The Ghanaian fintech was recognized as part of a new generation of companies building the future of financial services.

New York, October 23 2025. CB Insights named Affinity Africa to its eighth annual Fintech 100, showcasing the 100 most promising private fintech companies in the world.

“This year’s Fintech 100 showcases a new generation of companies turning AI, automation, and digital assets into the backbone of financial infrastructure,” said Laura Kennedy, Principal Analyst at CB Insights. “This year’s winners are building the infrastructure that will shape the future of financial services.”

Having recently surpassed 100,000 customers, Affinity is redefining how financial services are delivered in Ghana. With free accounts, fair-interest savings, affordable loans, and seamless digital onboarding, the platform has quickly become the go-to banking partner for individuals and micro, small, and medium enterprises (MSMEs) across the country.

“This recognition is a testament to the work our team is doing to reimagine banking for the African majority. At Affinity, we believe financial services must be accessible, affordable, and grounded in the realities of everyday people and small businesses. By combining world-class technology with a hyper-local approach, we’re building a model that addresses deeply local challenges at scale. We’re proud to represent Ghana, and the continent, on this global list”, said Tarek Mouganie, Founder and Group CEO at Affinity Africa.

The list features early- and mid-stage startups driving the evolution of fintech. Utilizing the CB Insights Strategy Terminal, the 100 winners were selected based on several factors, including CB Insights datasets on deal activity, industry partnerships, investor strength, hiring momentum, and private company signals such as Commercial Maturity and Mosaic Scores. They also reviewed Analyst Briefings submitted directly by startups and leveraged Scouting Reports, powered by CB Insights’ Team of Agents.

Quick facts on the 2025 Fintech 100:

1. The 100 winners include 20 companies across digital assets solutions, 16 in financial operations and HR, 14 payments companies, and 13 in wealth management.

2. 60+ companies on the list deploy AI in their solutions, and AI agents in particular are moving from workflows to financial infrastructure.

3. $5.6B in equity funding raised over time, including more than $2B in 2025 so far (as of 10/22/2025).

4. 60 companies from outside the United States, across 26 countries on 6 continents.

5. 640+ business relationships since 2021, including with industry leaders like Mastercard, Visa, Worldpay, Coinbase, and Circle.

For more information, visit www.affinityafrica.com.

Turning long-term savings into short-term opportunities for everyday Ghanaians.

Accra, October 2025. Affinity Africa, Ghana’s leading digital banking platform, has teamed up with Enterprise Trustees, the country’s largest pension trustee, to launch Pension-Backed Loans: a solution that helps Ghanaians access short to medium-term loans using their own Tier 3 pension savings as collateral.

Thanks to this partnership, workers contributing to Enterprise Trustees’ Tier 3 scheme can now access loans at some of the lowest rates in the country, using their pension savings as collateral. It’s a simple way to enjoy financial flexibility today, without sacrificing retirement in the future.

“This is about unlocking possibilities for everyday Ghanaians,” said Abdul-Jaleel Hussein, CEO of Affinity Ghana and added: “By teaming up with Enterprise Trustees, we’re helping workers to plan for tomorrow while achieving goals today”.

Enterprise Trustees, known for its market-leading pension expertise, ensures contributors’ balances remain secure while Affinity brings its signature digital-first, customer-first approach to lending. Together, the two institutions are reshaping how Ghanaians experience financial empowerment, combining the strength of long-term savings with the flexibility of affordable, accessible credit.

To apply for an Affinity loan backed by Enterprise Trustees Tier 3 savings, customers can simply dial *714*333# on their mobile phones. 

With Pension-Backed Loans, Affinity and Enterprise Trustees are addressing the high cost of borrowing by providing a secure, customer-first alternative that combines affordability with long-term financial security.

For more information about Affinity’s Pension-Backed Loans read the FAQs section on this post or call 030 278 8788.

