Africans in UK to gain mortgage access with Afin Bank partnership

Afin Bank, a recently launched UK-based startup, has partnered with banking technology leaders Thought Machine and Vacuumlabs to deliver specialised digital banking services for Africans residing in the UK.

This venture, scheduled to launch in 2025, follows the bank’s Authorisation with Restrictions (AwR) licence approval from the Prudential Regulation Authority (PRA), marking a critical milestone for Afin as it enters the mobilisation phase of its operation.

Addressing specific needs in the African diaspora

Africans living in the UK, particularly those from Nigeria, Gambia, Sierra Leone, and Ghana, often encounter barriers in accessing financial services tailored to their needs.

Studies by the International Organization for Migration (IOM) indicate that many African diaspora members face challenges around credit accessibility, financial literacy, and products designed for expatriate income streams and family support. Afin Bank seeks to meet these needs by providing FSCS-protected savings accounts, residential, and buy-to-let mortgage options for UK passport holders and African nationals.

The new offerings align with the bank’s goal of facilitating financial empowerment and fostering a greater sense of financial inclusion among African communities in England and Wales.

Afin’s tech partnerships: Powering agile digital solutions

Afin Bank has selected Thought Machine’s Vault Core for its core banking platform. By implementing this cloud-native technology, Afin joins other global players like HD Bank in Vietnam, Judo Bank in Australia, and ethical finance startup Ethos, all of which rely on Thought Machine for its versatility and security.

Explaining Afin’s choice, Monica Velasquez, the bank’s Chief Technology Officer, said that “The use of Python-based smart contracts allows us to develop differentiated products efficiently within days,” while Thought Machine’s “Kafka message data streaming ensures real-time data processing.”

The dynamic core infrastructure enables Afin to provide Africans in the UK with adaptable, personalised banking solutions.

Enhancing user experience with Vacuumlabs

Afin’s partnership with Vacuumlabs, a Slovakian fintech, aims to support backend operations and develop a user-centric mobile app experience for Afin’s customers. With the bank’s MACH architecture—emphasising microservices, APIs, cloud-first, and headless technology—Afin can seamlessly offer banking services that fit the fast-paced needs of a mobile and internet-savvy customer base. Backend architecture leverages Python and Kotlin, while React Native ensures a smooth mobile experience.

Velasquez highlights the technology’s role in delivering resilient and reliable services: “We are leveraging Temporal’s solutions for orchestration to ensure durable execution of application code, allowing reliable and resilient workflow executions to power our customer journeys.”

By strategically blending innovative partnerships and advanced technology, Afin Bank intends to bring transformative digital banking to Africans in the UK, addressing long-standing challenges diaspora communities face and establishing itself as a financial bridge between Africa and the UK.