Afin Bank is set to support African nationals in the UK and overseas borrowers, offering residential and buy-to-let (BTL) mortgages next year.
The bank received its Authorisation with Restrictions licence, allowing it to target those who face challenges securing mortgages due to nationality, visa status, or lack of credit history in the UK.
Starting next year, Afin Bank plans to offer its products through intermediaries and a digital app.
It will provide residential and BTL mortgages for those living in England and Wales, along with international borrowing options for West African nationals in Ghana, Sierra Leone, and The Gambia.
Alan Davison (pictured), chief commercial officer, said: “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.
“While there are some buy-to-let products available to non-UK nationals, there are very few residential mortgages designed for foreign nationals looking to buy their own home.
“Borrowers are usually considered by most banks simply on credit appetite, rather than being offered products that suit their needs.
“Afin Bank’s credit underwriting will be tuned to our customers’ circumstances, ensuring common-sense decisions, quick service and certainty for the borrower and their intermediary, for both residential and buy-to-let lending.”
Afin Bank will also offer FSCS protected savings products to savers with a UK passport and to residents from Ghana, Nigeria, Sierra Leone, and The Gambia living in the UK.
The bank is backed by WAICA Reinsurance Corporation Plc, which has invested £60m to support its launch.
The bank intends to partner with African community organisations to further assist their target demographic.
Davison added: “The inspiration for Afin Bank came from the real experiences of Africans living in the UK,” noting the bank’s goal to serve over 1.5 million African nationals in the UK.
