Outward capital-transfer approval requirements across African markets
This rule differs from market to market. Below is each African market's published position on outward-capital approval / restriction, as stated in the cited official instrument — the record, not a verdict. Several markets record no such requirement (a sourced finding, not a gap). Rules, not rates — no exchange rate is recorded.
Where a rule is set at union level it appears once: the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale) rule applies in all 6 member states, the WAEMU (UMOA/UEMOA) rule in all 8.
The comparable axis is the normalized facet outward-capital approval / restriction — which makes each market's rule comparable on one table, market to market, without flattening the differences between them.
Facet id (as used by the Afriset MCP): xborder:OUTWARD_CAPITAL_APPROVAL
The record, market by market
| Market | The record | Source | Source date |
|---|---|---|---|
| Botswana | No approval requirement. Botswana imposes no outward-capital control or prior-approval requirement on exporting capital (outward direct/portfolio investment, offshore transfer of capital): the capital account is liberalized, foreign exchange control having been abolished in February 1999. | Bank of Botswana — "History of the Bank of Botswana" (the exchange-control-abolished verbatim; the liberalization anchor) | not dated |
| Ethiopia | Capital-account transactions by residents are not permitted, and banks may not effect such capital transfers, unless explicitly authorized by the National Bank (subject to the stated exceptions). Verbatim"Unless explicitly authorized by NBE, capital account transactions by residents shall not be permitted and banks shall not effect such capital transfers except under the specific exceptions and requirements stipulated below." | Foreign Exchange Directive No. FXD/01/2024 (consolidated FX frame; Art. 25.2.1 repeals all prior FX directives/circulars) | 2024-07-29 |
| Kenya | No approval requirement. Kenya has no outward-capital approval requirement or quantitative restriction on transferring capital abroad through licensed channels. Exchange controls were abolished when the Exchange Control Act (Cap. 113) was repealed in 1995 and foreign-exchange business was delegated to authorised dealers; the CBK's only residual restriction power is to meet treaty obligations. The licensed channel and a US$10,000 documentation gate are the only edges. | Central Bank of Kenya Act (Cap. 491), esp. Part VIA (ss. 33A–33O) | 2024-12-27 |
| Morocco | Start-ups labelled by the Digital Development Agency (ADD) may carry out investments abroad related to their activity, up to MAD 10,000,000 per calendar year — a liberalizing outward-capital carve-out. (MAD 10,000,000 per calendar year (start-ups labelled by the ADD)) Verbatim"Possibilité pour les start-ups labellisées par l'Agence de Développement du Digital (ADD) de réaliser des investissements à l'étranger en rapport avec leur activité, à hauteur de dix millions (10.000.000) de dirhams par année civile." | Instruction Générale des Opérations de Change 2026 (IGOC 2026) — the consolidated FX rulebook, Office des Changes | 2026-01-01 |
| Mauritius | No approval requirement. Mauritius imposes no outward-capital control or prior-approval requirement on exporting capital (outward direct/portfolio investment, offshore transfer of capital). The capital account is liberalized, exchange control having been abolished in July 1994. Anchored on the Bank of Mauritius's own published characterization of the regime (report-the-record). | Bank of Mauritius — "Role and Functions of the Bank" (the exchange-control-abolished verbatim; the liberalization anchor) | not dated |
| Mozambique | A list of capital operations is exempt from prior Bank of Moçambique authorization (a liberalized capital account), including foreign direct investment and outward investment up to an equivalent of USD 1,000,000 per calendar year; operations above or outside the list require authorization under Aviso 3/GBM/2024. (USD 1,000,000 per calendar year (outward investment, no prior approval)) Verbatim"Não carecem de autorização do Banco de Moçambique, as seguintes operações de capitais: a) investimento directo estrangeiro; b) investimento no estrangeiro, no valor máximo equivalente a USD 1.000.000,00 (um milhão de dólares dos Estados Unidos da América) por cada ano civil" | Aviso n.º 4/GBM/2024, de 21 de Março — Regime de Liberalização de Operações de Capitais e de Outras Operações Cambiais (issued under Lei n.º 28/2022) | 2024-03-21 |
| Rwanda | No approval requirement. Rwanda's capital account is liberalized: under the current regulation, inward and outward transactions on direct investment are fully liberalized, and portfolio investment between residents and non-residents is liberalized — no outward-capital approval requirement. | Regulation N° 42/2022 of 13/04/2022 governing foreign exchange operations (Official Gazette n° 16 bis of 18/04/2022) | 2022-04-18 |
