The African Export-Import Bank (Afreximbank) has ended its credit rating relationship with Fitch Ratings, a decision that is expected to reignite debate over how international rating agencies evaluate African multilateral financial institutions. The Cairo-based lender announced the move in a notice issued on Friday, January 23, 2026.
According to Afreximbank, the decision followed an internal review of its engagement with Fitch, which concluded that the rating process no longer adequately reflected the bank’s Establishment Agreement, mandate, and development-focused mission. The lender suggested that key elements of its legal and operational framework were not being sufficiently understood or factored into the assessment.
The bank was quick to stress that the termination does not point to any deterioration in its financial health. Instead, Afreximbank said its business profile remains resilient, supported by strong shareholder backing and robust legal protections enshrined in its Establishment Agreement, which has been signed and ratified by its member states.
While Afreximbank did not indicate whether it plans to engage another international rating agency in the near future, it reaffirmed its commitment to transparency, prudent financial management, and institutional stability. The bank plays a central role in promoting intra-African and extra-African trade, particularly as many African economies face tight global financial conditions, and its decision is likely to fuel renewed scrutiny of the methodologies and perceived biases of global credit rating agencies toward Africa-focused development lenders.