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Absa Africa Financial Markets Index 2026

The Absa Africa Financial Markets Index evaluates countries’ financial development based on measures of market accessibility, openness and transparency. The aim is to show how economies can reduce the barriers to investment which can, in turn, boost sustainable growth.

Now in its 10th year, the index provides a benchmark for market infrastructure and an opportunity for policy-makers to learn from improvements across Africa. Throughout this milestone edition, the index examines these 10 years of progress.

With support from the United Nations Economic Commission for Africa, the index covers 29 economies in the region. This equates to approximately 80% of the population and gross domestic product of Africa.

Scores are measured against a fixed reference bound, representing an achievable benchmark of good practice in an African financial market. Each country is ranked on performance across six key pillars: market depth; access to foreign exchange; market transparency; pension fund development; macroeconomic environment; and legal standards, tax and regulatory environment.

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Country highlights in 2026:

  • South Africa remains the AFMI’s leading financial market, supported by the scale and liquidity of its capital markets, a broad range of financial products, sophisticated market infrastructure and strong institutional-investor participation.
  • Mauritius continues to rank among the AFMI’s strongest performers, combining an open financial system with comparatively developed market infrastructure, product availability, transparency and a supportive legal and regulatory environment.
  • Nigeria introduced several important market-infrastructure reforms, including mark-to-market valuation for fixed-income collective investment schemes and a new commercial-paper listing and trading platform.
  • Uganda has consistently ranked among the strongest performers in Pillar 2 since 2022 and has returned to second place in 2026.
  • Namibia has developed one of sub-Saharan Africa’s largest pension industries relative to the size of its economy.
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