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Ghanaian fintech Affinity bags $8M to scale digital banking in a mobile money-driven market
Ghanaian fintech Affinity raises $8 million to expand its financial products in a market where mobile money is the dominant financial tool.
However, these profits rely heavily on fees, while inefficiencies like high operational costs, extensive in-person paperwork, and long onboarding times have left millions underserved. Mougaine, who comes from a fourth-generation Ghanaian family of Lebanese descent, studied in the U.K., earning a bachelor’s and master’s degree before launching his career in academia and finance. After returning to Ghana ten years ago, Mougaine looked to solve Africa’s financial inclusion problem, a challenge often highlighted in global consulting reports.
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