Affinity: Ghana's Fintech Rising Star Secures $8M to Bridge the Banking Gap
Affinity raises $8M to scale its digital banking platform in Ghana's mobile money market.
Matilda
Affinity: Ghana's Fintech Rising Star Secures $8M to Bridge the Banking Gap
While the African fintech scene is often associated with bustling hubs like Nigeria, South Africa, and Egypt, Ghana is quietly emerging as a significant player. Affinity, a Ghanaian fintech startup, is making waves by offering accessible and inclusive digital banking solutions in a country where mobile money reigns supreme. Mobile Money vs. Traditional Banking: A Complex Landscape Ghana presents a unique financial landscape. Mobile money has become deeply ingrained in the daily lives of Ghanaians, facilitating transactions with ease. Yet, traditional banks continue to thrive, enjoying high profitability, albeit often at the expense of high fees and operational inefficiencies. This leaves a significant portion of the population, particularly micro, small, and medium enterprises (MSMEs) and individuals in the informal sector, underserved by the formal banking sector. Affinity's Solution: Digital Banking for the Underserved Affinity is stepping in to bridge this gap. Since its launch in…
