Afin Bank has hired Peter Hale as head of finance for the new specialist mortgage lender, which is due to launch later this year and aims at underserved Africans and other diaspora communities.

Hale was previously head of finance at FCMB Bank UK, part of a Nigerian-based banking group, part of which provides banking to high-net-worth individuals and businesses in the UK.

Afin is backed by African reinsurer WAICA Re which has committed £62m to setting up the venture.

It received a banking licence authorisation with restrictions in October last year. As part of its proposition, it will offer residential and buy-to-let home loans to people living in England and Wales through brokers and a digital app.

Hale says: “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.

He adds: “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.”

Afin Bank chief financial officer Charles Resnick says: “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.

“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.”

In January, the business appointed Rebecca Lewis as head of operations for the new lender.