Afin Bank is set to revolutionise mortgage options for African nationals in the UK and abroad.
- The bank has received a provisional licence, enabling it to cater to underserved clients.
- African nationals often face barriers in obtaining mortgages due to nationality and visa issues.
- Afin Bank plans to offer residential and buy-to-let mortgages through digital platforms.
- The bank is backed by a substantial investment from WAICA Reinsurance Corporation Plc.
Afin Bank is gearing up to transform the mortgage landscape by introducing products specifically designed for African nationals residing in the UK and overseas borrowers. The bank’s upcoming launch aims to address the challenges faced by these communities in securing loans due to issues related to credit history and nationality.
The bank has recently received its Authorisation with Restrictions licence, allowing it to introduce tailored financial solutions. These solutions are particularly beneficial for individuals who struggle to obtain mortgages from mainstream lenders due to their nationality or visa status, which often complicates the mortgage acquisition process.
Starting next year, Afin Bank intends to deliver its tailored mortgage products via intermediaries and an accessible digital app. The bank’s offerings will not only provide residential and buy-to-let (BTL) mortgage options for those in England and Wales, but also cater to West African nationals residing in countries like Ghana, Sierra Leone, and The Gambia.
Alan Davison, the chief commercial officer, emphasised the bank’s mission to fill the gap left by traditional lenders. He stated, “Not only is this an important milestone for Afin Bank, it is also great news for under-served customers who are not being supported by mainstream lenders.” He highlighted the unique approach of Afin Bank’s credit underwriting, which is specifically attuned to accommodate the personal circumstances of the borrower.
Beyond mortgage products, Afin Bank is set to offer FSCS protected savings products to UK passport holders and residents from Ghana, Nigeria, Sierra Leone, and The Gambia living in the UK. This initiative is supported by WAICA Reinsurance Corporation Plc, which has invested £60 million to bolster the bank’s launch.
Afin Bank is also committed to strengthening its community ties by partnering with African community organisations. This approach is intended to enhance the bank’s ability to reach and support its target demographics effectively. Furthermore, the bank draws inspiration from the real-life experiences of Africans living in the UK, aiming to serve over 1.5 million African nationals in the region.
Afin Bank’s innovative approach promises to provide much-needed financial solutions to African nationals in the UK.
