Casablanca No Longer Africa’s Top Financial Hub: Who Took Its Place, and How?

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Casablanca Finance City (CFC) in Morocco is no longer the most competitive financial center on the African continent, as Mauritius has claimed the top spot. For Africa, this is one of the key takeaways from the 38th edition of the Global Financial Centres Index (GFCI), published on September 25, 2025, by the London-based think tank Z/Yen Group in partnership with the China Development Institute.

Mauritius was already ranked this year as the most attractive country for foreign investors, according to the Global Attractiveness Index 2025. It therefore comes as no surprise that the island nation now stands at the top of the continent’s financial hierarchy. The GFCI reviews 120 financial centers worldwide, using 140 quantitative competitiveness indicators covering areas such as the business environment, human capital, and infrastructure.

Mauritius’ Strategic Rise

The studies are conducted among stakeholders active in global financial centers, including asset managers, banks, and fintech companies. After analyzing the data, the Mauritius International Financial Centre, which climbed six places compared to the 37th edition of the GFCI, now ranks 52nd globally and 3rd in the Africa and Middle East region.

Mauritius sits just behind the regional heavyweights Dubai and Abu Dhabi (United Arab Emirates). The Indian Ocean island has leveraged its strategic position—between Africa, the Middle East, Asia, and Australia—to strengthen its footprint. Several hundred companies have set up operations there, including financial institutions, regional headquarters of multinationals, investment funds, holding companies, and wealth management firms.

Tax Advantages Driving Growth

The Mauritius International Financial Centre contributes more than $1 billion to the country’s GDP (8% of the total) and provides over 11,000 jobs. This dynamism stems from a highly favorable tax regime, with a corporate tax rate of just 15% and partial exemptions of up to 80% on certain revenue streams, resulting in an effective tax rate as low as 3%.

The country also imposes no capital gains tax and no withholding tax on dividends, interest, or royalties. In addition, there are tax exemptions for strategic niches such as headquarters administration and global treasury activities, full repatriation of profits, and a 3% tax rate for companies engaged in international trade.

Casablanca Falls Behind, Kigali Rises

With such advantages, it is difficult for other African financial hubs to compete with Mauritius. Casablanca Finance City, ranked 56th worldwide among the 120 financial centers reviewed, must now settle for second place in Africa. Casablanca hosts a community of more than 200 member companies and is followed by Kigali (Rwanda), which climbed to 65th globally, up seven places from the previous edition.

Beyond the top three, the ranking includes Cape Town (South Africa, 92nd globally), Johannesburg (South Africa, 94th), Nairobi (Kenya, 105th), and Lagos (Nigeria, 119th). Overall, only two of the seven African financial centers ranked—Mauritius and Kigali—improved their positions compared to the previous GFCI edition. Four declined (Cape Town, Johannesburg, Nairobi, and Lagos), while Casablanca remained unchanged in global ranking terms.

Methodology Behind the Index

The GFCI relies on two main sources of data. The first consists of 140 quantitative competitiveness indicators grouped into five categories: the business environment, human capital, infrastructure, financial sector development, and reputation. These figures are drawn from a wide range of multilateral institutions, including the World Bank, the World Economic Forum (WEF), the United Nations, and the Organisation for Economic Co-operation and Development (OECD).

The second source is a survey of 4,877 professionals operating in global financial centers, including asset managers, traders, banks, and fintech companies.

Global Leaders

At the global level, New York retained its number-one position, followed by London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, and Seoul.

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