Fitch Ratings has downgraded African Export-Import Bank’s (Afreximbank) Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-’.

Fitch also downgraded Afreximbank’s Short-Term IDR to ‘B’, from ‘F3’, and the long-term ratings on the bank’s global medium-term note programme and debt issuance to ‘BB+’, from ‘BBB-’.

The global rating institution subsequently withdrew the bank’s ratings.

In a statement posted on its website, Fitch explained that the downgrade “reflects our revision of Afreximbank’s policy importance risk to ‘medium’ from ‘low’ following the announcement of an agreement on Ghana’s debt to Afreximbank in the context of Ghana’s broader restructuring”.

It said, “This has led us to revise our assessment of Afreximbank’s business profile to ‘high risk’ from ‘medium risk’, which resulted in an overall business environment notching of -3 (-2 previously).”

Essentially, a BB+ /Stable rating from Fitch is considered non-investment grade, also known as high-yield or “junk”.

The statement added, “Fitch has chosen to withdraw the ratings for commercial reasons. Fitch will no longer provide ratings or analytical coverage for the bank.”

In arriving at its decision, Fitch stated, “Afreximbank and Ghana announced in December 2025 that they had reached an agreement in principle with respect to Afreximbank’s $750 million sovereign loan to Ghana.

“The IMF stated that the deal is in line with the comparability of treatment under Ghana’s official creditor committee. We view this as evidence that Afreximbank did not benefit from its preferred creditor status (PCS).”

It said, “While we had not previously given any uplift in our solvency assessment for PCS, the de-facto preferential treatment in a broader sense that Afreximbank, along with most other multilateral development banks, benefit from was previously factored into our assessment of the bank’s policy importance.

“The bank’s inclusion in Ghana’s restructuring underlines its weakening policy importance, in our view.”

The rating institution also said, “Our latest assessment of Afreximbank’s ‘high’ business profile risk underpins the ‘high risk’ quality of governance assessment, and ‘high’ strategy risk.

“The ‘high risk’ business environment assessment reflects the bank’s exposure to a ‘high risk’ operating environment with weak credit quality, low income per capita and high political risk in the countries of operation.”

It explained that the ratings were driven by the bank’s Standalone Credit Profile (SCP) of ‘bb+’, reflecting the lower of the solvency (bbb+) and liquidity (a) assessments and its ‘high risk’ business environment.

The statement added that the solvency assessment balanced the bank’s ‘strong’ capitalisation and ‘moderate’ risk profile.

Fitch stated, “Afreximbank’s ‘bbb+’ solvency assessment reflects both ‘strong’ capitalisation and ‘moderate’ solvency risks. Our assessment of capitalisation is underpinned by a ‘moderate’ usable capital to risk-weighted assets (21 per cent at end-2024) ratio, a ‘strong’ equity to assets and guarantees ratio (19 per cent) and ‘excellent’ internal capital generation.

“The ‘moderate’ solvency risks assessment reflects ‘high’ credit risk, ‘weak’ risk management policies, ‘low’ concentration risk and ‘very low’ equity risk.

“Afreximbank’s ‘a’ liquidity assessment reflects the ‘strong’ quality of treasury assets, measured by the share of treasury assets rated ‘AA-’ to ‘AAA’ (50 per cent at end-2024 and we expect it to remain above the ‘strong’ threshold of 40 per cent), and a ‘moderate’ liquidity buffer (defined as liquid assets-to-short-term debt, at 95 per cent at end-2024).

“The bank’s liquidity profile is enhanced by its access to capital markets and diversified funding sources, including credit lines ($2.1 billion, of which $0.6 billion was committed at end-2024) and collateral deposits. The short duration of the loan portfolio also contains liquidity needs.”

Fitch also stated that it “assesses shareholders’ capacity to support Afreximbank at ‘bb-’, based on the average rating of key shareholders (ARKS) accounting for more than 50 per cent of the bank’s capital.

“The sovereign upgrades of Egypt and Nigeria, Afreximbank’s two largest shareholders, in April 2025 improved the ARKS to ‘B+’ from ‘B’.

“Credit risk mitigants on callable capital (covering 40 per cent of $4.3 billion) enhance the support capacity by one notch to ‘bb-’.

“The support assessment also reflects the ‘strong’ propensity of shareholders to support the bank, which has been consistently demonstrated by ongoing capital injections and dividend reinvestments.”

FBNQuest Merchant Bank Limited has completed a change of name and will now operate as Quest Merchant Bank Limited, following the receipt of all required corporate and regulatory approvals.

The name change does not affect the Bank’s legal or going-concern status, management, or the nature of its business. Quest Merchant Bank Limited remains a duly licensed merchant bank, regulated by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), and continues to deliver its full suite of merchant banking, advisory, and capital markets services to clients.

Commenting on the development, the Ag. Managing Director/CEO, Afolabi Olorode, stated: “This name change represents a pivotal milestone in the rich history of the Bank and a deliberate strategic repositioning that reflects our resilience, strong track record, and long-term growth ambitions. While our name has evolved, our commitment to our clients, stakeholders, and regulators remains unwavering.”

As part of the transition, the Bank is updating its branding, communications, and digital platforms to reflect the new name. During this period, some legacy references may remain visible across select touchpoints as updates are progressively completed.

All existing contracts, client relationships, and obligations of the Bank remain valid, binding, and fully enforceable following the name change.

United Bank for Africa (UBA) Plc, Africa’s leading financial institution, on Tuesday unveiled a groundbreaking instant account opening platform, revolutionising banking access for millions across the continent and diaspora communities worldwide.

UBA

The fully digital innovation, accessible at ubagroup.com, empowers prospective customers to complete account onboarding online in minutes, bypassing paperwork, branch visits, and lengthy processes that have long hindered financial inclusion. Supporting Naira and Diaspora accounts with multi-language options, the platform operates seamlessly on computers, tablets, and smartphones, catering to UBA’s diverse pan-African footprint spanning 20 countries, the UK, US, France, and UAE.

Shamsideen Fashola, Group Head of Retail and Digital Banking, described the launch as a pivotal step in democratising finance. “At UBA, we are committed to redefining the customer experience through innovation and simplicity,” Fashola said. “This fully digital solution underscores our belief that banking should be accessible, secure, and truly borderless.”

The seven-step process is intuitive: customers select “Open a Savings Account,” input their Bank Verification Number (BVN), undergo facial verification, confirm an OTP, update details, upload documents, add a digital signature, and receive an instant account number. This bridges traditional banking rigour with fintech speed, incorporating digital KYC while upholding stringent security.

Built with compliance at its core, the platform adheres to Nigeria’s Data Protection Act (NDPA) and Europe’s GDPR, safeguarding user privacy amid cross-border operations. Unlike conventional methods requiring physical biometrics, it enables immediate enrolment in UBA’s digital channels, blending convenience with regulatory depth.

Alero Ladipo, Group Head of Brand, Marketing, and Corporate Communications, highlighted customer-centric design. “Today’s customers expect speed, convenience, and compliance without compromise,” Ladipo stated. “We have blended industry-leading digital onboarding with robust standards for a seamless experience matching global best practices.”

The move reinforces UBA’s dominance in technology-driven inclusion, serving over 50 million customers with 30,000 employees and pioneering retail, commercial, and institutional services. Analysts view it as a strategic edge over fintech rivals, accelerating Africa’s digital economy amid rising diaspora remittances and intra-continental trade.

As Nigeria and Africa push financial digitisation, UBA’s platform positions the bank to capture untapped markets, fostering economic growth through barrier-free banking