In Summary:
- The JSE leads Africa in foreign and dual listings due to its scale and global integration.
- Regional and dual listing models drive foreign participation in smaller exchanges.
- Foreign listings improve liquidity, credibility and investor confidence.
- Strong listing frameworks help African markets attract global capital.
Deep Dive!!
Tuesday, 23 December 2025 – African stock exchanges are becoming increasingly interconnected with global capital markets, as more foreign companies seek listings across the continent. In 2025, foreign and dual listings are playing a critical role in improving liquidity, enhancing market credibility and positioning African exchanges as viable destinations for international capital flows.
This article ranks the Top 10 African Stock Exchanges with the most foreign listings, highlighting how regulatory frameworks, market depth and cross border listing structures are shaping Africa’s financial integration. It provides insight into why certain exchanges attract global companies and what this means for investors and economic growth.
10. Stock Exchange of Mauritius (SEM)
The Stock Exchange of Mauritius has positioned itself as a gateway for international and regional listings. While its total number of companies is modest relative to continental peers, SEM historically lists several foreign or regionally linked investment vehicles and ETFs, attracting cross-border participation from East African investors and global fund managers seeking exposure to emerging African assets.
In 2025, SEM’s diversified listings include a mixture of domestic companies and international ETFs or investment trusts that draw foreign investment, helping it secure a place in the top ten for foreign-linked exposure.
9. Namibian Securities Exchange (NSX)
Namibia’s bourse has significant cross-listing activity, with a substantial share of its listed companies also listed on the Johannesburg Stock Exchange (JSE). In 2025, most of NSX’s 59 listings are dual-listed securities that trade both in Windhoek and in South Africa, effectively broadening foreign investor access and positioning the exchange as a conduit for trans-regional investment.
This dual-listing model allows foreign and regional investors to trade familiar names locally, boosting liquidity and integrating NSX into broader Southern African financial networks.
8. Nairobi Securities Exchange (NSE), Kenya
While most NSE listings are Kenyan firms, it plays an important regional rolewith companies that have operations across East Africa. Some of these companies have cross-border listings or significant foreign ownership structuresthat appeal to non-resident investors. Though the NSE does not have as many direct foreign-incorporated listings as larger markets, its tolerance for listing regional blue-chips and holding companies gives it a growing international footprint.
The NSE’s expanding Growth Enterprises Market Segment (GEMS)attracts both domestic and international investors seeking exposure to East African growth, helping diversify participation in 2025.
7. Egyptian Exchange (EGX)
Egypt’s capital market is one of Africa’s largest by listings and market cap, and while most listed firms are domestic, the size and diversity of EGX draw substantial foreign investor participation. Several large Egyptian corporations have cross-border economic links that attract foreign capital, and international portfolio flows are an important component of trading.
Foreign pension funds and global asset managers are active on EGX, helped by regulatory frameworks that facilitate foreign investment, boosting the exchange’s role as a node for regionally linked foreign listings or participation.
6. Nigerian Exchange Group (NGX)
Nigeria’s largest exchange saw a strong rise in foreign investor participation in 2025 after FX reforms expanded market access, with foreign transactions rising significantly. Although most NGX listings are domestic companies, many are part of multinational groups or have ADR/dual-listing relationships abroad, and foreign brokerage participation has increased sharply.
NGX’s reforms to allow unrestricted foreign capital inflows and cross-border listings help attract non-resident investors and make it a key player in Africa’s foreign listing landscape.
5. Bourse Régionale des Valeurs Mobilières (BRVM)
The BRVM serves eight West African countries, inherently making it one of Africa’s most international exchanges by design. Its listings include multi-national corporations that operate across the regional economic bloc, implicitly broadening foreign investor access.
This regional nature creates a unique structure where foreign investors can gain exposure to multi-jurisdictional equities through a single platform, increasing its appeal for cross-border listings and investment.
4. Casablanca Stock Exchange (CSE), Morocco
Morocco’s exchange hosts a mix of large domestic firms and several companies with global operations or foreign shareholders, and its derivatives plans aim to further internationalise the market. Foreign investors currently account for about 30 percent of participation, and the exchange’s efforts to launch new products signal an increasing emphasis on global listings and foreign engagement.
CSE’s market sophistication and strategic location bridging Africa and Europe make it a growing destination for internationally-oriented listings, particularly for firms targeting both African and European capital pools.
3. Mauritius Stock Exchange (SEM) Alternative Listings
Mauritius’s SEM also merits a higher placement via its substantial number of internationally-linked funds and vehicles that attract foreign portfolio flows or are structured as cross-border vehicles. While total corporate foreign listings remain lower than larger exchanges, SEM serves as a regional hub for international investment productsthat effectively broaden foreign participation.
This profile helps it stand out in 2025 as a specialized exchange where foreign interests have a measurable presence through structured investment vehicles.
2. Egyptian and Nigerian Dual-Listing Dynamics
Egypt and Nigeria also feature companies that pursue cross-border exposure through secondary listings abroad or via depositary receipts that trade in international hubs, amplifying the impact of their home-market listings on global capital. For example, Nigerian banks and financial services groups actively pursue secondary listings or ADR programs, increasing their foreign listing footprint.
These dynamics elevate both markets in foreign-linked listings, even if the primary incorporation remains domestic.
1. Johannesburg Stock Exchange (JSE), South Africa
The Johannesburg Stock Exchange clearly leads for foreign listings and cross-border equity participation in 2025. As Africa’s largest and most liquid market, JSE permits dual and secondary listingsof companies already listed on major global exchanges, including London and New York, and hosts hundreds of securities accessible to international investors.
JSE’s dual-listing regime and reputation as a global capital hub make it the continent’s most foreign-integrated exchange: companies from outside South Africa or with global investor bases choose it for secondary listings to access African institutional and retail capital. Agreements with recognised foreign exchanges also facilitate this cross-border integration.
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