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.
Operating as a digital banking platform, Affinity
offers a full suite of banking services, including current, savings and
investment accounts, transfers, payments and loans with a targeted focus on
financially excluded populations in Africa.
“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."
“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.”
Source: Africa Private Equity News