10 Biggest financial cities in Africa (2024)

Africa is a continent that has been making significant strides in the financial sector in recent years. From South Africa to Nigeria, many cities have emerged as the financial powerhouses of the continent. The financial services sector has been a key driver of economic growth, attracting investors and creating employment opportunities.

In this article, we will take a closer look at some of the biggest financial cities in Africa.

Africa’s biggest financial cities

Rank	City	Country
1.	Johannesburg	South Africa
2.	Cairo	Egypt
3.	Lagos	Nigeria
4.	Cape Town	South Africa
5.	Nairobi	Kenya
6.	Durban and Umhlanga	South Africa
7.	Pretoria	South Africa
8.	Casablanca	Morocco
9.	Accra	Ghana
10.	Luanda	Angola
11.	Abidjan	Cote d’Ivoire

1. Johannesburg

Johannesburg, also known as Jo’burg or Jozi, is the largest city in South Africa and a key financial centre on the African continent. The city’s financial sector is well-established, with a history dating back to the 19th century.

Today, Johannesburg is home to the Johannesburg Stock Exchange (JSE), which is the largest stock exchange on the continent and ranks among the top 20 globally. Johannesburg has a thriving banking, insurance, and asset management industry. Many of the major international banks, such as Standard Bank, Barclays Africa, and Citibank, have a presence in the city. Johannesburg’s financial sector is driven by its highly skilled workforce, favourable business environment, and modern infrastructure.

The city is also a hub for innovation in fintech and blockchain technology. Johannesburg’s strategic location in the heart of South Africa’s Gauteng province, coupled with its modern infrastructure and favourable business environment, makes it an attractive destination for foreign investors.

2. Cairo

Cairo is the capital city of Egypt and one of the largest financial centres in Africa. The city’s financial services sector is well-established, with a history dating back to the 19th century. Cairo is home to the Egyptian Exchange (EGX), which is one of the oldest stock exchanges in Africa. 

The city’s financial sector is supported by its highly skilled workforce, well-established banking industry, and favourable regulatory environment. Cairo is also a hub for innovation in fintech and blockchain technology. Cairo is a major economic hub for Egypt and the African continent.

The city is home to several major industries, including tourism, manufacturing, and agriculture. Cairo’s strategic location on the Nile River, coupled with its modern infrastructure and favourable business environment, make it an attractive destination for foreign investors.

3. Lagos

Lagos is the largest city in Nigeria and one of the largest financial centres in Africa. The city’s financial services sector is well-established, with a history dating back to the 19th century. Lagos is home to the Nigerian Stock Exchange (NSE), which is the third-largest stock exchange in Africa.

Lagos is also home to several major international banks, including Citibank and Standard Chartered Bank. Lagos is a major economic hub for Nigeria and the African continent.

The city is home to several major industries, including manufacturing, technology, and telecommunications. Lagos’ strategic location on the Atlantic coast, coupled with its modern infrastructure and favourable business environment, makes it an attractive destination for foreign investors.

4. Cape Town

Cape Town is a coastal city located in South Africa and is one of the country’s key financial centres. The city’s financial services sector is well-established, with a history dating back to the 19th century. Cape Town is home to the Cape Town Stock Exchange (CTSE), which is the second-largest stock exchange in South Africa after the JSE.

In addition to the CTSE, Cape Town has a thriving banking, insurance, and asset management industry. The city’s financial sector is supported by its highly educated workforce, strong regulatory environment, and proximity to other key African markets. Cape Town is also home to several major international banks, including HSBC and Deutsche Bank.

Cape Town is a major economic hub for South Africa and the African continent. The city is home to several major industries, including tourism, manufacturing, and technology. 

5. Nairobi

Nairobi is the capital city of Kenya and one of the largest financial centres in Africa. The city’s financial services sector is well-established, with a history dating back to the 19th century. Nairobi is home to the Nairobi Securities Exchange (NSE), which is one of the largest stock exchanges in Africa.

Beyond its financial services sector, Nairobi is a major economic hub for Kenya and the African continent. The city is home to several major industries, including technology, manufacturing, and tourism.

