Digital banking services of Affinity Africa augmented in Ghana through Affinity Boost, their digital banking platform.
Affinity Africa Launches Affinity Boost: A Revolutionary Savings Account for Financial Inclusion
Affinity Africa, a digital banking platform based in Ghana, has expanded its product offerings with the launch of Affinity Boost, a goal-based savings account designed to cater to the financial needs of individuals and small business owners.
Affinity Boost empowers customers to set specific savings goals and choose a flexible tenor (the term or duration for the savings plan). This innovative product is particularly suited for those with irregular incomes, such as MSME owners and informal workers.
One of the key features of Affinity Boost is the ability to top-up savings anytime, including automated deposits, allowing for adaptable savings according to income flow. The account also offers flexible scheduling for automated transfers (daily, weekly, or monthly).
To ensure accessibility, Affinity Boost operates on a hybrid banking model, combining digital experience via a mobile app with offline agents who meet customers in markets and workplaces. This approach makes banking convenient without the need to travel to branches.
Since its launch in October 2024, Affinity has onboarded over 80,000 customers, with nearly 90% opening their first bank accounts. A majority (60%) of these customers are women in the informal sector, reflecting Affinity's focus on underserved demographics.
Most customers onboarded by agents transition to the mobile app, showcasing increased digital adoption and literacy. This transition underscores Affinity's commitment to promoting financial and digital literacy among its customer base.
Affinity Boost is part of Affinity's ongoing effort to reimagine digital banking in Africa by offering inclusive, high-yield financial products. Tarek Mouganie, Founder and Group CEO of Affinity Africa, emphasizes the company's commitment to designing banking products that meet the needs of Africans demanding smarter financial tools.
In addition to Affinity Boost, the platform offers a range of accounts including Affinity Daily, Affinity Growth, and Affinity Future, as well as loan products such as Instant Loans, short-term Working Capital, and long-term Growth Capital.
The official Affinity app descriptions emphasize affordable, accessible digital banking with user-friendly interfaces and comprehensive financial services. The newly redesigned app and website provide customers with a transparent dashboard for savings progress and easy-to-use interfaces for daily tasks.
In summary, Affinity Boost offers goal-oriented, flexible, and accessible savings tailored to informal workers and MSME owners, supported by a hybrid agent-app model to drive financial inclusion in Ghana.
[1] Affinity Boost: A Response to Customer Demand [3] Affinity Africa Redesigns App and Website with Affinity Boost Launch [5] Affinity Boost: Driving Financial Inclusion in Ghana
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