Former City Regulator Joins the Board at Specialist Lender Afin Bank

18 November 2024

Afin Bank Appoints Former Regulator to its Board
• David Kenmir joins new digital bank as an Independent Non-Executive Director
• He was previously COO of the Financial Services Authority and a Risk and Regulatory Partner at PwC
Afin Bank has appointed David Kenmir as an Independent Non-Executive Director (INED), bringing over 30 years of financial services experience and expertise to its Board.

Kenmir spent more than ten years at the Financial Services Authority (FSA), the forerunner of both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), including a stint as the body’s Chief Operating Officer.

He subsequently spent 14 years at PwC as a Partner focussing on Conduct and Culture, in its Financial Services Risk and Regulatory Practice. He brings his wealth of experience of governance and compliance to the new digital bank, which has been set up to help foreign nationals living and working in the UK to get mortgages and savings accounts.

Kenmir said: “I am delighted to be joining Afin Bank at the start of its journey, helping to shape a financial services provider that genuinely wants to do things differently and make mortgages accessible to a vital group of consumers who are currently poorly served in the UK.

“From my experience with the FSA, as well as advising new and established businesses at PwC, I bring a unique perspective on the commercial and regulatory challenges and regulatory requirements facing new banks. I look forward to working with Afin Bank to help build its strategy and operate effectively in the UK’s highly regulated environment.”

In his time with PwC Kenmir worked with traditional financial services providers through to fintech start-ups. He also led PwC’s work on the implementation of the FCA’s Consumer Duty and was a member of the ICAEW’s Conduct Risk Committee.

Jason Oakley, Afin Bank’s CEO, said of Kenmir’s appointment: “This is an important addition to what is already a highly skilled and experienced Board at Afin Bank. David’s knowledge and insight will be invaluable as we prepare Afin Bank for full launch next year.”

The idea for Afin Bank came from the real experiences of Africans living in the UK who struggled to find mortgages because of their nationality, visa status or lack of credit history. The bank is backed by WAICA Reinsurance Corporation Plc (WAICA Re), one of the largest reinsurance companies in Africa, which has committed £60m to launch Afin Bank.

Afin Bank will initially target African nationals, of which there are more than 1.5 million3 in the UK, as well as non-standard customers such as high-net-worth borrowers and the self-employed, but it is likely to appeal to the millions of customers in other under-served diaspora communities.

After receiving its banking licence Authorisation with Restrictions1 (AwR) in October, Afin Bank aims to start offering residential and buy-to-let mortgages early next year2 through intermediaries, partnerships with groups in diaspora communities, as well as via an app. It will also offer a range of FSCS protected savings products to all UK savers.

For more information about Afin Bank visit www.afinbank.com and follow it on @AfinBankUK on X and Instagram.