In a significant move to bolster financial resilience in Africa, digital banking platform Affinity Africa has secured a new round of funding from the Cisco Foundation and FINCA Ventures. This renewed partnership aims to expand access to fair digital financial services and enhance financial education for underserved communities across Ghana. The initiative specifically targets women, informal workers, and those previously excluded from the formal banking system, marking a concerted effort to close the financial inclusion gap.
A Strategic Alliance for Financial Inclusion
This collaboration strategically combines technology, social impact investing, and local execution to address critical financial disparities. The Cisco Foundation provides technical expertise to enhance Affinity's digital-first platform, while FINCA Ventures contributes its deep experience in mission-driven capital. Together, they aim to accelerate financial literacy and provide crucial credit access for micro, small, and medium enterprises (MSMEs) that form the backbone of the local economy.
Targeting the Underserved Majority
Affinity Africa has already made substantial inroads, serving over 125,000 customers, 65% of whom were previously unbanked. The platform has been particularly effective in reaching women, who constitute 60% of its user base. This new grant will enable Affinity to scale its impact, providing more individuals and small businesses with the necessary tools to build credit and plan for their financial futures.
A Model for Sustainable Growth
Leaders from the partner organizations have expressed strong confidence in this integrated approach to financial inclusion. Charu Adesnik of the Cisco Foundation highlighted the transformative power of inclusive technology, stating a commitment to investing in social enterprises that drive tangible progress. Affinity's founder, Tarek Mouganie, noted that the support reinforces their mission to reshape how financial services reach those historically excluded from the system.
Future Outlook and Next Steps
The initiative will soon move into a practical implementation phase with a focus on tangible outcomes. A phased rollout of new mobile-based financial literacy modules is planned for the coming months. This will be complemented by the introduction of expanded loan products specifically tailored to support the growth of female-led MSMEs, addressing a critical credit gap in the market.
Ultimately, this partnership represents more than just a financial investment; it signifies a strategic shift toward building integrated and sustainable financial ecosystems. By combining global technological vision with a deep understanding of local needs, the initiative aims to create a lasting impact on Ghana's informal economy. The collaboration sets a powerful precedent for how public-private partnerships can effectively drive equitable economic growth across the continent.