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HomeBankingAfin Bank lands AwR banking licence, plots 2025 launch of mortgage offering...

Afin Bank lands AwR banking licence, plots 2025 launch of mortgage offering for UK’s African diaspora

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  • 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.

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