Affinity

What Affinity does

Affinity is a digital banking platform licensed and regulated by the Bank of Ghana, operating under the entity Affinity Ghana Savings and Loans Limited. Founded in 2022 after receiving Ghana's first Savings and Loans license in over a decade, the company publicly launched in October 2024 and has scaled to over 130,000 customers, of whom 65% were previously unbanked and 60% are women operating in the informal sector. The company is structured around a single proprietary platform accessible via mobile app (iOS and Android), USSD (*229#), and web banking, with the first fully digital eKYC onboarding in Ghana and a proprietary credit underwriting engine designed for informal workers excluded from formal credit systems.

The product portfolio spans four personal deposit products (Affinity Daily, Growth, Boost, and Future) earning 0% to 11% annual interest depending on account type, alongside instant loans up to GHS 10,000, working capital and growth capital loans, and pension-backed loans offered in partnership with Enterprise Trustees, Petra Trust, and Axis Pension Trust. In April 2026, Affinity extended the platform to registered SMEs through Affinity for Business, offering business accounts, payment links, POS, invoicing, and bulk transfers with on-boarding completed within 24 hours. The company operates a branchless distribution model with USSD reach extending service to customers without smartphones or reliable internet, and native integrations with MTN MoMo, Telecel Cash, and GHIPSS Instant Pay provide interoperability with Ghana's dominant mobile money and bank rails.

Monetization is driven by interest income from lending (including pension-backed loans at 21.60% per annum flat rate), transaction fees on third-party transfers (0.75% capped at GHS 10), and deposit float from customer balances earning yields of 0% to 11% depending on account type. Personal accounts carry no monthly fees, and deposit fees were removed in March 2026. Customer acquisition has been almost entirely organic, driven by word-of-mouth and customer advocacy with minimal marketing spend, and the company has raised US$13 million in total funding (US$8M Seed in February 2025 plus a US$5M grant in February 2026 from Cisco Foundation and FINCA Ventures).

Name

Affinity

Legal name

Affinity Ghana Savings and Loans Limited

Website

https://affinityafrica.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

Affinity is a Ghanaian digital banking platform serving over 130,000 customers, primarily previously unbanked individuals and women in the informal sector, with a branchless mobile and USSD app, instant loans, savings accounts, and pension-backed lending, plus a newly launched Affinity for Business platform for registered SMEs.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC)

akta.pro secondary industries

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)

Keywords

• Digital banking platform
• Mobile money services
• Savings and loans
• Financial inclusion services
• Pension-backed lending

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Lending: Affinity earns interest on loans extended to customers, including Instant Loans, Working Capital, Growth Capital, and Pension-Backed Loans. Interest rates vary by product, with pension-backed loans at 21.60% per annum flat rate.
2. Transaction Fees: Fees charged on selected outflow transactions to third-party recipients. Currently 0.75% capped at GHS 10 per transaction. Incoming transfers from third parties also attract 0.75% fee capped at GHS 10.
3. Deposit Float: Interest earned on customer deposits held in accounts, with savings rates ranging from 0% to 11% depending on account type.
4. Business Banking Fees: Low transaction fees on business accounts including 1.75% inward fees capped at GHS 50 and 1% outward fees capped at GHS 10.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Affinity is a digital banking platform operating under a Bank of Ghana Savings and Loans license, delivering personal and business banking through a mobile app, USSD channel, and web banking. Its product suite spans transactional accounts (Affinity Daily), interest-bearing savings (Affinity Growth), goal-based savings (Affinity Boost), fixed deposits (Affinity Future), instant and growth loans, and pension-backed credit. The company targets unbanked and underserved Ghanaians via a fully digital eKYC onboarding flow and a branchless, agent-supported distribution model.

