Expanding on the general overview of the financial sector in Africa, this second article focuses on the development of the capital markets and the recent initiatives to attract long-term capital to the continent. Capital markets in Africa are still in their infancy and mirror the economic development of the continent. However, the evolution over the last decade prior to COVID-19 pandemic underscores the growth potential. The number of stock exchanges have grown from seven in the 1980s to 30 in 2020. The biggest ones are at a very advanced stage of interconnection that has increased liquidity and product diversification. Several development initiatives are promoting the integration and interconnection aimed at increasing liquidity and depth of the markets. The article profiles the ongoing efforts towards improving the available long-term financial resources with institutional investors.