• Important hire for specialist lender ahead of planned launch this year

Peter Hale has been appointed as Head of Finance for Afin Bank, the specialist lender created to help underserved Africans and other diaspora communities living and working in the UK to get mortgages.

Afin Bank is backed by African reinsurer WAICA Re which has committed £62m to setting up the venture. The bank received its banking licence Authorisation with Restrictions¹ (AwR) in October last year and expects to fully launch its lending proposition, along with FSCS-protected savings accounts, later this year².

Hale was previously Head of Finance at FCMB Bank UK, part of a Nigerian-based banking group, a part of which provides banking to high-net-worth individuals and businesses in the UK, primarily to customers originally from Africa.

Hale said: “The proposition of providing effortless banking to under-served customers, be that from the African diaspora and other underserved foreign nationals, young professionals or the self-employed, was really easy to get on board with and one that I am excited to help deliver. But I was also attracted to the passion of the people at Afin Bank and their commitment to building a new bank with a strong purpose.”

Hale will be involved in a range of different aspects for the bank, working closely with all departments as Afin Bank approaches full launch. He explained: “Joining a new bank ahead of full launch means I get to leverage my experience to help build and shape the end-to-end banking process, from commercial aspects through to the operational processes. That’s the kind of challenge that I enjoy.”

Charles Resnick, Afin Bank’s Chief Financial Officer, said: “Peter is a key addition to the team and brings lots of expertise in banking and finance, which is invaluable ahead of our planned launch later this year.  Peter’s previous experience of working with the African community will be important in helping to make Afin the bank for underserved diaspora communities in the UK.” 

While designed for Africans and other foreign nationals living in the UK, who can find it difficult to get a mortgage because of their visa status or lack of credit history, Afin Bank says its lending products may also be suitable for UK resident customers including high-net worth borrowers and self-employed workers.

The bank plans to offer a range of residential and buy-to-let mortgages for borrowers in the UK as well as buy-to-let borrowers in certain African countries, in addition to a range of savings accounts for all UK-based savers. 

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; diaspora communities 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