Affinity Ghana gets Funding from Renew Capital

Renew Capital, an investment firm, has made its first investment in Ghana by investing in Ghana Affinity. This is also Renew Capital’s first investment in Africa. This comes just a month after the launch of its latest tech fund, Renew Venture Lab Fund 2, in February 2024.

Purpose of Affinity Ghana

The primary objective of Affinity is to tackle a persistent issue across Africa: the lack of bank accounts among 350 million adults.

Their mission is to render banking services accessible to all, with an emphasis on those who have been sidelined by the conventional banking system.

Operating as a digital banking platform, Affinity offers a full suite of banking services. The services include current, savings and investment accounts.

Also, it involves transfers, payments and loans, with a targeted focus on financially excluded populations in Africa.

Affinity launched in 2020, and began with the acquisition of a microfinance business in Ghana. Affinity has been on a meteoric rise since then. After receiving a license upgrade from the Bank of Ghana in 2022, it has served over 17,000 customers.

The bank declared it extended $12.5 million in loans in the previous year alone and helped clients save up to $26 million.

The group CEO and founder of Affinity Africa, Tarek Mouganie, said, “At Affinity, we’ve developed a fully integrated platform. It is dedicated to promoting financial inclusion by effectively addressing the challenges faced by individuals and MSMEs. It is done without access to financial services across sub-Saharan Africa.”

Furthermore, he said, “Our approach revolves around low-cost deposits. Also, it involves fully online digital channels and becoming the most affordable MSME lender.”

Renew Capital Investment In Affinity Ghana

Following the investment in Affinity, JC Oelofse, Renew Capital’s head of investment, stated that this is Renew Capital’s first investment in Ghana.

Furthermore, he asserted that they look forward to supporting its expansion goals across the continent. This is because there are still millions of people to reach in terms of financial inclusion.

He said, “Progress is being made across the continent related to financial inclusion, but there are still millions more to reach. Renew Capital is thrilled to invest in Affinity. It’s our first investment in Ghana, and we look forward to supporting them as we expand across the continent.”

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