Peter Hale has been appointed head of finance at Afin Bank, the new UK specialist lender backed by African reinsurer WAICA Re.
The bank, which is targeting an official launch later this year, aims to improve mortgage access for African and other diaspora communities who remain under-served by mainstream lenders.
Hale (pictured)brings significant experience to the role, having previously served as head of finance at FCMB Bank UK, the London-based subsidiary of Nigeria’s First City Monument Bank. The lender’s operations focus on supporting high-net-worth individuals and businesses, primarily within the African community in the UK.
In his new position, Hale will play a central role in preparing Afin Bank for full market entry following its receipt of a banking licence with Authorisation with Restrictions (AwR) in October. WAICA Re has committed £62 million to the project.
“The proposition of providing effortless banking to under-served customers, be that from the African diaspora and other underserved foreign nationals, young professionals or the self-employed, was really easy to get on board with and one that I am excited to help deliver,” said Hale. “But I was also attracted to the passion of the people at Afin Bank and their commitment to building a new bank with a strong purpose.”
Hale will work across departments as the bank prepares to go live, contributing to the development of both commercial and operational frameworks. “Joining a new bank ahead of full launch means I get to leverage my experience to help build and shape the end-to-end banking process, from commercial aspects through to the operational processes. That’s the kind of challenge that I enjoy,” he added.
Charles Resnick, chief financial officer at Afin Bank, described Hale’s appointment as a timely and strategic hire. “Peter is a key addition to the team and brings lots of expertise in banking and finance, which is invaluable ahead of our planned launch later this year,” said Resnick. “Peter’s previous experience of working with the African community will be important in helping to make Afin the bank for underserved diaspora communities in the UK.”
While Afin Bank’s core mission is to serve African and other foreign nationals in the UK who often face barriers to mortgage lending due to visa status or insufficient credit history, the bank expects its products to have broader appeal. These include high-net-worth borrowers, self-employed professionals, and others who struggle to meet traditional lending criteria.
The lender plans to offer both residential and buy-to-let mortgages in the UK, and also intends to support buy-to-let borrowers in selected African countries. In addition to its lending proposition, Afin Bank will offer FSCS-protected savings accounts for UK-based savers.
