- New lender will offer residential and BTL mortgages, as well as savings
- Afin Bank will help Africans living in the UK and certain overseas borrowers as well as UK borrowers with specialist needs, such as the self-employed
Afin Bank, a new bank created to support people from Africa living and working in the UK, as well as certain overseas borrowers buying into the UK property market, has been granted its banking licence Authorisation with Restrictions1 (AwR).
Afin Bank will help people from Africa who find it difficult to get mortgages because of their nationality, visa status or lack of credit history in the UK, despite being part of some of the country’s most thriving communities, doing vital jobs and running their own businesses.
As a specialist lender, Afin Bank says its products will also suit a broad spectrum of non-standard customers, such as high net worth borrowers, professionals and self-employed people, who struggle to get a mortgage through mainstream providers.
The bank aims to start lending next year2 through intermediaries, as well as via a digital app, offering residential and buy-to-let mortgages to people living in England and Wales, as well as BTL mortgages for borrowers based overseas in the West African Countries of Ghana, Sierra Leone and The Gambia investing in the UK property market.
Afin Bank will also offer a range of FSCS protected savings products to savers with a UK passport, as well people from Ghana, Nigeria, Sierra Leone and The Gambia resident in the UK.
Afin Bank is backed by parent company, WAICA Reinsurance Corporation Plc (WAICA Re), one of the largest reinsurance companies in Africa and in the top 100 reinsurers worldwide. WAICA Re has committed £60m to Afin Bank, demonstrating its belief in the UK financial services sector and Afin Bank’s goal of supporting an under-served customer base.
Afin Bank’s CEO is Jason Oakley, who co-founded SME lender Recognise Bank in 2021. Announcing Afin Bank’s AwR licence, Oakley said: “This is an important milestone for Afin Bank and demonstrates that we are well on our way to offering vital financial services to the African diaspora who are currently poorly served by mainstream providers.
These are professionals working in vital sectors such as law, finance and health, as well as in many of our major corporate firms, or they are creating wealth and opportunities in the UK. Yet they have found it difficult to get the financial support they need until now.
Afin Bank will tear down the barriers these under-served customers face and give them the products they need from a bank they can trust. More than just helping them overcome these challenges, Afin Bank will be a bank where customers will feel welcome and people with diverse backgrounds are valued."
Alan Davison, formerly Distribution Director at Together Personal Finance, is Chief Commercial Officer. He said: “Not only is this an important milestone for Afin Bank, it is also great news for under-served customers who are not being supported by mainstream lenders.
“While there are some buy-to-let products available to non-UK nationals, there are very few residential mortgages designed for foreign nationals looking to buy their own home. Borrowers are usually considered by most banks simply on credit appetite, rather than being offered products that suit their needs.
“Afin Bank’s credit underwriting will be tuned to our customers’ circumstances, ensuring common-sense decisions, quick service and certainty for the borrower and their intermediary, for both residential and buy-to-let lending.”
In addition to working with intermediaries, Afin Bank is also building partnerships with groups and organisations that are part of the African community, including cultural networks and associations.
The inspiration for Afin Bank came from the real experiences of Africans living in the UK, particularly from West Africa, struggling to build banking relationships in this country. Initially Afin Bank will target African nationals, of which there are more than 1.5 million3 living in the UK. However, as the bank grows it is likely to appeal to borrowers from other under-served diaspora communities.
Afin Bank says that what sets it apart from mainstream providers is its deep understanding of its target customers, their needs and ambitions, and the financial challenges they face. This knowledge and the management team’s experience of building successful financial services firms means Afin Bank is well placed to create a bank for this important segment of the UK.
Afin Bank will use the best in IT platforms along with proprietary technology to provide effortless banking via a mobile app. This also means Afin Bank will be able to develop new products and services quickly, responding to the changing requirements of its customers.
Afin Bank is now in the mobilisation stage and expects to launch in 20252. For more information about Afin Bank follow it on @AfinBankUK on X and Instagram.
To speak to our PR team, contact Paul Beadle Paul.Beadle@afinbank.com
1 In carrying out the regulated activity of accepting deposits, the aggregate amount of deposits held by the firm at any time may not exceed £50,000. ‘Deposit’ has the meaning given in Article 5(2) of the Financial Services and Markets Act (Regulated Activities) Order 2001.
2 Subject to regulatory confirmation.
3 2021 Census Data from the ONS