Ghanaian fintech Affinity bags $8M to scale digital banking in a mobile money-driven market
- Affinity Africa raised $8 million in seed funding to expand its financial products in Ghana.
- The startup has onboarded over 50,000 customers since its launch last October.
- 65% of Affinity's users had never accessed formal banking products before.
Affinity Africa's approach to digital banking is commendable, especially in addressing the financial inclusion gap in Ghana. However, the challenges posed by strict banking regulations highlight the need for a more conducive environment for fintech innovations. A discussion on regulatory reforms could further enhance the growth of digital banking in the region.
