- Banking License: Afin Bank has received an Authorized with Restrictions (AwR) banking license from the Prudential Regulation Authority (PRA).
- Launch Timeline: The bank is in the mobilization stage, aiming to launch its mortgage and savings services in 2025.
- Target Audience: The services are specifically designed for Africans living in the UK, with a focus on the 1.5 million African nationals in the country.
- Mortgage Offerings:
- Residential and buy-to-let (BTL) mortgages for Africans living and working in England and Wales.
- BTL mortgages for real estate investors from Ghana, Sierra Leone, and The Gambia looking to purchase property in the UK.
- Savings Products: A suite of savings products will be available for savers from Ghana, Nigeria, Sierra Leone, and The Gambia, as well as those with a UK passport.
- Mobilization Stage: During this stage, Afin Bank can hold up to £50,000 in aggregated deposits and is working on securing further investment, recruiting staff, and investing in IT systems.
- Growth Ambition: Afin Bank aims to serve other underserved diaspora communities as it grows, supported by a £60 million commitment from WAICA Reinsurance Corporation, its parent company.
- CEO Statement: Jason Oakley, CEO of Afin Bank, emphasized the importance of providing financial services to the African diaspora, who have been underserved by mainstream providers.
