WAICA Re establishes bank in the UK

WAICA Re has inaugurated Afin Bank UK Limited, a digital bank based in London (UK). This initiative is part of the Sierra Leone reinsurer's strategy to contribute to forging stronger financial links between Africa and international markets.

Afin, short for “Africa Affinity”, is aimed at serving Africans living and working in the UK.

The bank has an initial capital of 23.5 million GBP (29.9 million USD). According to Waica Re Chairman Kofi Duffuor, the company's five-year plan involves reinforcing the bank's capital base to 62 million GBP (78.9 million USD). Jason Oakley is appointed CEO of AFIN Bank.

Founded in 2011 and based in Sierra Leone, WAICA Re is now well positioned in the African market with offices in Ghana, Nigeria, Côte d'Ivoire and Tunisia. The company also has fully operational subsidiaries in Kenya and Zimbabwe.

Waica Re is also present in the United Arab Emirates.