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Africa’s highest digital banking platforms usually come from popular markets like high growth, Nigeria, South Africa and Egypt. But Africa AfricaGhana’s rise, wants to join the conversation. The beginning was raised to $ 8 million to expand financial products within the country of the dominant financial means of mobile money.
Although mobile money goes for financial transactions, the traditional banking sector in Ghana and Africa in general remains very profitable. Since the pandemic, there are ghana banks Written growth with Capital Tax Declaration (ROE) exceeds global average.
However, this profit is very confident, high operational expenses, broad man documentation and millions of time have not been separated in thousands of time.
Today, there are no official financial services to get less than 10% of enterprises in Africa and more than 60% of adults World Bank Information. This growing gap has increased the demand for digital banking alternatives, which offers a cheaper, more comprehensive model.
Affinity has entered more than 50,000 customers since the beginning of the October last year, since its founder and CEO Tarek Mougaine says. It should be noted that 65% of users have never entered official banking products before and women who work in the inaccurate sector.
But why did this long worked upstart to get this kind of traction in Ghana? The country’s serious bank rules play a major role. Unlike neighboring Nigeria, Digital banks can easily work with microfinance licensesLicenses such as rare, expensive and fintechs are making it difficult to get into the blood.
“Ghana regulator is directed to protect the consumers, especially in the institutions,” said Mougaine Techcrunch. “We had to pause strong risk management, we had to take a pause as a microfinance organization, and the government has reduced the bank’s expenses for friction and micro, small and medium enterprises (MSMES), and how many convinced the bank’s expenses.
From investment banking to the Fintech disorder
The fourth-generation of Lebanese origin, Mougaine, who has a family of family, has studied in the UK, a bachelor’s and master’s degree before starting his career in the academy and finance. Then the Man Group of the $ 160 Billion Investment Fund worked. There, he worked on a great iPhone, including Visa and Compartamos, Latin America’s largest microfinance.
After returning to Ghana ten years ago, Mougaine looked at the problem of finance in Africa, there is a problem that is often underlined in global consulting reports.
“Numbers such as Africa’s $ 331 billion loan space are still quoted today,” he said. “Nothing has changed. It woke up to build a full-fledged retail bank for MSMES similar to Santander, Lloyds or Chase Bank offer in Europe and the United States.
He and a group of friends and family collected $ 2 million to get a microfinance bank in 2020. They included funds from selling London’s house. The organization, which received deposits and loans, first of all, for more than 10 years, served on a test ground for current banking solutions.
Until 2022, the nearby increased an additional $ 3 million in a pre-sized tour to improve this license. After a few months of secret testing, Fintech, in October last year, launched the country after receiving the country’s Apex Bank of Ghana.
Ghana Fintech serves both people, both individuals, both in Africa. Customers receive free savings and current accounts without any transaction and the platform immediately begins with credit group users based on the transaction date.
After a few months, the intimacy increases credit lines 3-7% with monthly interest rates. Accra Based Fintech, more than $ 15 million on various products, instant loans, 30% of Utay and a loan (NPL) ratio of 3% increased loans.
Hybrid approach: Digital banking with physical touch
Customers may include transfers and transfers to other banking services, including deposits, payments, investments and banks. Last month, 89% of growing deposit flows in the 54% monthly monthly monthly monthly monthly, mobile money from bank transfers came from top-ups.
More than 10% of more than 10% of services and commissions such as USSD and mobile applications, USSD and mobile applications, more than 90%, more than 90%. According to Mougaine, its income in the last six months increased by more than 37% more than 37%.
Like many digital banks in Africa, proximity It mixes online banking with offline touchpoints through the agent network. These agents personally get acquainted with small enterprises, small enterprises, and for the first time it helps the cavity of confidence for digital bank users.
Signed 24,000 using 50,000 customers, 26,000 agency networks and mobile applications. It should be noted that 55% of the agent acquired 55% of the acquired customers were adopted by a strong digital adoption.
“This turn has allowed our agency to promote our agency for the agency, initial education and driving licenses, we are pleased to clear this hybrid growth approach.”
The 8 million dollar seed tour of the opinion, Grazia Capital (Germany) and Supporting VC (London), the first African investment, which supported the European VC companies. Other investors include Enza Capital, African launch, capital, FINCA International, Attijariwafa Enterprises, Eldon Capital connect to the early back.
“When supported, we could not think that you are the first, the first person, we could not think of a local bank more than Tarec,” said Andre De Haes, the founder and managing partner. “The 2008 was invested in banks through the financial crisis, the regulation and strategy specialist and established a world-class banking program for close-up. The ability to connect and understanding customers has managed effective early user numbers.”
