"We’re tapping into the strong community roots that are the traditional foundation of the mortgage industry"
Afin Bank was created to provide mortgages to underserved groups, such as people from Africa, India and Eastern Europe, living and working in the UK, who often struggle to get home loans from mainstream lenders because of circumstances such as their visa status or lack of UK credit history.
The new initiative will create a network of ambassadors in diaspora communities who will introduce friends, family and other community members to Afin Bank: they will not offer financial advice.
The programme will be headed up by Kemi Fashina, Afin Bank’s Marketing and Community Manager (pictured). She explained: “Diaspora communities in the UK are close and strong, and good news is shared quickly, so the creation of Afin Bank has already started a buzz among people keen to get on the property ladder but have found it hard to get a mortgage.
“The development of our Community Ambassadors Programme will be pivotal in helping to drive greater financial inclusion for hardworking diaspora communities in the UK, ensuring more people have the support they need to help them achieve their homeownership dreams.”
Alan Davison, Chief Commercial Officer for Afin Bank, said the programme is an important part of the bank’s distribution strategy. He said: “We have built a strong network of broker partners ahead of our planned launch, including those that already work with diaspora communities. Our Community Ambassadors Programme will complement that approach, ensuring that we can reach and support as many underserved borrowers as possible.
“In some ways this feels like quite an innovative approach to helping customers, but we’re tapping into the strong community roots that are the traditional foundation of the mortgage industry. Instead of treating people like a number, we are building a network of trusted Ambassadors with strong relationships who are referring people to a bank that puts its customers first.”
Research commissioned by Afin Bank among 500 members of the African diaspora in the UK revealed that people are being let down by the current mortgage system. Of the people Afin Bank surveyed, 87% said they had been turned down for a mortgage, while 92%3 said they felt underserved by lenders and financial services providers. One in ten said they would turn to someone in their community for a recommendation if they were looking for a mortgage.
Louis Mensah Owusu, a leading member of the Ghanaian community in the UK, is one of Afin Bank’s new Community Ambassadors. He said: “This is a great idea and an important development for people in diaspora communities looking to lay down roots in the UK.
“When it comes to financial services, people want support from organisations and leaders they trust so they can make good decisions. This is a great initiative from Afin Bank, and I am excited to be a part of it.”