Nairobi’s strategic location in the heart of East Africa, coupled with its modern infrastructure and favourable business environment, makes it an attractive destination for foreign investors.

6. Durban and Umhlanga

Durban and Umhlanga are two coastal cities located in South Africa and are both key financial centres on the African continent. The cities’ financial services sectors are well-established, with a history dating back to the 19th century. Durban and Umhlanga are home to the Durban Stock Exchange (DSX), which is a regional stock exchange that serves the KwaZulu-Natal province.

In addition to the DSX, Durban and Umhlanga have thriving banking, insurance, and asset management industries. The cities’ financial sectors are supported by their highly skilled workforces, favourable business environments, and modern infrastructure. Durban and Umhlanga are also hubs for innovation in fintech and blockchain technology.

The cities are home to several major industries, including manufacturing, tourism, and shipping. Durban and Umhlanga’s strategic location on the Indian Ocean, coupled with their modern infrastructure and favourable business environments, make them attractive destinations for foreign investors.

7. Pretoria

Pretoria is one of the largest cities in South Africa and a key financial centre on the African continent. The city’s financial services sector is well-established, with a history dating back to the early 20th century. Pretoria is home to the South African Reserve Bank (SARB), which is the central bank of South Africa.

In addition to the SARB, Pretoria has a thriving banking, insurance, and asset management industry. The city’s financial sector is supported by its highly educated workforce, favourable business environment, and modern infrastructure. Pretoria is also home to several major international banks, including Barclays Africa and Standard Bank.

8. Casablanca

Casablanca is the largest city in Morocco and a key financial centre on the African continent. The city’s financial services sector is well-established, with a history dating back to the early 20th century. Casablanca is home to the Casablanca Stock Exchange (CSE), which is one of the largest stock exchanges in Africa.

In addition to the CSE, Casablanca has a thriving banking, insurance, and asset management industry. The city’s financial sector is supported by its highly educated workforce, favourable business environment, and modern infrastructure.

Casablanca is also a hub for innovation in fintech and Islamic finance. Casablanca’s strategic location on the Atlantic coast, coupled with its modern infrastructure and favourable business environment, makes it an attractive destination for foreign investors.

9. Accra

Accra is the capital city of Ghana and a key financial centre on the African continent. The city’s financial services sector is well-established, with a history dating back to the early 20th century. Accra is home to the Ghana Stock Exchange (GSE), which is one of the largest stock exchanges in West Africa.

In addition to the GSE, Accra has a thriving banking, insurance, and asset management industry. The city’s financial sector is supported by its highly educated workforce, favourable business environment, and modern infrastructure. Accra is also a hub for innovation in fintech and mobile banking.

10. Luanda

Luanda is the capital city of Angola and a key financial centre on the African continent. The city’s financial services sector is well-established, with a history dating back to the mid-20th century. Luanda is home to the Angola Securities Exchange (BODIVA), which is the only stock exchange in Angola. 

Luanda has a thriving banking, insurance, and asset management industry. The city’s financial sector is supported by its highly educated workforce, favourable business environment, and modern infrastructure. Luanda is also a hub for innovation in fintech and sustainable finance.

11. Abidjan

Abidjan is the largest city in Ivory Coast and a key financial centre in West Africa. The city’s financial services sector is well-established, with a history dating back to the mid-20th century. Abidjan is home to the regional stock exchange, Bourse Régionale des Valeurs Mobilières (BRVM), which serves eight West African countries.  Abidjan has a thriving banking, insurance, and asset management industry.

The city’s financial sector is supported by its highly educated workforce, favourable business environment, and modern infrastructure. Abidjan is also a hub for innovation in fintech and mobile banking, driving the growth of the financial sector.

Conclusion

In conclusion, Africa’s financial sector is on a steady rise, with several cities emerging as financial powerhouses. Johannesburg, Lagos, and Cairo are just some of the cities that are leading the way in Africa’s financial services sector.

With continued investments in infrastructure, technology, and talent development, these cities and others are expected to grow even more in the coming years, attracting more businesses, creating jobs, and driving economic growth. The future of Africa’s financial sector is bright, and there is no doubt that it will play a crucial role in the continent’s overall economic development.