Afin Bank, a digital lender focused on supporting people from Africa living in the UK, has secured regulatory approval to offer mortgages and savings products. The bank’s Authorisation with Restrictions licence allows it to begin lending in 2025, targeting individuals who have faced challenges obtaining mortgages due to nationality, visa status, or a lack of UK credit history.
Afin Bank will provide residential and buy-to-let (BTL) mortgages to people living in England and Wales, as well as BTL mortgages for West Africans from Ghana, Sierra Leone, and The Gambia who are investing in UK property. The bank also plans to introduce FSCS-protected savings products for UK passport holders and residents from Ghana, Nigeria, Sierra Leone, and The Gambia.
Backed by £60 million from Waica Re, one of Africa’s largest reinsurance firms, Afin Bank is led by
Afin Bank, African diaspora, UK mortgages, digital lender, buy-to-let mortgages, FSCS protected savings, Waica Re
Jason Oakley, former CEO of Recognise Bank. Products will be accessible via the Afin app and through intermediaries and brokers, with plans to build partnerships within the African diaspora, including cultural and professional networks.
“This milestone is crucial for Afin Bank as we aim to offer much-needed financial services to the African diaspora, a community underserved by traditional banks,” said Oakley.