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 →
African Markets
Common Questions
Which African markets does Veri provide access to?
Veri provides institutional access to 10 African capital markets: South Africa (JSE), Egypt (EGX), Nigeria (NGX), Kenya (NSE), Ghana (GSE), Zimbabwe (ZSE and VFEX), Zambia (LuSE), Tanzania (DSE), West Africa via the BRVM (serving eight WAEMU nations), and Morocco (CSE). These markets form the universe of the AM100, AM200, and AM300 pan-African equity indices.
What is the AM100 index?
The AM100 is a pan-African equity index comprising the 100 most liquid companies across major African exchanges, developed by Veri. Constituents are selected by liquidity score over an 89-business-day window, with a 25% maximum country weight and 5% maximum single-stock weight. The index is rebalanced quarterly and serves as an institutional benchmark for broad pan-African equity exposure.
Why is Mauritius the base for cross-border African investing?
Mauritius is Africa's leading international financial centre for cross-border investment administration. It has a double-taxation agreement network spanning 46 countries, a recognised regulatory framework under the Financial Services Commission (FSC), and a Global Business Licence regime that enables regulated entities to administer multi-jurisdiction investment efficiently. Gravitas Finance LLC, which operates the Veri Platform, holds a GBL and Investment Adviser (Unrestricted) licence from the FSC.
What types of institutions use Veri for African market access?
The Veri Platform serves pension funds, asset managers, financial advisers, custodians, trust companies, and family offices seeking regulated access to African capital markets. The platform manages custodian relationships, multi-currency settlement, cross-market reconciliation, regulatory compliance, and consolidated performance reporting across multiple African jurisdictions from a single regulated platform in Mauritius.
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.