Affinity, a Ghanian neo-bank, with a bold vision to provide banking services to 350 million adults who remain unbanked in Africa has raised new funding from Renew Capital for expansion.

The digital banking platform offers a full suite of banking services, including current, savings and investment accounts, transfers, payments and loans with a targeted focus on financially excluded populations in Africa with zero fees accounts and competitive interest rates on deposits and affordable loans.

“At Affinity, we’ve developed a fully integrated platform dedicated to promoting financial inclusion by effectively addressing the challenges faced by individuals and MSMEs without access to financial services across sub-Saharan Africa,” stated the group CEO and founder of Affinity Africa, Tarek Mouganie. “Our approach revolves around low-cost deposits, fully online digital channels and becoming the most affordable MSME lender.”

Small businesses and individuals in Africa face barriers due to traditional documentation requirements, leading to rejection by conventional banks. Affinity aims to leverage technology to bridge these financial gaps underscores its pivotal role in shaping the future of banking in Africa.

“Progress is being made across the continent related to financial inclusion, but there are still millions more to reach,” stated JC Oelofse, Renew Capital’s head of investment. “Renew Capital is thrilled to invest in Affinity, our first investment in Ghana and looks forward to supporting them as they look to expand across the continent.”