Ghanaian digital banking startup Affinity Africa has surpassed 100,000 customers, a milestone the company says 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”.
Formed in 2022 by Tarek Mouganie, and publicly launched last year, Affinity is a fully regulated, branchless digital banking platform that provides affordable and accessible financial services to individuals and MSMEs across Ghana.
The company offers a full suite of financial services, including personal and SMEs accounts, savings, payments, money transfers to banks and mobile money wallets, investments, and loans.
Earlier this year, Affinity raised US$8 million in an oversubscribed seed round to expand its reach domestically and enter new markets.
It is also launching new products, and recently announced the rollout 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.
“The idea that banking could be free, fair, and accessible was long dismissed as impossible in Ghana,” said Mouganie.
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“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. This word-of-mouth momentum reflects the strength of the product itself, the company said – “simple, transparent, and designed around the real needs of Ghanaians”.
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