Africa’s richest country nears full membership in Afreximbank

South Africa is one step closer to becoming a full sovereign member of the African Export-Import Bank (Afreximbank), the continent’s premier trade finance institution, after its cabinet approved the plan, the government said on Thursday.

Full membership in Afreximbank, which has a $35 billion balance sheet, would give Africa’s most industrialised economy expanded access to trade and investment products, according to Reuters. The move comes as South Africa seeks alternative export markets in the wake of heightened tariff tensions with the United States.

Afreximbank has recently been at the centre of debate over whether its loans to African countries should be restructured in the event of sovereign defaults. Despite this, Pretoria’s push for membership signals a strategic shift toward deepening continental financial integration.

The government said it would obtain a Class A shareholding, which would grant it a stronger role in the bank’s governance, including influence over its strategic direction, structure, and leadership appointments.

No timeline was provided for when South Africa’s full membership will be finalised.

South Africa was unable to join Afreximbank as a founding sovereign member when the institution was established in 1993, due to the country’s international isolation under apartheid. It later acquired an unspecified stake in 2017 but did not formally accede to the treaty that created the bank.

Afreximbank has four shareholding categories. Class A includes African governments and regional financial institutions like the African Development Bank, which collectively hold more than 50% of shares across 53 member states.

The remaining shares are split among Class B shareholders, including commercial banks and private equity funds, and Class C investors, which include foreign entities and individuals holding depositary receipts listed on the Stock Exchange of Mauritius.