Afin Bank has unveiled a community ambassadors programme to support homeownership for under-served groups such as those from Africa, India and Eastern Europe living and working in the UK.
The bank was created to provide mortgages to diaspora communities; those who have migrated from their homeland but maintain their connections there. These groups often struggle to get home loans from mainstream lenders because of their visa status or lack of credit history.
Almost 90% of Africans living and working in the UK have had their mortgage application declined due to circumstances around them being a foreign national, a survey from the bank found. Their visa status was the most common reason for a decline.
The network of ambassadors will work within diaspora communities, introducing friends, family and other community members to Afin Bank if they are looking for a mortgage or to remortgage. Ambassadors will not offer financial advice and will only introduce prospective customers to the bank’s in-house mortgage adviser team.
Kemi Fashina, marketing and community manager, will lead the programme.
She said: “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.
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“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.”
Community ambassadors, who will receive continuous guidance and assistance from Afin Bank’s ambassador management team, can host events to generate referrals and answer technical questions.
Alan Davison (pictured), 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 programme will complement that approach, ensuring that we can reach and support as many under-served borrowers as possible.”
He added: “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.”
The full launch of the bank is planned for later this summer.