FAQs

1. What is the Pension-Backed Loan? 
The Pension-Backed Loan (PBL) is a credit facility offered by Affinity in partnership with Enterprise Trustees. It allows Tier 3 pension contributors to access short to medium-term loans, using their accumulated pension contributions as collateral. 

2. Who is eligible for this loan? 
Active members contributing to Enterprise Trustees’ Tier 3 pension scheme. 
Members with consistent contributions for at least 6 months. 
Members meeting Affinity’s internal credit assessment and affordability criteria. 

3. How does the collateral work? 
The loan is secured against the member’s Tier 3 pension balance. Enterprise Trustees provides confirmation of contributions. A lien is placed on the required portion of the balance until repayment is completed. 

4. How much can I borrow? 
Loan amounts depend on: 
The member’s Tier 3 contribution balance. 
Affinity’s approved loan-to-value ratio (up to 80% of available balance). 
The maximum loan size is capped in line with Affinity’s credit policies. 

5. What is the repayment period? 
Flexible repayment terms, typically 6 to 36 months. 
Repayment is deducted directly from the borrower’s salary or structured monthly repayments agreed with Affinity. 

6. What is the interest rate? 
Competitive interest rates, lower than unsecured personal loans, because the facility is collateralized by pension contributions. 21.60% per annum on a flat rate 
3% processing fee capitalised on the applied loan amount to ensure you receive the exact amount you request/qualify for. 

7. Will taking this loan affect my pension? 
No, your pension contributions remain intact and continue to grow. 
Only the portion used as collateral is restricted until the loan is fully repaid. 

8. What happens if I default on repayment? 
In the event of default, Affinity will recover the outstanding loan amount from the secured portion of your pension contributions with Enterprise Trustees. 
This ensures protection for both the member and Affinity. 

9. Can I make early repayments? 
Yes, early repayments are allowed without penalty. 
Once fully repaid, the lien on your pension account is lifted. 

10. Why choose this loan over other personal loans? 
Lower interest rates due to pension-backed security. 
Faster approval process with Enterprise Trustees’ confirmation. 
Continued pension growth while accessing credit. 
Flexible repayment terms tailored to contributors. 

11. How do I access the Pension Backed Loan? 
Just dial *714*333# 
Choose option 5, Mortgage & Loans 
Then choose institution 5, Affinity 
Follow the prompt for your application 

You Are In 

The digital financial institution reached this milestone in less than a year after launch, driven by word of mouth and customer advocacy

Affinity Africa, Ghana’s leading digital banking platform, today announced it has surpassed 100,000 customers. This milestone reflects the rapid organic growth powered by word of mouth and customer advocacy, as more Ghanaians turn to Affinity for simple, affordable, and inclusive banking.

Founded to challenge the status quo in African banking, Affinity is redefining how financial services are delivered in Ghana. By offering free accounts, fair-interest savings, affordable loans, and seamless digital onboarding, the platform has quickly become the go-to banking partner for individuals and micro, small, and medium enterprises (MSMEs) nationwide.

“The idea that banking could be free, fair, and accessible was long dismissed as impossible in Ghana,” said Tarek Mouganie, Founder and Group CEO of Affinity Africa. “We have shown the opposite. Reaching 100,000 customers ahead of target, with little to no marketing spend, is proof that when you design the right product, customers themselves become your biggest advocates. Our growth has been driven by word of mouth, virality, and genuine customer love.”

Unlike many financial institutions that rely on heavy marketing to scale, Affinity’s growth has been almost entirely organic. Customers have become the platform’s strongest advocates, sharing their experiences with friends, family, and peers, and driving virality across social media. This word-of-mouth momentum reflects the strength of the product itself: simple, transparent, and designed around the real needs of Ghanaians.

“What’s attracting customers to Affinity is not campaigns or promotions, but the product itself,” said Abdul-Jaleel Hussein, CEO of Affinity Ghana. “From instant onboarding to transparent pricing and some of the most competitive interest rates in the country, Ghanaians are choosing Affinity because they finally see a financial institution built around their needs. And with our proprietary underwriting, many are accessing credit for the very first time, opening doors for households and businesses that were previously excluded.”

