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Afin Bank has secured a banking license under the “Authorisation with Restrictions” framework, setting the stage for its official launch and the commencement of lending activities in 2025. The bank aims to serve individuals from Africa who face challenges in securing mortgages in the UK due to factors such as nationality, visa status, or lack of a credit history.
Afin Bank will offer a range of mortgage products, including residential and buy-to-let (BTL) mortgages for individuals residing in England and Wales. In addition, it will provide BTL mortgages for borrowers based in West African nations, including Ghana, Sierra Leone, and The Gambia, who are interested in investing in the UK property market.
The bank also plans to introduce savings products protected by the Financial Services Compensation Scheme (FSCS). These will be available to individuals holding UK passports, as well as citizens of Ghana, Nigeria, Sierra Leone, and The Gambia who are residents in the UK.
Backed by a £60 million investment from its parent company, Waica Re—one of Africa’s largest reinsurance firms—Afin Bank is
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