Ranking of Africa’s Most Developed Financial Markets in 2025 (Absa Group)

South Africa and Mauritius top the ranking of Africa’s most developed financial markets in 2025, according to a report published on Thursday, October 16, 2025, by South African financial services group Absa Group and the Official Monetary and Financial Institutions Forum (OMFIF), a think tank specializing in economic policy, central banking, and public investment.

Titled “Absa Africa Financial Markets Index 2025,” the report assesses progress made by the financial markets of 29 African countries, which together account for around 80% of the continent’s population and gross domestic product (GDP). The index is based on more than 40 indicators grouped into six categories: market depth; access to foreign exchange; tax and regulatory environment and market transparency; development of pension funds; macroeconomic environment; and legal standards and their enforceability.

For each category, the financial markets assessed are scored on a scale from 10 to 100 points. The overall score for each market represents the average of the scores across all categories.

With an overall score of 86 points, down two points compared to the 2024 edition of the index, South Africa remains the best-performing financial market on the continent, despite a challenging macroeconomic environment. This mature market ranks first in four categories: legal standards and enforceability (100 points), market depth (98 points), tax and regulatory environment and market transparency (96 points), and access to foreign exchange (86 points). Its weakest performances were recorded in the macroeconomic environment category (79 points, 5th out of 29 markets) and pension fund development (65 points, 3rd).

With a score of 76 points, Mauritius retains its second place in the overall ranking compared to 2024, while Uganda (66 points) climbed to third place, overtaking Nigeria (65 points), which now ranks fourth. They are followed by Namibia (64 points), Botswana (63 points), and Ghana (60 points).

(See the full ranking of the 29 markets assessed below.)

Overall, nine countries improved their scores (Uganda, Namibia, Botswana, Ghana, Rwanda, Zimbabwe, Angola, Lesotho, and the Democratic Republic of Congo), while 11 recorded declines (South Africa, Morocco, Kenya, Zambia, Egypt, Eswatini, Cape Verde, Seychelles, Malawi, Cameroon, and Madagascar). Eight countries remained unchanged (Mauritius, Nigeria, Tanzania, Tunisia, Côte d’Ivoire, Benin, Senegal, and Mozambique).

The largest improvements were recorded by Rwanda (+8 points), Ethiopia (+5 points), Botswana (+4 points), and Lesotho (+4 points), while Cameroon experienced the largest decline (-3 points).

Out of the 29 financial markets assessed, 13 achieved a score above 50 points on a scale of 100, highlighting the significant room for improvement for the others.

Walid Kéfi
Edited by M.F. Vahid Codjia

Ranking of Africa’s Most Developed Financial Markets in 2025

1. South Africa (86 points)
2. Mauritius (76)
3. Uganda (66)
4. Nigeria (65)
5. Namibia (64)
6. Botswana (63)
7. Ghana (60)
8. Morocco (56)
9. Kenya (56)
10. Zambia (55)
11. Egypt (54)
12. Rwanda (54)
13. Tanzania (53)
14. Eswatini (47)
15. Zimbabwe (46)
16. Cape Verde (45)
17. Seychelles (44)
18. Tunisia (44)
19. Malawi (43)
20. Côte d’Ivoire (42)
21. Benin (42)
22. Senegal (42)
23. Mozambique (41)
24. Angola (41)
25. Lesotho (40)
26. Cameroon (39)
27. Democratic Republic of Congo (36)
28. Madagascar (36)
29. Ethiopia (35)