Since its public launch in October 2024, Affinity has rapidly scaled to become Ghana’s leading digital banking player. This journey began with the license grant in March 2022 (the first of its kind in 14 years) followed by the approval of its mobile app in December 2023. In less than a year, Affinity has built a complete banking portfolio that spans savings accounts, investments, instant loans, seamless transfers, full interoperability with mobile money, and more. By combining innovation with affordability, Affinity is delivering a banking platform that serves both the formal and informal economy, ensuring all Ghanaians access to the same full suite of financial services.

A customer-inspired product that lets users set savings goals, choose flexible tenors, and top up funds to grow their money faster. Designed to make every Cedi count.

Accra, August 2025 – Affinity Africa, Ghana’s leading digital banking platform, announces the launch of Affinity Boost, a new goal-based savings account designed to help individuals and small business owners accelerate their financial goals by earning competitive returns. With this new product, Affinity continues to reimagine digital banking in Africa by offering inclusive, flexible, and high-yield financial products that put customers in control of their money.

Affinity Boost enables customers to set specific savings goals—such as buying a motorcycle, starting a business, or booking a trip—and choose a fixed period of time (tenor) to grow their money, earning a competitive annual interest. What sets the product apart is that it also introduces a top-up functionality, allowing users to add extra funds at any time or set up automated daily/weekly/monthly scheduled transfers into the account to increase their returns and reach their goals faster.

“This product was built in response to real feedback from our customers, many of whom wanted the option to add more money into their yield-generating accounts when they had extra cash,” said Abdul-Jaleel Hussein, CEO of Affinity Ghana. “Affinity Boost is a direct result of listening to the voice of our customers and building for what matters most: helping them achieve their goals”.

The launch of Affinity Boost expands the company’s suite of transactional and high-yield savings accounts—Affinity Daily, Affinity Growth and Affinity Future— which offer a range of tenor and return combinations tailored to meet different financial needs and customer profiles. Whether customers prefer daily liquidity, shorter terms for quick wins or longer durations for higher returns, they will find the perfect option for them within Affinity’s flexible deposit products. Beyond savings, Affinity also provides a robust lending portfolio with some of the best rates in the market—including Instant Loans, short-term Working Capital, and long-term Growth Capital—empowering individuals and MSMEs to access affordable credit on their own terms.

Along with Affinity Boost, the company is introducing a newly redesigned app and website. In the app, customers can have full visibility on their savings progress via an intuitive and transparent dashboard, as well as easy-to-use, simple interface to do daily tasks like payments and deposits. In the website experience, users can access web-banking tools and even apply for an instant loan with a few clicks.

Affinity has seen rapid adoption of its digital banking services: with over 80,000 customers onboarded, roughly 80% are actively using mobile app. Notably, 55% of customers who started with Affinity’s agent network later transitioned to using the mobile app, underscoring the platform’s role in driving financial and digital literacy.

“As more Africans demand smarter tools to manage their finances, we remain committed to designing banking products that serve their needs,” added Tarek Mouganie, Founder and Group CEO of Affinity Africa.

For more information, visit www.affinityafrica.com.

Having officially launched in October 2024, the digital banking platform has onboarded over 50,000 customers in Ghana alone and targets international expansion.

Accra & London, February 11th, 2025 – Affinity Africa announces it has raised US$8 million in an oversubscribed Seed Round led by Grazia Equity and BACKED VC to accelerate its mission of delivering affordable and accessible financial services to the underserved and unbanked communities. The digital banking platform, which focuses on individuals and micro, small, and medium enterprises (MSMEs), officially launched in Ghana in October 2024 and has onboarded over 50,000 customers to date, 65% of whom never had access to formal banking products and over 60% are women operating in the informal sector.

