Affinity Africa, the Ghanaian digital bank, has successfully closed an $8 million Seed funding round led by Attijariwafa Ventures, the investment arm of Moroccan banking group Attijariwafa. The round also included participation from global investors such as BACKED VC (UK), GRAZIA EQUITY and Enza Capital.
With a mission to redefine banking in West Africa through AI-powered digital solutions, Affinity Africa focuses on delivering accessible and trusted financial services to underserved communities, especially in Ghana.
Key milestones reflecting rapid growth:
- Obtained a banking license from the Bank of Ghana, the first issued in over 12 years.
- Acquired over 90,000 users, with 65% being first-time banking users and 60% being women.
- Disbursed over $20 million in loans, with monthly growth exceeding 30% in both loans and deposits.
These figures reflect the company’s strong momentum in the local market, backed by clear expansion plans across West and Central Africa.
The company is led by Dr. Tarek Mouganie, Founder and CEO, who holds a PhD in Physics from the University of Cambridge and was previously a Director at Man Group. His blend of institutional finance expertise, regulatory knowledge, and local insight positions Affinity Africa for sustainable growth.
We believe everyone deserves access to modern, inclusive, and reliable banking. This funding will accelerate our mission and broaden our impact across Ghana and beyond,” said Dr. Mouganie.
This round marks a bold step in positioning Affinity Africa as a FinTech leader in Africa. The backing from Attijariwafa Ventures and global VCs reinforces trust in the company’s vision and tech-driven model. The funds will be used to enhance its platform, expand AI capabilities, and explore new market opportunities across the continent.
