• South Africa, Mauritius top 2025 Africa financial markets index

• Only 9 of 28 markets improved scores amid global uncertainty

• Rwanda, Ethiopia posted biggest gains; Cameroon saw largest drop
  

South Africa and Mauritius maintained their positions as having the most developed financial markets in Africa in 2025, according to an October 16 report by South Africa’s Absa Group and the London-based think tank Official Monetary and Financial Institutions Forum (OMFIF).

Titled “Absa Africa Financial Markets Index 2025,” the report assessed the progress of financial markets in 29 African nations, representing about 80% of Africa’s population and GDP. The index draws on more than 40 indicators and aggregates scores across six key categories: market depth, access to foreign exchange, the legal and regulatory framework and market transparency, the capacity of local investors, the macroeconomic environment, and the enforceability of international financial agreements.

Over the past 12 months, global economic uncertainty driven by trade tensions and geopolitical instability slowed progress in most African financial markets. Of the 28 markets evaluated, only nine managed to raise their overall scores.

Country Performance Highlights

With an overall score of 86 points, a two-point drop from the 2024 edition, South Africa’s financial market remained the continent’s top performer despite a challenging macroeconomic climate. The mature market ranked first in four categories: legal standards and enforceability (100 points), market depth (98), tax and regulatory environment and market transparency (96), and access to foreign exchange (86). Its weakest areas were the macroeconomic environment (79 points, fifth place among 29 markets) and the development of pension funds (65 points, third).

Mauritius retained its second-place ranking from 2024 with 76 points. Uganda (66) climbed to third, displacing Nigeria (65), now fourth. Namibia (64), Botswana (63), and Ghana (60) followed.

Nine countries improved their scores: Uganda, Namibia, Botswana, Ghana, Rwanda, Zimbabwe, Angola, Lesotho, and the Democratic Republic of Congo. Eleven saw declines: South Africa, Morocco, Kenya, Zambia, Egypt, Eswatini, Cabo Verde, Seychelles, Malawi, Cameroon, and Madagascar. Eight remained unchanged: Mauritius, Nigeria, Tanzania, Tunisia, Côte d’Ivoire, Benin, Senegal, and Mozambique.

Rwanda recorded the biggest improvement, gaining eight points, followed by Ethiopia (+5), Botswana (+4), and Lesotho (+4). Cameroon posted the largest decline, dropping three points.

Thirteen of the 29 markets scored above 50 out of 100 this year, underscoring the growth potential of the others.