FINTECH AFRICA | Flutterwave Collaborates with Ghanaian Fintech Startup, Affinity Africa, on Continued Expansion in Ghana

Nigerian fintech unicorn, Flutterwave, has expanded its presence in Ghana by integrating its ‘Pay With Bank’ Transfer product in collaboration with digital banking startup, Affinity Bank.

Growing in Nigeria, Pay with Bank transfers allows merchants to receive payments from their customers via a NIP (NIBBS Instant Payment) transfer.

A unique account number is displayed to the customer and they can transfer to that account number via their mobile banking, USSD, or Internet banking applications.

With over 115 million bank transfer payments recorded in Ghana in 2023, this integration allow businesses in Ghana to use Flutterwave to accept payments more efficiently and securely through a fast-growing payment method.

While Mobile Money remains the dominant choice for everyday transactions, Pay With Bank Transfer increases the variety and optionality of payment options available to Ghanaian businesses helping them maximize sales and reduce inconveniences.

Through this strategic partnership with Affinity Africa, which in February 2025 secured $8 million in an over-subscribed seed round, Flutterwave said it seeks to promote the adoption of Pay With Bank Transfer in Ghana by leveraging virtual accounts for secure and transparent transactions.

“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO.

“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy.”

Affinity Africa officially launched its app in October 2024 after receiving approval from Bank of Ghana, the country’s apex bank. The startup has onboarded over 50,000 customers, according to its founder and CEO, Tarek Mouganie.

Notably, 65% of its users were previously unbanked, and more than 60% are women working in the informal sector.

The fintech serves both individuals and micro-enterprises. Customers receive free savings and current accounts with no transaction limits, and the platform begins credit-scoring users based on their transaction history.

According to Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave:

“By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses.”

This announcement follows Flutterwave’s recent approval from the Bank of Ghana to offer inward remittance services, doubling down on the country whence it already received a Payment Service Provider license (Enhanced Category) from the Bank of Ghana.

With a strong presence across Africa, Flutterwave said it remains a reliable partner for businesses in over 34 countries, equipping them with the tools and expertise needed to thrive in the continent’s evolving financial landscape.

In October 2024, CEO, Olugbenga Agboola, laid the payment unicorn’s ambitions, saying they are only getting started in Africa.