Yassas,
Victoria from Techpoint here,
Here's what I've got for you today:
- Affinity Africa raises $8M to expand services
- MTN Nigeria implements 50% hike
- Nigerians to pay more for withdrawing money
Affinity Africa raises $8M to expand services
Affinity Africa, a Ghanaian digital bank, has just raised $8 million to expand its services. While big digital banks usually come from Nigeria, South Africa, or Egypt, Affinity is proving Ghana has a seat at the table.
Affinity’s funding round was led by European VCs, including Germany’s Grazia Equity and London’s BACKED VC, alongside other big names like Enza Capital and Launch Africa.
Since launching in October 2023, the startup has onboarded over 50,000 customers, with most of them being first-time bank users — many of whom are women working in the informal sector.
Ghana’s banking regulations have made it tough for digital banks to take off. Unlike Nigeria, where fintechs can easily get microfinance licenses, Ghana’s rules are stricter and take longer to navigate.
Affinity’s CEO, Tarek Mouganie, said they had to prove they could manage risk and break even before getting approved. What won regulators over was how Affinity makes banking cheaper and easier for small businesses and individuals.
Mouganie has an interesting backstory. He studied in the UK, worked at a $160 billion investment firm, and helped take big names like Visa public. But after moving back to Ghana 10 years ago, he saw the massive gap in financial inclusion and decided to build a bank that could actually serve the majority, not just a privileged few. He even sold his house in London to raise funds and bought a microfinance bank to get started.
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Now, Affinity offers free savings and current accounts, instant credit scoring, and loans with monthly interest rates between 3% and 7%. So far, it has given out over $15 million in loans, with strong repayment rates. It’s a mix of digital banking and an on-the-ground agent network, where 30 agents help small businesses get started before transitioning them to the app.
The approach is working — more than half of the customers onboarded through agents have now fully switched to the app. This blend of online and offline banking is helping Affinity scale quickly, with revenue growing 37% month-over-month. The startup is proving that people are ready for a digital banking revolution in Ghana.
MTN Nigeria implements 50% hike
MTN Nigeria has started increasing its data prices, and if you’ve noticed your usual plan costing way more, you’re not alone. The Nigerian Communications Commission (NCC) approved a 50% tariff hike on January 24, 2025, but not all data plans went up by the same amount.
For instance, the 15GB weekly plan that used to be ₦2,000 is now ₦6,000, which sounds like a crazy 200% increase. But according to an MTN spokesperson, that’s just the plan returning to its original price.
Meanwhile, smaller plans, like the 1.8GB monthly plan, only went up from ₦1,000 to ₦1,500, which fits within the 50% increase. Some plans didn’t even change at all — like the 2.5GB daily plan, which is still ₦500.
People aren’t happy, and it’s easy to see why. With Nigeria’s inflation rate at 34.8% and food inflation hitting 40% in late 2024, everything is already expensive. Now, people have to decide between buying more data or handling basic needs.
But telcos aren’t having it easy either. Thanks to the naira’s instability, they’ve lost billions in forex losses. MTN alone reported a ₦656 billion loss in 2024, while Airtel also took a major hit the previous year. Some industry experts believe this hike is necessary to keep telecom companies afloat, though others argue it’s still not enough to cover their losses.
So, what happens next? Some believe telcos will start shifting towards B2B services to bring in more revenue. Others think Nigerians will have no choice but to cut back on data usage or find creative ways to stay connected. Either way, this hike is hitting at the worst possible time.
Nigerians to pay more for withdrawing money
The Central Bank of Nigeria (CBN) has made some changes to ATM withdrawal fees, and if you’re used to withdrawing from another bank’s ATM, you’re going to feel it.
From March 1, 2025, using an ATM that doesn’t belong to your bank will now cost at least ₦100 per ₦20,000 withdrawal — and in some cases, even more.
According to the CBN, this move is meant to cover rising costs and improve ATM services. They want banks to deploy more ATMs and ensure customers are charged appropriately. Previously, you got three free withdrawals per month from other banks’ ATMs before paying ₦65 per withdrawal. But that’s gone now — every withdrawal from another bank’s ATM will cost you from the first transaction.
Here’s how it works: If you withdraw from your own bank’s ATM, there’s no charge. If you use another bank’s ATM on their premises, you’ll pay ₦100 per ₦20,000. But if you withdraw from an off-site ATM (like one at a mall or supermarket), there’s an extra surcharge of up to ₦500 per ₦20,000, which goes to the ATM provider. International withdrawals will be charged based on the fees set by the foreign bank.
CBN has been pushing for a cashless economy for years, but let’s be real—cash is still king in Nigeria. POS agents have made withdrawing cash easier, but with the rising costs of using both ATMs and POS terminals, many people might be forced to use digital payments more often.
It’s not just about convenience anymore; it’s about cost. The more expensive it gets to withdraw cash, the more people will consider switching to transfers, mobile banking, and other digital payment methods. Whether that’s a good thing or just another inconvenience depends on who you ask.
What do you think — will this push more Nigerians toward cashless transactions, or is it just another way for banks to squeeze out more fees?
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- Ecobank and Xtransfer partner to streamline cross-border payments for African SMEs
What I'm watching
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Opportunities
- Pitch Friday is this Friday, February 14, 2024. To attend, register here.
- Paystack is hiring for several roles. Apply here.
- Lendsqr is hiring for different roles. Apply here.
- Taptap Send is hiring a regional director. Apply here.
- MTN is hiring for several positions. Apply here.
- PalmPay is looking for an asset officer. Apply here.
- Vesti is hiring a Sales Executive. Apply here.
- FairMoney is looking for Business Operations Manager. Apply here.
- Paga is hiring for several roles, including CRO, Treasury Manager, and Doroki Growth Manger. Apply here.
- AltSchool Africa is hiring several instructors. Apply here.
- Moniepoint is hiring for several roles. Apply here.
- Celebrate the New Year with delightful stories like Smart Couples. Call 421 on your Airtel line now — you won't be charged! Alternatively, call 07080601391 at your network's regular rate. Learn more here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
