Afin Bank, a digital lender designed to assist Africans living and working in the UK, is set to launch mortgage and savings products after receiving regulatory approval.
The bank has obtained a banking licence with Authorisation with Restrictions, allowing it to commence lending next year. It aims to serve individuals from Africa who struggle to secure mortgages due to their nationality, visa status, or insufficient credit history in the UK.
Afin Bank will provide residential and buy-to-let (BTL) mortgages for residents of England and Wales, as well as BTL options for borrowers from West African countries like Ghana, Sierra Leone, and The Gambia looking to invest in the UK property market.
In addition, Afin Bank plans to introduce a range of FSCS-protected savings products for UK passport holders and residents from Ghana, Nigeria, Sierra Leone, and The Gambia living in the UK.
The initiative is backed by £60 million from its parent company, Waica Re, one of Africa’s largest reinsurance firms. It is led by Jason Oakley, who previously served as CEO of digital SME lender Recognise Bank.
Products and services will be accessible through the Afin app, as well as via intermediaries and brokers. The bank is also forging partnerships with organizations within the African diaspora community, including cultural networks and associations.
Jason Oakley expressed that this milestone represents significant progress for Afin Bank, emphasizing the importance of providing essential financial services to the African diaspora, who are often underserved by traditional financial institutions. He noted that these individuals work in crucial sectors such as law, finance, and health, or are actively contributing to wealth creation and opportunities in the UK, yet have faced challenges in obtaining necessary financial support until now.