A new report warns that while South Africa’s stock exchange remains dominant on the continent, smaller exchanges are leapfrogging ahead in terms of incentives and technology to attract small investors. For example, Cameroon has extended the three-year tax break on companies listed on its stock exchange to last for as long as they remain listed, people in Rwanda can buy and sell government securities using their mobile devices while Kenya uses the M-Pesa system to enable people to buy government bonds. And new stock exchanges are also emerging, with Lesotho preparing for its first listing and Ethiopia’s parliament having endorsed a proclamation that will pave the way to also create a securities exchange.