Affinity Africa

What they do:

Affinity provides banking products to the underserved and unbanked.

Affinity Africa offers a range of services, including current and savings accounts, as well as personal and MSME loans. They utilise a combination of online and offline digital channels to ensure accessibility and meeting the customer where they are. A cost-efficient, deposit-driven banking model, focusing on attracting low-cost deposits to minimize operating expenses and generate revenue through a loan portfolio and strategic partnerships.

Affinity began operations after acquiring a microfinance business in Ghana in February 2020 then receiving its license upgrade from Bank of Ghana in March 2022, the first grant of its category in almost a decade.

Why we invested:

400 million+ African adults lack access to essential banking services. 90% of micro, small, and medium businesses face challenges in accessing credit. Traditional banking solutions are often inaccessible, perpetuating financial exclusion. Launch Africa believes strongly in the power of digital banking to enable greater financial inclusion through a cost-effective, affordable platform.

The Founder

Tarek Mouganie is a fourth-generation Ghanaian. After graduating with an undergraduate degree in Materials Engineering from Imperial College and a PhD in Physics from Cambridge University, he joined the second largest hedge fund in the world after working briefly as an academic. When the financial crisis hit in 2008 he become a specialist in investing in banks and worked directly with the UK government as a private sector advisor to policy reform.

Ten years ago, he felt compelled to return to Ghana. He returned and worked in multiple roles a beekeeper, for a tech incubator, for a microfinance institution, for an ICT provider and as a consultant to a payday lender and bank. These experiences made him realise that progress and scale of these incredible businesses he was working with was hampered due to a lack of access to affordable long-term financing.

It was this experience that made him realise that his long term role in Ghana was to create a bank that supports entrepreneurs and micro, small and medium enterprises with affordable and convenient banking services they can trust.

Active in:

Ghana