Newly launched specialist lender, Afin Bank, has appointed Tippie Malgwi as its business development director. As well as developing relationships with brokers and the bank’s core diaspora customer base, he will also help Afin shape its new high net worth proposition.
Having started his career with Guaranty Trust bank in Nigeria before moving to the UK, Malgwi brings a deep understanding of the diaspora community that is at the heart of the bank’s mission to support underserved borrowers.
After stints in the UK with the Royal Bank of Scotland, Friends Life and Aldermore, Malgwi joined private bank and wealth manager Arbuthnot Latham where he spent nearly seven years supporting high net worth customers, rising to the position of private banker. He will use this experience to help build Afin’s Premier proposition, due to be launched soon.
Afin offers residential and buy-to-let mortgages to borrowers underserved by mainstream lenders because of their circumstances. While created for diaspora communities and foreign nationals in mind, who can struggle to get mortgages because of challenges such as their visa status or lack of UK credit history, the bank says its mortgages may also be suitable for other underserved borrowers like the self-employed and professionals.
Malgwi said the Afin role was a unique opportunity to combine his financial services expertise with his knowledge of the diaspora experience in the UK. He explained: “I love the vision of Afin Bank and I understand the people we want to help, because it’s my story. I am one of those people who left their place of origin and made this country their home.
“I have friends who are doctors, IT professionals and engineers, all good income earners offering so much value to the UK, but have found it hard to get a mortgage because of circumstances such as their visa status or credit history. They want to get on the property ladder and build a home in the UK.”
Malgwi says much of the problem stems from a lack of understanding within mainstream banks of the challenges faced by foreign nationals living and working in the UK. He added: “I am lucky because I understand financial services, but there are not many of us from diaspora communities in the banking world. This is my chance to support others, people like me, good earners who offer so much to the UK, and help them to put down roots in this country.”
Alan Davison, chief commercial officer for Afin Bank, said: “Tippie is an important addition to Afin because he brings so much experience and insight of two of our core customer sectors, the diaspora community and high net worth individuals.
“But he also has a real first-hand understanding of the challenges people from diaspora communities face, which creates empathy and a desire to help our customers. I am delighted to have him in the team.”
