WAICA Reinsurance establishes AFIN Bank to bridge Africa and Global Finance

WAICA Reinsurance Corporation Plc (WAICA Re) has launched AFIN Bank UK Limited, a wholly-owned subsidiary in the UK, marking a strategic move to connect Africa with global financial markets. With an initial capital of £23.5 million, AFIN—standing for “Africa Affinity”—aims to strengthen WAICA Re’s global reach while maintaining its African roots.

Group Chairman Kofi Duffuor outlined a five-year plan to increase the bank’s capital to £62 million, reinforcing its growth ambitions. Founded in 2011, WAICA Re has expanded significantly, with offices across Africa and the UAE. Its annual premium income grew from $7 million in 2012 to $255 million in 2023.

AFIN Bank UK seeks to diversify WAICA Re’s portfolio, mitigate regional economic risks, and foster financial inclusion by leveraging Africa's expertise and the UK’s financial ecosystem.

Read the original article