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Afin Bank has secured full regulatory approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to offer mortgages in the United Kingdom, marking a significant step in addressing financial exclusion for diaspora and overseas communities.
The newly licensed digital bank aims to bridge long-standing gaps in mortgage accessibility by targeting foreign nationals with valid UK work visas—groups often sidelined by traditional lenders due to visa status or a lack of UK credit history. Afin Bank will offer both residential and buy-to-let mortgage products tailored to the unique needs of these underserved demographics.
“Our research shows that 87% of Africans living in the UK have been turned down for a mortgage,” said Jason Oakley, CEO of Afin Bank. “Yet many of these individuals have stable employment or run successful businesses. Our approach is to assess each applicant pragmatically, beyond conventional metrics, to give more people a fair shot at homeownership.”
The bank’s technological backbone is powered by Vault Core, a modern core banking system developed by Thought Machine. This platform enables Afin Bank to rapidly develop and deploy flexible financial products. Combined with Afin’s proprietary tech stack, the system ensures operational scalability and a seamless user experience.
Afin Bank will also introduce FSCS-protected savings accounts accessible through its mobile app in the coming weeks, expanding its suite of inclusive financial services.
Monica Velasquez, Chief Technology Officer at Afin Bank, noted: “Our technology not only enhances operational efficiency but also delivers deep insights into customer needs, allowing us to innovate in ways that truly matter to underserved populations.”
Paul Taylor, CEO of Thought Machine, added: “Afin Bank exemplifies what a mission-driven financial institution should look like. We are proud to support their commitment to financial inclusion through our advanced core banking platform.”
Backed by a £62 million investment from parent company WAICA Reinsurance Corporation Plc—one of Africa’s largest reinsurers—Afin Bank achieved full operational launch in under nine months following its Authorisation with Restrictions (AwR) in October 2024.
Afin Bank’s mortgage services will be available via broker partnerships and its Community Ambassadors Programme, where trusted individuals within diaspora communities help connect prospective borrowers with in-house advisors. Mortgages will initially cover properties located in England and Wales.
While designed with diaspora communities in mind, the bank’s flexible lending criteria may also benefit self-employed individuals and other non-traditional applicants who face challenges securing home loans.
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