Direct Answer
The MSCI Frontier Markets Africa Index is a rule-based measurement of frontier market equities across Sub-Saharan African countries in the MSCI universe, maintained by MSCI. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The MSCI Frontier Markets Africa Index covers frontier market equities across Sub-Saharan African countries in the MSCI universe, within the Sub-Saharan Africa market. MSCI defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Constituents are weighted by free float-adjusted market capitalization, scaled by the Foreign Inclusion Factor. A constituent that fails liquidity can remain with a 0.5 Liquidity Adjustment Factor if its float-adjusted size is above half the frontier Global Minimum Size Reference and its weight exceeds 10% in its country index or 1% in the Frontier Markets composite.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
Large and mid cap stocks from the African countries that Appendix XI classifies as Frontier Markets: Kenya, Mauritius, Morocco, Tunisia and the eight WAEMU members (Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo). African markets MSCI classifies as Emerging (Egypt, South Africa) or Standalone (for example Nigeria, Botswana, Zimbabwe) are outside. All of these sit in the very low liquidity group, with a 2.5% 12-month ATVR minimum and 50% 12-month frequency of trading.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
New issues must have started trading at least three months before a review, with the exception of large IPOs considered early after the close of their tenth trading day. Existing constituents may stay while 12-month ATVR remains above 1% (the very low liquidity retention level) and 12-month frequency of trading is at least 10%.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
Quarterly reviews in February, May, August and November. Corporate events in frontier countries that cannot be applied near their effective date because public information is lacking, and that need no price adjustment factor, are implemented at the next scheduled review, for example share placements and offerings.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
The eight WAEMU countries are not built one by one. MSCI treats the West African Economic and Monetary Union as a single market for index construction, so the size and liquidity screens apply to the block, which is held in the very low liquidity group.
References
- MSCI: MSCI GIMI Methodology: Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes, as published 2026. Every rule described on this page is taken from this document.
Current MSCI Frontier Markets Africa Index constituents
MSCI publishes and licenses the MSCI Frontier Markets Africa Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the MSCI Frontier Markets Africa Index?
MSCI maintains the MSCI Frontier Markets Africa Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the MSCI Frontier Markets Africa Index measure?
It measures frontier market equities across Sub-Saharan African countries in the MSCI universe. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current MSCI Frontier Markets Africa Index constituents?
MSCI publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.