African Capital Markets
Markets We Serve
Veri provides regulated investment administration for institutional investors seeking access to African capital markets — from the JSE and EGX to the BRVM and DSE. Below is a country-by-country guide to the exchanges, currencies, settlement infrastructure, and regulatory frameworks relevant to cross-border African investing.
Africa is home to more than 25 stock exchanges, each operating under its own regulatory framework, central securities depository, settlement cycle, and currency regime. For institutional investors, pension administrators, asset managers, and financial advisers, accessing multiple African markets simultaneously requires a regulated administration platform that manages custodian relationships, multi-currency reconciliation, compliance reporting, and consolidated performance attribution across jurisdictions.
The Veri Platform is operated from Mauritius by Gravitas Finance LLC, an FSC-licensed investment adviser with a Global Business Licence. Mauritius is Africa's leading international financial centre for cross-border investment, with double-taxation agreements across the continent and a regulatory framework that facilitates multi-jurisdiction administration for African market exposure.
The markets below are covered in the Veri AM100, AM200, and AM300 index universes and accessible to clients through the platform. Each page provides informational context on the exchange, listed companies, custody infrastructure, currency regime, and access considerations for offshore institutional investors.
South Africa
Southern Africa
Africa's largest and most liquid capital market
View South Africa market guide →
Egypt
North Africa
Africa's second-largest economy, operating across Cairo and Alexandria
View Egypt market guide →
Nigeria
West Africa
West Africa's dominant economy and Sub-Saharan Africa's largest by GDP
View Nigeria market guide →
Kenya
East Africa
East Africa's dominant financial hub and regional gateway
View Kenya market guide →
Ghana
West Africa
West Africa's most stable market, home to a growing financial services sector
View Ghana market guide →
Zimbabwe
Southern Africa
Two exchanges — one domestic, one USD-denominated for international investors
View Zimbabwe market guide →
Zambia
Southern Africa
Africa's copper heartland — a small but maturing capital market
View Zambia market guide →
Tanzania
East Africa
East Africa's second-largest economy with growing capital market depth
View Tanzania market guide →
West Africa (BRVM)
West Africa
Eight-country regional exchange operating on a single EUR-pegged currency
View West Africa (BRVM) market guide →
Morocco
North Africa
North Africa's gateway exchange and Morocco's institutional capital market
View Morocco market guide →
AM Series Indices
Pan-African Index Coverage
The AM100, AM200, and AM300 are pan-African equity indices developed by Veri, tracking the 100, 200, and 300 most liquid companies across African exchanges. The index universes draw from the JSE, EGX, NGX, NSE, BRVM, CSE, LuSE, ZSE, VFEX, and DSE — all of the major markets covered in the guides above.
Constituents are selected using a liquidity-score methodology based on trading activity over an 89-business-day observation window, with a 25% maximum country weight and a 5% maximum single-stock weight to ensure geographic diversification. The indices are rebalanced quarterly in January, April, July, and October.
The AM100 provides the highest-liquidity pan-African benchmark. The AM200 and AM300 extend coverage to mid-tier liquidity layers, capturing a broader cross-section of the continent's equity market universe. All three indices can be used as benchmarks for pan-African mandates managed through the Veri Platform.