African capital markets are attracting greater attention from major global financial institutions.
One recent development came in July 2026, when S&P Global announced an agreement to acquire a majority stake in Agusto & Co., a Pan-African credit rating agency with operations in Nigeria, Kenya, Rwanda and Ghana.
The transaction is subject to customary closing conditions and regulatory approvals, with S&P Global expecting it to close in the second half of 2026.
Why credit ratings matter to capital markets
Credit ratings help investors assess the creditworthiness and risk associated with issuers and financial instruments.
They can therefore play an important role when companies, financial institutions or governments seek to raise capital.
Agusto & Co. has rated thousands of entities and financial instruments across Africa, including banks, corporates, funds, investment managers, insurance companies, microfinance institutions and bonds.
Its presence gives S&P Global additional local-market expertise across African economies.
Combining global expertise with local knowledge
S&P Global says the transaction is intended to deepen its presence in African domestic credit markets while combining its global ratings capabilities with Agusto’s Pan-African market knowledge.
This combination highlights an important characteristic of emerging capital markets.
Global investors require comparable information and rigorous analysis.
At the same time, local markets require knowledge of domestic businesses, regulatory environments, economic conditions and sector-specific risks.
Both forms of expertise matter.
What this could mean for African financial markets
A deeper focus on domestic credit markets can support greater availability of market information and analysis.
That matters for several participants.
Banks need information when evaluating corporate and institutional risk. Asset managers need information when allocating portfolios. Investors need data to evaluate investment opportunities. Companies seeking funding need to understand how markets assess their creditworthiness.
The development of capital-market infrastructure therefore affects more than investment banks.
It touches the entire financial ecosystem.
The connection to Islamic capital markets
The development of African capital markets also has implications for Islamic finance.
Islamic capital markets include instruments such as Sukuk and Shariah-compliant investment funds.
As financial markets become more sophisticated, professionals working with Islamic investment products need to understand both Shariah requirements and mainstream capital-market concepts such as credit analysis, portfolio construction, investment risk and capital raising.
That combination is particularly valuable for professionals working in Islamic banking, asset management, investment firms and institutions exploring Shariah-compliant financial products.
Africa needs deeper financial-market expertise
The S&P Global–Agusto development is one example of the broader institutional infrastructure required for functioning capital markets.
Ratings are one part of that ecosystem. Other components include investment managers, exchanges, regulators, banks, brokers, legal advisers, financial analysts, Shariah advisers and professional training institutions.
As African capital markets develop, demand for professionals who understand these systems is likely to grow.
For professionals interested in Islamic capital markets, fund management and investment, developing both technical Islamic finance knowledge and broader capital-market skills can help bridge an important capability gap.
BTI College and BTI Advisory offer professional training in Islamic finance and Islamic capital markets designed for learners and working professionals.
Explore BTI programmes at bti.ac.ke.