- Affinity Africa secured $8M in an oversubscribed seed round, backed by Attijariwafa Ventures, alongside BACKED VC, GRAZIA EQUITY, and Enza Capital—aiming to expand affordable digital banking across underserved African communities.
- The fintech has already achieved strong early traction
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Led by founder and CEO Tarek Mouganie, PhD, a former Man Group director with a Physics PhD from Cambridge, combining finance, regulation, and local market expertise to scale inclusive banking in Africa.
Ghanaian digital bank Affinity Africa has successfully raised $8 million in an oversubscribed seed funding round, with participation from Attijariwafa Ventures, the venture arm of Morocco’s leading banking group Attijariwafa Bank. The round also included backing from global investors such as BACKED VC, GRAZIA EQUITY, and Enza Capital.
Affinity Africa is redefining digital banking in West Africa by leveraging AI-driven, digital-first solutions to offer affordable and trusted financial services to underserved populations, particularly in Ghana. The startup’s mission is centered around empowering individuals with limited or no access to traditional banking.
Strong Market Traction
The company has already demonstrated exceptional growth and impact:
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Licensed by the Bank of Ghana, the first new banking license issued in the last twelve years.
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Over 90,000 customers, with 65% being first-time banking users and 60% women.
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More than $20 million in loans disbursed, with monthly loan volume and deposits growing over 30% month-on-month.
These milestones position Affinity Africa as one of the fastest-growing digital banks in the region, with strong potential for cross-border expansion.
Visionary Leadership
At the helm is Dr. Tarek Mouganie, founder and CEO, who brings a unique blend of institutional finance, regulatory insight, and local expertise. A former Director at Man Group and a Physics PhD from Cambridge University, Dr. Mouganie is steering Affinity Africa toward setting new standards for fintech excellence in Africa.
“We believe that everyone deserves access to trustworthy, inclusive, and modern banking services,” said Dr. Mouganie. “This funding enables us to accelerate our mission and deepen our impact across Ghana and beyond.”
A Bold Step for Pan-African Fintech
The backing from Attijariwafa Ventures and other global investors marks a strong vote of confidence in Affinity Africa’s vision and execution. The company plans to use the new capital to further scale its platform, enhance its AI capabilities, and explore regional expansion across Sub-Saharan Africa.
As digital transformation accelerates across the continent, Affinity Africa is well-positioned to lead the way in breaking down financial barriers and creating a more inclusive financial future for millions.
