The Intermediary – February 2025 - Flipbook - Page 42
In Profile.
Afin Bank
Jessica O’Connor speaks with James Briggs, intermediary
sales director at Afin Bank, about the lender’s ambitious
launch and its mission to support underserved borrowers
A
gainst the backdrop of the everevolving financial landscape, a
new player is poised to redefine
banking for the African diaspora
in the UK. Afin Bank, having
recently secured its banking licence Authorisation
with Restrictions (AwR) from the regulators, is
gearing up to launch its services in 2025.
Backed by a £62m commitment from parent
company WAICA Reinsurance Corporation Plc, one
of Africa’s biggest reinsurance firms, Afin Bank
insists it is not just another digital-only lender. Its
mission is to provide financial solutions to Africans
residing in the UK, as well as certain overseas
borrowers eyeing the UK property market.
The Intermediary sat down with James Briggs,
intermediary sales director, to delve deeper into
Afin Bank’s vision, its unique proposition, and how
it plans to make banking more accessible.
Serving the underserved
African communities in the UK often find
themselves underserved by both traditional high
street banks and specialist lenders. Whether due
to visa status, a lack of credit history in the UK, or
simply a lack of tailored financial products, many
ess the lending they need to
have struggled to access
ecisely the gap Afin Bank
put down roots. That is precisely
was created to fill.
“Our coree mission is to support diaspora
clients in securing finance,”” explains Briggs.
ounded to serve
“The bank was originally founded
orking in and living
African communities working
in the UK who have been overlooked by
mainstream lenders.”
emains the heart of Afin’s vision, its
While this remains
ond a single demographic.
ambitions go beyond
ant to include other
Briggs says: “We also want
demographics that aree underserved within
the market. That includes self-employed
orth [HNW]
borrowers, high net worth
essionals,
borrowers, professionals, and young
professionals.”
By focusing on these
overlooked groups, Afin Bank
aims to do more than just
ovide
compete – it wants to provide
JAMES BRIGGS
real solutions.
42
The Intermediary | February 2025
“We want to fill in some gaps in the market
and offer something new to help support more
enquiries,” Briggs adds.
Breaking barriers
Afin Bank’s decision to prioritise the African
diaspora was not made by chance – it was born
from a deep understanding of the challenges this
community faces when trying to access finance in
the UK.
“The inspiration to support this demographic
came from the real experiences of people from
Africa living in the UK trying to get a mortgage,”
Briggs explains. “They created the business that
became Afin Bank.”
He continues: “It was this idea that attracted
our parent company, WAICA Re, which is based
in various countries in Africa. They saw that there
was an opportunity in the market due to the
amount of people from these countries in the UK
on work visas.”
Despite their significant contributions to the
UK economy – particularly within sectors such as
health, law, and finance – many African nationals
struggle to secure mortgages.
“Because of the complications man
many lenders
have around work visas, wher
where they might require
longer visas, or because the
they want several years
of credit history in the UK, this mark
market is very
underserved,” Briggs eexplains.
Afin Bank aims to change
chang that by offering
lending solutions for
f those who have
lived in the UK for as little as six months,
breaking down the barriers
barrier that prevent
many from owning a home.
Industry data also supports the
growing demand for
f products tailored to
this demographic.
Briggs says: “We
“W have engaged and done
some work with the sourcing
sour
providers
and criteria providers,
pr
and there is a
growing demand to service
servic
these types of
o clients.
“Data from Twenty7Tec
showed a 54% increase
in searches for non-UK
resident criteria in Q4
2023 compared to Q3.”
