digital, yet personalized banking services. Customers can open accounts, receive affordable loans, and save through a mobile app or via a network of agents known as “mobile bankers.”
Raised in Kumasi and educated in the UK, Mouganie returned to Ghana to find its financial landscape fragmented, with solutions narrowly focused on payments or lending. His vision for Affinity Africa is holistic: an affordable, accessible banking model built for the everyday Ghanaian.
Originally launched as PayFlex, a microfinance institution, Affinity’s journey to its current status has been shaped by regulatory shifts, including the 2017 banking crisis. Mouganie sold his home and rallied funding from friends and former employers to launch the startup. In 2022, Affinity secured its long-awaited savings and loans license, followed by approval to operate agency banking and offer digital onboarding through e-KYC.
The company now offers personal and MSME accounts, working and growth capital loans, and seamless interoperability between mobile money and bank platforms. While its mobile app remains the primary access point, agency banking has been vital in building trust in a market still wary of purely digital banks.
Take Clara Ajiboye Kassena, a general goods trader at Accra’s Okaishie Market. After a negative experience with a traditional bank, she now relies on Affinity for savings and loans. Over three years, she’s secured two loans totaling over GHS 200,000 (~$14,900), helping her grow her inventory without the stress or high-interest burdens of traditional banking.
Reuben Furguson, an electronics dealer in Accra Central, echoes Kassena’s sentiments. Turned off by the bureaucracy of bank loans, he turned to Affinity and has since taken out two loans with manageable repayment plans and flexible support from mobile bankers.
In February, Affinity raised $8 million in an oversubscribed seed round led by Grazia Equity (Germany) and BACKED VC (UK). For both firms, Affinity represents their first African investment. Grazia’s Partner, Dr. Benedikt Battke, praised Affinity’s hybrid digital-agent model as a scalable solution combining deposit mobilization, fair lending rates, and multichannel access.
Mike Mompi, Managing Partner at Enza Capital, which previously invested $1 million in Affinity, emphasized the team’s local knowledge and commitment to underserved communities. Both firms are supporting Affinity beyond capital—with guidance on hiring, tech, and strategy.
With over 50,000 customers onboarded, 65% of whom had no prior access to formal banking, and over 60% being women in the informal economy, Affinity is poised for impactful growth. The company’s immediate focus is deepening its presence in Ghana through product expansion and team growth, with regional expansion as a medium-term goal.
Mouganie emphasizes affordability and sustainability. By raising local currency deposits and avoiding FX risks, Affinity maintains control over funding and risk. Its proprietary data enables safer lending at rates between 3-7% monthly, significantly lower than the market average of 10-16%.
“Access alone is not enough,” Mouganie says. “We want to offer meaningful, affordable banking that adapts to people’s lives.”
As Ghana continues to evolve digitally, Affinity Africa stands as a transformative force proof that when tech meets trust, inclusive finance isn’t just possible, it’s already happening.
