Affinity Africa aims to challenge the dominance of traditional banking in Ghana by providing inclusive digital financial services, especially to women and the informal sector. With $8 million in seed funding, it seeks to expand its offerings as mobile money remains prevalent. However, the company's growth has been hampered by strict banking regulations that restrict the issuance of microfinance licenses. Despite these challenges, Affinity has rapidly onboarded over 50,000 customers, highlighting the potential for digital banking solutions in underserved markets.
Ghana's regulator is focused on protecting consumers, especially in deposit-taking institutions. We had to prove strong risk management, break even as a microfinance institution, and align our mission with the government's goal.
Less than 10% of businesses in Africa have access to credit, and over 60% of adults lack formal financial services, per World Bank data, increasing the demand for alternatives.
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