We talk to a new kid on the banking block – a firm with Africa-based financial backing and a digital-first approach to serving clients who might not otherwise gain access to some financial services. It has developed a mortgage offering for HNW clients.

Afin Bank, a newly-launched specialist lender driven by a strategy to serve the African community in the UK, aims to achieve £1 billion ($1.32 billion) in lending within five years, in particular for residential and buy-to-let mortgages. The “digital-first” bank says it is on a mission to provide banking services to underserved clients.

In September Afin Bank, which is backed parent company WAICA Reinsurance Corporation, the Africa-based reinsurance company, launched a mortgage proposition aimed at high net worth clients. The offering – Afin Premier – enables clients to include assets such as pensions, investments, shares, real estate holdings, and even items such as fine art and classic cars, when assessing their affordability for a mortgage. 

When even HNW clients can struggle to obtain mortgage finance if their assets are deemed too idiosyncratic for rules-driven banking lending approaches, it creates a gap in the market, the bank told WealthBriefing in a recent interview. 

“Many high street banks rely heavily on automated decision-making, which excludes applicants who don’t fit a standard profile – such as foreign nationals working in the UK, or high net worth individuals who are asset-rich but do not have a standard income,” Tippie Malgwi (main picture), Afin Bank’s business development director, said. He previously worked at Arbuthnot Latham.

“Over the past two decades, major banks have moved away from in-person mortgage advice and towards automated, one-size-fits-all processes. This model works for standard borrowers but fails those with more complex circumstances – from foreign nationals and self-employed individuals to entrepreneurs and contractors,” he continued. 

“Our mission is to take a pragmatic, human approach to lending. We assess each borrower’s true financial position, not just what an algorithm says. Every application is reviewed on its own merits. For us, success means enabling more people to access home ownership – whether it’s buying their first property or securing a mortgage that better fits their lifestyle,” Malgwi said. 

After the 2008 financial crash and the tightening of capital rules that ensued, obtaining bank lending has become more difficult. This publication has written before about the surprisingly difficult field of HNW mortgage lending. However, specialist players do operate, such as Butterfield Mortgages. Certain banks say they provide solutions, for example UK-headquartered Arbuthnot Latham and Coutts, UBS and Brown Shipley. Even so, it is not a large field, so added competition is healthy. Last year, a study by Investec found that 90 per cent of high net worth individuals have had their mortgage applications rejected. As a result, they have had to accept lower loan-to-value (LTV) ratios than they wanted. Lenders were not able to understand their complex incomes.

WB asked Malgwi what drove the new banking model. 

“Afin Bank grew out of the experiences of professionals from West Africa who were living and working in the UK yet found it difficult to access mortgages. Despite strong incomes and stable employment, many were turned down due to their visa status or limited UK credit history. They wanted to build lives and homes here, but the system worked against them,” he said.  WAICA Re, one of Africa’s largest reinsurance providers, backed the creation of Afin Bank and it invested £62 million to establish a new, digitally driven-lender for the UK market.

Afin Bank’s CEO, Jason Oakley, founded Recognise Bank and was involved in expanding UK-based Metro Bank’s mortgage business.

The Africa angle
“Our roots mean we have a natural connection with the African diaspora in the UK, but the challenges we address affect everybody, including all foreign nationals with a valid work visa and passport who live and work here yet face obstacles to obtaining a mortgage,” Malgwi said.

“Beyond this, we have developed tailored propositions for high net worth individuals – taking into account assets such as investments, pensions, property portfolios, fine art and antiques when assessing creditworthiness,” he said.

The lender is also supporting self-employed businessmen and women whose income patterns have become increasingly complex; it also supports qualified professionals with a strong earning trajectory.

Spreading the word
The bank has launched a Community Ambassador Programme, aimed at professional diaspora networks. It works through trusted community figures – from business leaders to church representatives – to raise Afin’s awareness and introduce borrowers to its in-house mortgage advisors. 

“We also maintain strong partnerships with our broker and introducer networks, ensuring they understand the opportunities our products create for underserved customers. Education is key: we help brokers recognise and support clients who might otherwise be overlooked,” Malgwi said. 

Changing work patterns
Afin Bank is part of a changing response to the way people work – for example those who hold portfolio careers with different income sources that don’t fit with a standard profile that a major bank might want to see.

“The definition of “self-employed” has evolved dramatically – particularly since Covid. Today’s borrowers may be freelancers, contractors, or individuals with multiple income streams,” Malgwi said.

“Mainstream lenders often demand several years of accounts, but Afin takes a more flexible view. We’ll consider suitable applicants with 18 to 24 months of trading history, as well as forecasted income supported by an accountant’s reference. For contractors, we can lend from the start of a contract, provided they have two years of relevant experience. This makes us a valuable partner for modern, mobile professionals,” he said.