Founded by entrepreneur Tarek Mouganie, Affinity leverages a branchless model, powered by a mobile and web app as well as an agent network, and a proprietary technology platform to provide a full suite of banking services in a more efficient and accessible way. The company is more efficient than traditional banks and therefore able to offer products with no monthly fees or transaction charges, making Affinity one of the most affordable players in the industry. Its product portfolio includes personal and SME accounts, savings, payments, transfers to banks and mobile money wallets, investments, and loans.

Since its foundation in 2022 and official launch in 2024, Affinity’s growth rates have surpassed expectations. The customer base grew over 3x year-over-year (YoY) with savings growing over 35% month-on-month since the launch of the mobile app in 2024. Using their proprietary scoring engine, Instant Loans have also accelerated, growing 30% month-on-month with an NPL of 3%. With this funding, the company plans to expand its reach in Ghana ahead of its international expansion to continue driving financial inclusion across Africa.

"The strong, sustained growth we have seen since the launch of our mobile app shows how much local customers needed a better banking experience, without absurd fees and endless queues. As a customer-centric, technology-driven, fully fledged financial institution, we offer affordable, easy-to-use products, backed by a unique business model that attracts a growing base of deposits while offering the cheapest instant loans in the region" said Tarek Mouganie, Founder and Group CEO of Affinity Africa. "This oversubscribed funding round is a testament to the belief in our vision and the opportunity to create real and lasting change, starting in Ghana."

The African traditional banking industry is one of the most profitable and high growth in the world. In Ghana alone, traditional banks have seen a growth of 24% YoY since the Covid-19 pandemic, and have an average after tax RoE of 34%, significantly higher than the global average. Yet, traditional banks still rely heavily on fees and are burdened with structural inefficiencies, high costs, extensive in-person paperwork requirements, and long onboarding times which has left millions outside the system. Currently, less than 10% of businesses have access to credit and over 60% of adults in the continent lack access to formal financial services. With retail banking assets at just 33% of GDP —less than half of the global average of 70%— and a young, rapidly growing population, the demand for innovative, cost-effective solutions like Affinity Africa is more urgent than ever.

"At BACKED we are founder first, and we could not think of a better person to build Africa's local bank than Tarek. He started his career investing in banks through the 2008 crisis, becoming an expert in regulation and strategy, and has built a world class banking software stack for Affinity from the ground up. He has a unique ability to connect with and understand customers, which has materialised into extremely impressive early user numbers", said Andre de Haes, Founder and Managing Partner at Backed.

The $8 million Seed Round was led by Grazia Equity and BACKED VC. Grazia Equity is one of Europe’s leading early-stage venture capital firms with seven companies in their portfolio that have exceeded the billion-dollar valuation. BACKED is a human-centric fund investing in exceptional founders, at Seed, with over 80 investments to date. Affinity is the first African investment for both. Other participants in the round include Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, Impact Assets, and prominent angels, joining early backer Eldon Capital.

"We are thrilled to support Affinity Africa as they address one of the continent's most pressing challenges—financial inclusion," said Mike Mompi, Managing Partner at Enza Capital. "Rather than replicating fintech models from the global north, they have crafted an innovative approach tailored to local needs and grounded in strong fundamentals. Their mixed model of agent network and mobile app, coupled with exceptional execution, is already delivering meaningful growth and measurable impact. We are confident they will scale successfully to serve millions across Africa".

"Affinity's ability to combine rapid growth with strong governance is truly remarkable. In less than a year since the official launch, the company has achieved significant expansion in customer base, deposits, and loans, all while maintaining a low-risk profile and an impressive low NPL. This level of sustainable growth is rare for a digital banking platform and speaks to the strength of Affinity's leadership, strong governance, and commitment to delivering value to underserved communities. Affinity sets a model that not only drives financial inclusion but also sets new standards for responsible banking in Africa", says Catherine Engmann, Board Member of Affinity Africa.