Renew Capital invests in Ghana for financial inclusion

Renew Capital has made an investment in Ghana's Affinity, a full-scale digital bank which was established with a vision to provide banking services to 350 million adults who remain unbanked in Africa.

In Africa, digital banks like Affinity are emerging as transformative forces, disrupting the industry and driving financial inclusion. Affinity stands out by prioritizing customers, offering accounts with no fees and competitive interest rates on deposits and providing access to a range of affordable loan products.

“At Affinity, we've developed a fully integrated platform dedicated to promoting financial inclusion by effectively addressing the challenges faced by individuals and MSMEs without access to financial services across sub-Saharan Africa,” stated the group CEO and founder of Affinity Africa, Tarek Mouganie. "Our approach revolves around low-cost deposits, fully online digital channels and becoming the most affordable MSME lender."

Affinity's mission is anchored in recognizing the critical importance of financial inclusion, especially for small businesses and individuals in Africa facing barriers due to traditional documentation requirements, leading to rejection by conventional banks. The company's commitment to leveraging technology to bridge these financial gaps underscores its pivotal role in shaping the future of banking in Africa.

“Progress is being made across the continent related to financial inclusion, but there are still millions more to reach,” stated JC Oelofse, Renew Capital’s head of investment. “Renew Capital is thrilled to invest in Affinity, our first investment in Ghana and looks forward to supporting them as they look to expand across the continent.”