Building Digital Banking Solutions for Africans, Modeled After Nubank's Success Strategy
Affinity Africa: Revolutionizing Digital Banking in Ghana
Affinity Africa, a fully digital and branchless bank, is making waves in Ghana's financial sector. Launched officially in October 2024 after securing the first digital banking license granted by the Bank of Ghana in over a decade, the bank is focused on providing affordable, accessible, and inclusive financial services to the African majority, primarily informal sector workers, first-time banking users, and micro, small, and medium enterprises (MSMEs) [1][2].
A Growth Strategy for the Underserved
Affinity Africa's growth strategy revolves around offering services through its mobile app, which provides personal and SME accounts, savings, payments, money transfers (including to mobile money wallets), investments, and loans, all at significantly lower costs than traditional banks. The platform is designed for usability and cost-effectiveness, aiming to reach underserved populations [1][3]. It also emphasizes regulatory compliance and security, being fully licensed and regulated by the Bank of Ghana [3].
A Rapidly Growing User Base
By July 2025, Affinity had amassed over 90,000 users, indicating rapid adoption under this model [2]. The company's strategy also appears focused on cross-border ambitions beyond Ghana, leveraging its digital platform to scale within Africa [2].
Embracing the Future: Crypto Regulation
In addition, Affinity Africa is preparing to comply with Ghana’s upcoming cryptocurrency regulatory framework planned for September 2025, which aims to regulate and stabilize digital assets in the country [4]. This regulatory alignment reflects Affinity’s intent to innovate within the emerging fintech and crypto ecosystem in Ghana while maintaining trust and transparency [4][5].
Funding and Expansion
In 2024, Affinity Africa raised $8 million from investors to expand its services across Ghana and other markets [6]. The company, inspired by Nubank - a fintech company in Brazil that launched its digital banking product in 2013 and has since expanded into markets like Colombia and Mexico, going public in 2021 - is focusing on building a sustainable digital banking platform for its users [7].
A Focus on Sustainability
Unlike some digital banks, Affinity Africa is focusing on building a sustainable business, rather than chasing funding announcements. The team is working diligently, with a team of approximately 100 employees, to ensure the platform's long-term success [8].
Loans and Credit Features
Affinity Africa offers its users their own loan and credit feature, using a credit scoring engine based on user behavior on its platform. Users can access small loans (GHC 100) after 30 days on the platform, with higher amounts unlocked as they build a responsible track record [1].
This strategy positions Affinity Africa as a leader in Ghana’s digital banking space, leveraging technology and regulation to drive financial inclusion and scale rapidly. The platform serves salaried workers and informal traders for managing cash flow, making it an invaluable tool for many in Ghana's economy.
[1] Affinity Africa (n.d.). About Us. Retrieved from https://www.affinityafrica.com/about [2] Affinity Africa (n.d.). Blog. Retrieved from https://www.affinityafrica.com/blog [3] Bank of Ghana (2024). Affinity Africa Secures Digital Banking License. Retrieved from https://www.bankofghana.org/news/affinity-africa-secures-digital-banking-license [4] Government of Ghana (2025). Cryptocurrency Regulation Framework. Retrieved from https://www.gov.gh/cryptocurrency-regulation-framework [5] Affinity Africa (2025). Preparing for Crypto Regulation. Retrieved from https://www.affinityafrica.com/preparing-for-crypto-regulation [6] Affinity Africa (2024). Series A Funding. Retrieved from https://www.affinityafrica.com/series-a-funding [7] Nubank (n.d.). About Us. Retrieved from https://about.nubank.com/en/ [8] Affinity Africa (n.d.). Our Team. Retrieved from https://www.affinityafrica.com/our-team
- Affinity Africa's focus on leveraging technology and regulatory compliance in the fintech industry is attracting investments, as evidenced by the $8 million Series A funding they received in 2024, aiming to expand across Ghana and other markets.
- The fintech company is not just about growth; it's also committed to sustainability, as shown by its efforts to build a long-lasting digital banking platform, employing a team of approximately 100 people who work diligently towards this goal.
- Recognizing the potential of fintech and cryptocurrency in the future of Ghana's business landscape, Affinity Africa is preparing to comply with the forthcoming cryptocurrency regulatory framework, aiming to maintain trust and transparency while innovating within the fintech and crypto ecosystem.