Product overview

Affinity is a digital banking platform built as a unified product portfolio combining a proprietary mobile app, web banking, and USSD channel to deliver full-fledged banking services. The personal banking suite includes four account types—Affinity Daily (transactional current account, 0% interest), Affinity Growth (transactional savings earning up to 5% p.a.), Affinity Boost (goal-based non-transactional savings earning 5.5–8.5% p.a. with top-up flexibility), and Affinity Future (fixed deposit investment account earning 7–11% p.a. with 91/182/365-day tenors). Lending products span Instant Loans (up to GHS 10,000 via app/USSD), Working Capital Loans, Growth Capital Loans, and two pension-backed loan variants via Enterprise Trustees and Axis Pension Trust partnerships. A dedicated sub-brand, Affinity for Business, extends the platform to registered businesses with its own Daily/Growth/Future account suite, payment links, point-of-sale, invoicing, and bulk transfer capabilities. All products share a single digital onboarding infrastructure, and the entire suite is accessible via mobile app, web, and USSD, with no monthly fees on personal accounts and low transaction fees.

Differentiator

Problem solved

Functional benefit

Brands

• Affinity Boost: Goal-based savings account with competitive interest rates, top-up functionality, and automated deposit options for saving towards specific financial goals
• Affinity Daily
• Affinity Growth
• Affinity Future
• Affinity for Business

Products and services

• Affinity Daily Account Transactional current account for individuals with 0% annual interest, no minimum balance, no monthly fees, and free transfers to own and other Affinity accounts. Total balance cap GHS 15,000; daily withdrawal limit GHS 5,000. Incoming third-party transfers attract a 0.75% fee capped at GHS 10. Designed for everyday deposits, payments, transfers, and bill payments.
• Affinity Growth Account Transactional savings account earning up to 5% annual interest payable monthly, with minimum deposit and balance of GHS 20. Allows up to 10 free withdrawals per month, with interest forfeited if exceeded. Total balance limit GHS 15,000. Designed for customers seeking to earn interest while retaining transactional access.
• Affinity Boost Account Non-transactional, goal-based savings account with minimum deposit of GHS 50, minimum 1-month holding period, and 5.5%–8.5% annual interest depending on amount and tenor. Supports manual top-ups and automated scheduled transfers. Interest forfeited if savings goal not met or account closed before maturity. Total balance limit GHS 15,000.
• Affinity Future Account Non-transactional fixed deposit investment account with minimum deposit of GHS 500, earning 7%–11% annual interest based on market rates. Tenors of 91, 182, and 365 days. Interest payable on maturity; early redemption incurs a reduced interest rate. Total balance limit GHS 15,000.
• Instant Loans Short-term digital credit facility for existing Affinity customers offering up to GHS 10,000 with fast approval based on the user's credit score built through account activity. Marketed as among the most affordable instant loans in Ghana.
• Affinity Growth Capital (Long-term Loans) Long-term personal or business loans for applicants who do not qualify for Instant Loans through the app. Accessed via loans.affinityghana.com with extended repayment terms.
• Affinity Working Capital Loans Short-term credit facility for small businesses to finance operational needs, available through the Affinity for Business platform.
• Affinity for Business Digital banking platform for registered businesses in Ghana, offering current, savings and investment accounts, payment links, point of sale, invoicing, bulk transfers, and working capital and growth capital loans. Free to onboard with competitive low fees.
• Affinity Mobile App Mobile banking application available on Google Play Store and Apple App Store, enabling 24/7 account management, transfers, payments, savings, loans, and real-time notifications. Features biometric login (fingerprint/Face ID), personal financial dashboard, spending analytics, and spending limit controls.
• Affinity Web Banking Browser-based online banking platform at personal.affinityghana.com for existing Affinity account holders to manage accounts, apply for loans, and perform transactions via web without the mobile app.
• Affinity USSD Channel USSD-based banking channel accessed via *229# enabling account opening, instant loan access, and core banking transactions for users without smartphones or stable internet connectivity.

Quantifiable outcome

• 130,000+ customers served with 65% previously unbanked
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core, strategic and minor.

