Renew Capital, a leading investment firm, has recently made a significant investment in Affinity, a digital banking platform operating in Ghana. Affinity offers a comprehensive range of banking services, catering to both individuals and micro, small, and medium enterprises (MSMEs). These services include current and savings accounts, investment opportunities, fund transfers, payment solutions, and access to loans.
Affinity’s primary focus lies in promoting financial inclusion, particularly among underserved populations across Africa. By leveraging innovative technology and streamlined digital channels, Affinity aims to overcome the barriers that prevent many individuals and MSMEs from accessing traditional financial services. Through its low-cost deposit options and efficient online platforms, Affinity endeavors to become a reliable and affordable financial partner for its customers.
Tarek Mouganie, the CEO and founder of Affinity Africa, expressed the company’s commitment to addressing the challenges faced by those lacking access to financial services. He emphasized Affinity’s dedication to providing accessible banking solutions tailored to the needs of the African market.
Renew Capital’s decision to invest in Affinity reflects its confidence in the company’s vision and potential for growth. JC Oelofse, head of investment at Renew Capital, highlighted the ongoing progress in enhancing financial inclusion across the continent. However, he also acknowledged the significant number of individuals and businesses still excluded from formal financial systems. Through its investment in Affinity, Renew Capital aims to support the expansion of the digital banking platform across Africa, thereby contributing to broader financial inclusion efforts.
Overall, Renew Capital’s investment in Affinity represents a strategic move to foster innovation and accessibility in the financial services sector, ultimately driving socioeconomic empowerment and growth in Ghana and beyond.