Afin Bank Sets Sights on Transforming Mortgages for Africans in the UK

Trust in Innovation as Afin Bank Earns Authorised with Restrictions Status

UK-based startup Afin Bank has been granted an authorised with restrictions (AwR) banking license by the Prudential Regulation Authority (PRA). The company is currently in the mobilization phase in preparation for the 2025 launch of its mortgage and savings services, which are specifically intended for African residents of the United Kingdom. The company will provide residential and buy-to-let (BTL) mortgages to individuals from Africa who reside and work in England and Wales.

Afin intends to commence the provision of its specialist lending services through intermediaries and its digital application at an unspecified date next year, provided that regulatory sanction is obtained. A suite of savings products will be introduced to complement these mortgages. These products will be accessible to depositors from Ghana, Nigeria, Sierra Leone, and The Gambia, as well as those with a UK passport.Real estate investors from Ghana, Sierra Leone, and The Gambia who are interested in purchasing property in the United Kingdom will also have access to BTL mortgages.

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Afin’s parent company, WAICA Reinsurance Corporation, has pledged £60 million to support the company’s expansion objectives. Afin is currently in the mobilisation phase of its licensing voyage and has the capacity to maintain aggregated deposits of up to £50,000 at any given time. According to the PRA’s website, this phase enables new banks to secure additional investment, recruit staff, invest in IT systems, and commit to third-party suppliers. It may require as few as a few months, but it cannot persist indefinitely and should not exceed 12 months. Afin identifies the 1.5 million African nationals who are presently residing in the United Kingdom as the target audience for its market debut in a statement. The lender further states that its product line “is likely to appeal to borrowers from other under-served diaspora communities” as it expands.

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Afin Bank’s CEO, Jason Oakley, who also co-founded UK-based SME lender Recognise Bank in 2021, says: “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.”