• Axis Pension TrustcoreStrategic or Co-development Partner · 1 June 2026Third pension-backed lending partnership following Enterprise Trustees and Petra Trust. Allows eligible Tier 3 and private pension contributors to unlock value of active pension savings for credit. Applications submitted via Axis Mobile App with loan disbursement through Affinity App.
• Enterprise TrusteescoreStrategic or Co-development Partner · 1 October 2025Partnership with Ghana's largest pension trustee to launch Pension-Backed Loans allowing Tier 3 pension contributors to access loans using their pension savings as collateral at some of the lowest rates in the country. Repayment period 6-36 months with interest rate of 21.60% per annum flat rate.
• MambucoreTechnology or IntegrationCloud banking platform provider enabling Affinity's digital banking infrastructure and core banking system.
• Mo Ibrahim FoundationstrategicStrategic or Co-development PartnerCollaborated on research report examining cash dependency in Africa and steps needed to break it. Report released June 2026 examining drivers and impacts of cash dependency across the continent.
• Yale School of Management (International Leadership Centre)strategicStrategic or Co-development PartnerResearch partnership with Yale's International Leadership Centre on digital financial inclusion and cash dependency in Africa. Emma Sky OBE, Founding Director, contributed to the research report.
• Visa Accelerator ProgramminorGTM or Marketing PartnerParticipant in Visa's accelerator program for fintech companies.
• PentagramminorOthersWorld's largest independently owned design studio providing identity and branding services. Domenic Lippa serves as Board Chair and Partner.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Kuda Bank: Kuda is a Nigeria-licensed digital bank offering mobile-first current accounts, savings, and lending with no monthly fees — nearly identical value proposition to Affinity. Affinity's Group CFO Steven Bastian previously scaled Kuda's finance function, making it the closest comparable by model, stage, and target customer.
• Carbon (formerly Paylater): Carbon is a Nigerian digital lending and banking platform serving underbanked consumers and SMEs. Same West African context, similar financial-inclusion mission, overlapping product set (instant loans, savings, payments), and a comparable regulatory-plus-licensing approach.
• FairMoney: FairMoney is a Nigeria-based micro-lending and digital banking platform that grew from instant credit to deposit accounts. Highly comparable to Affinity's progression from instant loans into full digital banking and its focus on first-time borrowers in the informal economy.
• TymeBank: TymeBank is a South African digital bank offering low-cost transactional and savings accounts through a partner-driven distribution model. Comparable to Affinity in its mission to bank the underserved via fully digital onboarding, biometric KYC, and no monthly fees.
• M-Kopa: M-Kopa is a Kenya-based fintech providing pay-as-you-go asset financing and digital financial services to off-grid and informal-sector customers across East Africa. Comparable to Affinity in serving the unbanked base of the pyramid with embedded credit and digital wallet infrastructure.
• Branch International: Branch is a digital lending platform that originated in Kenya serving informal workers with smartphone-based instant loans. Highly comparable to Affinity's proprietary underwriting for unbanked borrowers and its expansion from credit into broader banking products.
• Tala: Tala is a global digital lender (with strong Kenya presence) using alternative data for credit decisions on underbanked consumers. Comparable to Affinity in its alternative-data underwriting approach and its path from instant loans toward full-stack digital banking.
• Chipper Cash: Chipper Cash was a pan-African digital payments and financial services platform operating across multiple African markets. Comparable to Affinity as a digital-first consumer financial services company with cross-border payment infrastructure and expansion into credit and investments.
• Wave (Senegal/Africa): Wave is a mobile money operator in Senegal and other West African markets offering low-fee digital financial services to unbanked populations. Strongest geographic peer to Affinity and directly comparable on the West African financial-inclusion thesis.

Emerging players

• Jumo: Jumo is a pan-African digital financial services platform providing credit, savings, and insurance through partner integrations with mobile network operators and banks. Comparable to Affinity's integration-led distribution model (MTN MoMo, Telecel Cash, pension trustees) and its emerging-market financial inclusion focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights8 records

Customer concentration

• Xx.com/affinityafrica
• YouTubeyoutube.com/@AffinityAfrica
• Facebookfacebook.com/AffinityAfricaOfficial
• LinkedInlinkedin.com/company/affinity-africa-holdco
• Instagraminstagram.com/affinityafrica

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds5 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Affinity