- New specialist lender gets full approval to offer residential and BTL mortgages
- Mortgages are designed for people from the African diaspora and other foreign nationals in the UK who struggle to get mortgages
A newly established bank focused on supporting foreign nationals in the UK—particularly those from the African diaspora—has secured full authorisation from the PRA and FCA to begin offering mortgage services.
Afin Bank has been set up to serve individuals who often face challenges accessing loans through traditional banking channels. Afin Bank will offer a range of residential and buy-to-let mortgages designed for people with an overseas passport and a valid visa to work in the UK who are often underserved by bigger banks because of circumstances such as their visa status or lack of UK credit history.
With its tailored mortgage solutions, the bank aims to close the lending gap for communities frequently overlooked by mainstream lenders, helping to create more inclusive access to homeownership and property investment opportunities in the UK.
The lender says that while designed with people from diaspora communities in mind, its mortgages may also be suitable for all borrowers struggling to get a mortgage because of their circumstances, such as the self-employed and professionals. Mortgages will be available for properties in England and Wales.
The idea for a “diaspora bank” came from the experiences of Africans living in the UK, often in well-paid professional roles in finance, law and health, who were unable to put down roots because they could not get a mortgage. That idea became Afin Bank, which is backed by parent company WAICA Reinsurance Corporation Plc (WAICA Re), one of the largest reinsurance companies in Africa, with a commitment of £62m to launch the bank.
The bank’s CEO, Jason Oakley, said that many people from diaspora communities are effectively facing financial exclusion. He explained: “Our research found that 87% of Africans living in the UK say they have been turned down for a mortgage, with 41% believing this was due to their visa status and 30% believing they were rejected because of a lack of UK credit history.
“The problem is that so many mainstream lenders have highly automated processes that can’t deal with the circumstances that the African diaspora and other foreign nationals face, such as their visa or credit status, so they end up being rejected. However, many of these borrowers have great jobs or their own businesses, with good earning potential. Afin Bank will take a pragmatic approach to these factors to understand a borrower’s situation and try to help them get a mortgage so they can finally have a home of their own.”
Afin Bank will offer mortgages through brokers and via an innovative Community Ambassadors Programme where people in diaspora communities will introduce friends, family and contacts to Afin Bank’s in-house mortgage advisors.
Afin Bank has received full approval less than nine months after securing its banking licence Authorisation with Restrictions (AwR) in October 2024. Katrina Arnold, Chair of Afin Bank, said: “Reaching this milestone is a testament to the passion and expertise of everybody involved in building Afin Bank and our strong working relationship with the FCA and the PRA.
“Importantly it is proof of the need for a bank that not only serves the requirements of millions of underserved customers, but also a bank that understands their circumstances and wants to help them buy a home.”
Ezekiel Ekundayo, GCEO of parent company WAICA Re, added: “This is an exciting moment in the journey to create a truly unique bank for diaspora communities in the UK. For people from Africa and so many other countries around the world, being able to properly put down roots in the UK, a place they call home, is life changing.
“I am so proud that Afin Bank will play a vital role in making this happen and will hopefully be building strong relationships with customers for years to come.”
In addition to residential and buy-to-let mortgages Afin Bank will also be launching a range of FSCS protected savings accounts for all UK based savers in the coming weeks.
For more information about Afin Bank visit www.afinbank.com follow it on LinkedIn and @AfinBankUK on X and Instagram.
