How Many Stock Exchanges Are There in Africa? The Full List

Africa has approximately 30 operating stock exchanges and organized securities markets, depending on whether regional exchanges, specialized trading venues and alternative markets are included.

These exchanges connect businesses seeking capital with investors interested in stocks, bonds and other financial securities.

According to the African Securities Exchanges Association (ASEA), its membership comprises 26 full members and 6 associate members. Membership is not identical to the number of operating stock exchanges because some members are specialized financial market institutions.

The 10 Major Stock Exchanges in Africa

Based on market capitalization data updated October 16, 2026, the following are Africa’s 10 largest stock exchanges.

Rank	Stock exchange	Country or market	Market cap (USD)
1	Johannesburg Stock Exchange (JSE)	South Africa	$1.454T
2	Nigerian Exchange (NGX)	Nigeria	$120.85B
3	Casablanca Stock Exchange (CSE)	Morocco	$101.72B
4	Botswana Stock Exchange (BSE)	Botswana	$78.14B
5	Egyptian Exchange (EGX)	Egypt	$75.52B
6	BRVM	Regional West Africa	$35.91B
7	Nairobi Securities Exchange (NSE)	Kenya	$31.38B
8	Ghana Stock Exchange (GSE)	Ghana	$23.02B
9	Lusaka Securities Exchange (LuSE)	Zambia	$16.70B
10	Malawi Stock Exchange (MSE)	Malawi	$15.57B

Source: African stock exchange market capitalization dataset, October 16, 2026. Figures are rounded.

The Johannesburg Stock Exchange dominates the ranking, with market capitalization exceeding $1.45 trillion.

Nigeria and Morocco are the only other exchanges in the dataset exceeding $100 billion.

The BRVM is distinctive because it serves 8 countries—Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo—through one regional market.

Investors can explore the Nigerian Exchange and BRVM through Daba.

Other African Stock Exchanges: Honorable Mentions

Beyond the 10 largest exchanges, Africa has several other established securities markets.

These include the Stock Exchange of Mauritius, Namibian Stock Exchange, Dar es Salaam Stock Exchange, Uganda Securities Exchange, Rwanda Stock Exchange, Zimbabwe Stock Exchange, Victoria Falls Stock Exchange, Mozambique Stock Exchange, Cape Verde Stock Exchange, Eswatini Stock Exchange, Seychelles Securities Exchange, Tunis Stock Exchange and Algiers Stock Exchange.

Central Africa also has the Bourse des Valeurs Mobilières de l’Afrique Centrale (BVMAC), serving the CEMAC region.

Other organized financial markets include securities or trading platforms in Angola and Sudan.

These markets differ in size, liquidity, security types and accessibility.

Ethiopia: Africa’s Newest Major Capital Market Development

Ethiopia officially launched the Ethiopian Securities Exchange (ESX) on January 10, 2025.

Government securities trading commenced in July 2025, expanding the country’s formal capital market infrastructure.

The exchange has since developed its equity market, including listings involving banks and Ethio Telecom.

The ESX is intended to help Ethiopian businesses raise capital and expand opportunities for investors.

DR Congo: Plans for a New Stock Exchange

The Democratic Republic of the Congo is also working toward establishing its first stock exchange.

In July 2026, the government outlined plans for a securities market that could accommodate instruments denominated in Congolese francs and US dollars.

A domestic exchange could provide new financing opportunities for businesses in mining, infrastructure and other industries.

However, the proposed market should not yet be counted among Africa’s operating stock exchanges.

How Can Investors Access African Exchanges?

Investors generally access stock exchanges through licensed brokers or regulated investment platforms.

Daba Finance provides access to selected African markets, helping eligible investors explore listed companies and investment opportunities.

The bottom line: Africa’s 10 largest exchanges account for a substantial share of the continent’s listed equity value. Meanwhile, smaller markets and new developments in Ethiopia and DR Congo illustrate the continued expansion of African capital market infrastructure.