• Shiv Patel joins to lead development of savings products

Afin Bank has appointed Shiv Patel as Product Manager, leading the development of the bank’s saving proposition ahead of its planned full launch later this year².

Shiv brings with him years of experience of savings product development and pricing at a number of high-profile financial services brands including Charter Savings Bank, Kent Reliance and Dudley Building Society.

Afin Bank’s core mission is to provide mortgages to underserved borrowers in the UK. Whilst designed with Africans in mind, the bank says its lending products may also be suitable for UK resident customers, including the self-employed, professionals and high-net-worth borrowers. 

Shiv says he wants to bring the same ethos to Afin Bank’s savings products, reaching people who might not be familiar with the savings market. He explained: “Coming to Afin Bank was exciting because you don’t often get the opportunity to join a bank at the very start and be able to develop products and services that meet the needs of savers to create great customer outcomes. 

“Usually savings accounts are based on legacy products that could be many years old. But the market has changed and so have customer expectations, so this is a chance to build a savings proposition from scratch by putting the customer first.”

Savings accounts from specialist providers like Afin Bank have grown in popularity with UK savers in recent years because they often offer more competitive interest rates than high street banks and building societies. Shiv believes this is because mainstream providers have become complacent with their savings products.

He added: “Many banks and building societies don’t feel they have to offer very competitive savings rates or a choice of accounts because they believe their customers can’t be bothered to move their money. But they’re missing a trick, and the increasing number of savers choosing specialist providers just proves this.

“But Afin Bank doesn’t want to just appeal to the savvy saver who is always looking for the best rate. Just as we will do with our mortgages, we plan to ensure our savings accounts are competitive and straightforward to manage, so they are suitable for all savers looking for a trustworthy place to grow their hard-earned money.”

Alan Davison, Afin Bank’s Chief Commercial Officer, echoes Shiv’s sentiment. He said: “Our discussions with our target customers shows that what they want more than anything is to find a bank they can trust and that understands their circumstances. This insight will help us build great mortgages and, now with Shiv onboard, great saving products.”

Afin Bank received its banking licence Authorisation with Restrictions¹ (AwR) in October last year and is backed by African reinsurer WAICA Re, which has committed £62m to setting up the bank.

In addition to a range of FSCS-protected savings accounts, the lender will offer residential and buy-to-let mortgages for borrowers in the UK, as well as buy-to-let borrowers in certain African countries interested in the UK market. 

For more information about Afin Bank visit www.afinbank.com and follow it on @AfinBankUK on X and Instagram.

ENDS

Contact Paul Beadle: Email Paul.Beadle@afinbank.com or Mbl 07801 105001

Notes to editors

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.

Afin Bank is a new bank supporting one of the UK’s most under-served but vital and growing communities; people from Africa living and working in the UK. People that are doing important jobs, contributing to society, creating wealth and opportunities.

Banking can be complex, so we’re making it simple. Our mission is to cut out the complicated stuff to deliver simple products and service excellence to make banking effortless.

If you're planning to buy a home or grow your savings, Afin Bank is here for you to achieve your goals. We’re here for you if you’ve moved to the UK and have a passport from certain countries, or if you live in certain countries and wish to invest in the UK property market.*

We provide a simple and secure banking experience through our app to deliver real value that empowers you.

*Subject to acceptance criteria and ID requirements