Afin Bank and Thought Machine launch digital bank for Africans in the UK

By Gloria Methri

Afin Bank has partnered with Thought Machine, the cloud-native banking technology company, to launch a new digital bank for Africans living and working in the UK.

Based in the UK, Afin Bank aims to address the financial needs of the African diaspora by offering high-quality, digital-first financial services. Leveraging Thought Machine’s next-generation core banking platform, Vault Core, Afin Bank will provide mortgage solutions for those who face challenges in borrowing due to nationality, visa status, or UK credit history.

Afin Bank’s services will include savings accounts, residential mortgages, and buy-to-let (BTL) mortgages for Africans living in the UK and for Africans living overseas who want to invest in the UK property market.

Vault Core, known for its universal design and flexibility, enables banks to create unique products with precision and differentiation using clean, developer-friendly smart contracts. This will allow Afin Bank to independently design a comprehensive suite of personalised and integrated products, setting a new standard for serving the financial needs of its customers in one place.

Jason Oakley, CEO of Afin Bank, said, “We are thrilled to launch Afin Bank, which is dedicated to serving a vibrant and important community in the UK. By partnering with Thought Machine, we are confident in our goal of providing Africans living and working in the UK with the financial support they need.”

Monica Velasquez, CTO/O of Afin Bank, added, “Drawing on my extensive experience in the core banking market, I understand what defines a high-quality, next-generation platform. We selected Vault Core for its product excellence. It is cloud-native, highly configurable, and uniquely universal.”

“Its innovative use of Python-based smart contracts lets us develop differentiated products efficiently within days. Its Kafka message data streaming ensures real-time data processing and seamless information flow. The exceptional engineering support and comprehensive documentation equip our team to leverage this groundbreaking technology, enhancing our capabilities and cementing our position at the forefront of financial technology.”

Paul Taylor, CEO and founder of Thought Machine, said, “Our team is driven by the ambition to help the world’s leading banks and financial institutions innovate banking through exceptional engineering, clear vision, and hard work. Afin Bank’s commitment to leveraging genuinely cloud-native technology to serve underserved communities with seamless, secure, and outstanding user experiences is exciting. We look forward to supporting them in filling this crucial market gap.