| AELP | African Exchanges Linkage Project |
| AfCRA | Africa Credit Rating Agency |
| AfDB | African Development Bank |
| AI | Artificial Intelligence |
| AIRA | AI and Robotics Accelerator |
| ALCB | African Local Currency Bond |
| ALTX | Alternative Electronic Exchange |
| ANGSPE | Agence Nationale de Gestion Stratégique des Participations de l'Etat et de Suivi des Performances des Etablissements et Entreprises Publics (National Agency for the Strategic Management of State Holdings and Monitoring the Performance of Public Establishments and Enterprises), Morocco |
| APS | Announced Pledges Scenario |
| APSA | Africa Pension Supervisors Association |
| AOFSA | Asset Owners Forum of South Africa |
| ARSEG | The Angolan Insurance Regulation and Supervision Agency |
| ASEA | African Securities Exchanges Association |
| AU | African Union |
| AUM | Assets Under Management |
| BCEAO | Central Bank of West African States |
| BEAC | Bank of Central African States |
| BLS | Baseline Scenario |
| BVMAC | Bourse des Valeurs Mobilières d’Afrique Centrale |
| BVMT | Bourse de Tunis |
| BRVM | Bourse Régionale des Valeurs Mobilières |
| BSE | Botswana Stock Exchange |
| CAGR | Compound Annual Growth Rate |
| CGU | Corporate Governance Unit of the Office of the President and Cabinet, Zimbabwe |
| CIS | Collective Investment Scheme |
| CMDTF | Capital Markets Development Trust Fund |
| CNPE | Conseil national des participations de l’état (National Council on State Ownership), Algeria |
| CMI | Capital Market Infrastructure |
| CMS | Capital Markets Scenario |
| COVID-19 | Coronavirus Disease of 2019 |
| CSD | Central Securities Depository |
| CSE | Bourse de Casablanca |
| CTSE | Cape Town Stock Exchange |
| DBSA | Development Bank of Southern Africa |
| DFI | Development Finance Institution |
| DFS | Digital Financial Services |
| DGPE | General Directorate of the State’s Portfolio, Côte d’Ivoire |
| DGSPM | Direction Générale du secteur public marchand, General Directorate of the public commercial sector, Algeria |
| DSE | Dar es Salaam Stock Exchange |
| EAC | East African Community |
| EGX | The Egyptian Exchange |
| EIB | European Investment Bank |
| EM | Emerging Markets |
| EMDE | Emerging Markets and Developing Economies |
| EPA | Établissements publics à caractère administratif (Public establishments of an administrative nature) |
| EPIC | Établissements publics à caractère industriel et commercial (Public establishments of an industrial and commercial nature) |
| ESG | Environmental, Social and Governance |
| FinTech | Financial Technology |
| FSCA | Financial Sector Conduct Authority |
| GDP | Gross Domestic Product |
| GenAI | Generative Artificial Intelligence |
| GSE | Ghana Stock Exchange |
| IDC | Industrial Development Corporation, Zambia |
| IEA | International Energy Agency |
| IFC | International Finance Corporation |
| ILO | International Labour Organisation |
| IMF | International Monetary Fund |
| IPO | Initial Public Offering |
| JSC | Joint Stock Company |
| JSE | Johannesburg Stock Exchange |
| KEPFIC | Kenya Pension Funds Investment Consortium |
| KYC | Know Your Customer |
| LCSA | Lusaka Clearing and Settlement Agency |
| LIC | Low Income Country |
| LLC | Limited liability company |
| LUSE | Lusaka Stock Exchange |
| MAIC | Mauritius AI Council |
| MDB | Multilateral Development Bank |
| MSME | Micro, Small and Medium-sized Enterprise |
| MFW4A | Making Finance Work for Africa |
| MOFI | Ministry of Finance Incorporated, Nigeria |
| MoFNP | Ministry of Finance and National Planning, Zambia |
| MoFPED | Ministry of Finance, Planning and Economic Development, Uganda |
| MPBS | Ministry of Public Business Sector, Egypt |
| NAIS | National Artificial Intelligence Strategy |
| NGX | Nigeria Exchange |
| NPRA | National Pensions Regulatory Authority |
| NSE | Nairobi Securities Exchange |
| NSX | Namibia Securities Stock Exchange |
| NYSE | New York Stock Exchange |
| ODA | Official Development Assistance |
| OHADA | Organisation for the Harmonisation of Business Law in Africa |
| PEEPA | Public Enterprises Evaluation and Privatisation Agency, Botswana |
| OBG | Oxford Business Group |
| OTC | Over-the-counter |
| PAPSS | Pan-African Payment and Settlement System |
| PASE | Pan-African Stock Exchange |
| PAPSS | Pan-African Payment and Settlement System |
| PenCom | National Pension Commission |
| PIA | Pensions and Insurance Authority |
| PEMC | Public Enterprise Monitoring Commission, Seychelles |
| PPP | Purchasing Power Parity |
| PSEC | Presidential State-Owned Enterprises Council, South Africa |
| PSS | Public Sector Scenario |
| R&D | Research and Development |
| RBA | Retirement Benefits Authority |
| RegTech | Regulatory Technology |
| REIT | Real Estate Investment Trust |
| RTGS | Real-time Gross Settlement |
| SADC | Southern Africa Development Community |
| SCAC | State Corporations Advisory Committee, Kenya |
| SEM | Stock Exchange of Mauritius |
| SIGA | State Interests and Governance Authority, Ghana |
| SMS | Short Messaging Service |
| SOE | State-owned enterprises |
| SOE Guidelines | OECD Guidelines on Corporate Governance of State-owned Enterprises |
| SPO | Secondary Public Offering |
| SSA | sub-Saharan Africa |
| Stats SA | Statistics South Africa |
| SupTech | Supervisory Technology |
| TCX | The Currency Exchange Fund |
| USD | United States Dollar |
| UNCTAD | UN Trade and Development |
| URBRA | Uganda Retirement Benefits Regulatory Authority |
| USE | Uganda Stock Exchange |
| VC | Venture Capital |
| VFEX | Victoria Falls Stock Exchange |
| WAEMU | West African Economic and Monetary Union |
| WAMI | West African Monetary Institute |
| WASMIC | West African Capital Markets Integration Council |
| WMO | World Meteorological Organization |
| ZIPSS | Zambia Interbank Payment and Settlement System |
| ZSE | Zimbabwe Stock Exchange |
Africa Capital Markets Report 2025
