Afin has been granted a banking licence Authorisation with Restrictions, paving the way for it to start lending next year. The firm is targeting people from Africa who find it difficult to get mortgages because of their nationality, visa status or lack of credit history in the UK.It will offer residential and buy-to-let (BTL) mortgages to people living in England and Wales, as well as BTL mortgages for borrowers based in the West African Countries of Ghana, Sierra Leone and The Gambia investing in the UK property market. The bank is also planning a range of FSCS protected savings products to people with a UK passport, as well as people from Ghana, Nigeria, Sierra Leone and The Gambia resident in the UK. The new venture is backed to the tune of £60 million by parent Waica Re, one of the largest reinsurance companies in Africa. It is led by Jason Oakley, previously CEO of digital SME lender Recognise Bank.Products and services will be offered directly via an Afin app, as well as through intermediaries and brokers. The bank is also building partnerships with groups and organisations that are part of the African diaspora community, including cultural networks and associations. Says Oakley: “This is an important milestone for Afin Bank and demonstrates that we are well on our way to offering vital financial services to the African diaspora who are currently poorly served by mainstream providers. “These are professionals working in vital sectors such as law, finance and health, as well as in many of our major corporate firms, or they are creating wealth and opportunities in the UK. Yet they have found it difficult to get the financial support they need until now.”