| Eswatini Within the CMA | Within the Common Monetary Area, funds move freely: Eswatini is a signatory to the CMA Agreement and, together with Lesotho, Namibia and South Africa, forms a single exchange control territory with an unfettered flow of funds between the members; each member administers exchange control only for transfers with the rest of the world. The CMA analogue of the WAEMU/CEMAC intra-union free-movement rule. Verbatim"there is an unfettered flow of funds between Swaziland, Lesotho, Namibia and the Republic of South Africa. The four combined form a single exchange control territory" | Central Bank of Eswatini — A Simple Guide to Exchange Control in Swaziland (§2 the Common Monetary Area; §1 the ECO 1974 / ECR 1975 licensed-channel frame) | 2005-02 |
| Tanzania | A resident may not undertake outward portfolio investment, acquisition of real estate, or outward direct investment outside the EAC/SADC prescribed territory, nor lend to non-residents. Verbatim"Notwithstanding any provision of these Regulations, a resident may not engage in- (a) outward portfolio investment, acquisition of real estate and outward direct investment outside the prescribed territory; and (b) credit accommodation in favour of any non-resident." | Foreign Exchange Regulations, 2022 (GN No. 294 of 2022, made under s.6(1) FX Act Cap 271) | 2022-05-13 |
| Uganda | No approval requirement. Uganda's Foreign Exchange Act imposes no standing capital-account restriction or approval requirement; capital flows must pass through banks and be reported to the Bank of Uganda, but under the current Act they are monitored, not restricted. | Foreign Exchange Act, 2004 (Act 5 of 2004) — assent print | 2004-12-03 |
| CEMAC Within CEMAC CameroonCentral African RepublicChadCongo-BrazzavilleEquatorial GuineaGabon | Within CEMAC, capital and current-transaction movements are outside the exchange regulation's scope: the regulation applies only to flows to or from l'extérieur (defined as countries other than the CEMAC), so intra-CEMAC movement is not exchange-controlled. Verbatim"Le présent Règlement s'applique aux paiements et règlements des transactions courantes ou en capital à destination ou en provenance de l'extérieur ainsi qu'aux opérations de change manuel de tous les agents économiques résidents et non-résidents." | Règlement n°02/18/CEMAC/UMAC/CM du 21 décembre 2018 portant réglementation des changes dans la CEMAC — ~197 articles; in force 2019-03-01, repealing the 2000 règlement | 2018-12-21 |
| WAEMU Within WAEMU BeninBurkina FasoCôte d'IvoireGuinea-BissauMaliNigerSenegalTogo | Capital movements between WAEMU member states are free and unrestricted (subject only to AML/CFT/CPF rules). Verbatim"Les mouvements de capitaux entre Etats membres de l'UEMOA sont libres et sans restriction aucune, sans préjudice des dispositions de la réglementation relative à la lutte contre le blanchiment de capitaux, le financement du terrorisme et de la prolifération des armes de destruction massive." | Règlement n°06/2024/CM/UEMOA relatif aux relations financières extérieures des Etats membres de l'UEMOA — 36 articles; adopted Bamako 2024-12-20 (Adama COULIBALY, Pres. Conseil des Ministres); Art. 35 abrogates Règlement 09/2010; Art. 36 in force at signature | 2024-12-20 |
| WAEMU Crossing the union border BeninBurkina FasoCôte d'IvoireGuinea-BissauMaliNigerSenegalTogo | Outward investment in a non-member state requires the Finance Minister's prior authorization and must be financed at least 75% from abroad. (prior authorization of the Finance Minister; the operation must be financed at least 75% from abroad) Verbatim"Toute opération d'investissement… effectuée par un résident dans un Etat autre qu'un Etat membre de l'UEMOA, est subordonnée à l'autorisation préalable du Ministre chargé des Finances. L'opération d'investissement à l'étranger visée à l'alinéa premier doit être financée à hauteur de 75% au moins, par un emprunt ou toute autre forme de mobilisation de ressources, à l'étranger." | Règlement n°06/2024/CM/UEMOA relatif aux relations financières extérieures des Etats membres de l'UEMOA — 36 articles; adopted Bamako 2024-12-20 (Adama COULIBALY, Pres. Conseil des Ministres); Art. 35 abrogates Règlement 09/2010; Art. 36 in force at signature | 2024-12-20 |
| South Africa | No person may export capital (or any right to capital) from South Africa except with Treasury (Financial Surveillance) permission — the blanket capital-export prohibition. Verbatim"No person shall, except with permission granted by the Treasury and in accordance with such conditions as the Treasury may impose … enter into any transaction whereby capital or any right to capital is directly or indirectly exported from the Republic." | Exchange Control Regulations, 1961 (GN R.1111 of 1961-12-01, "amended up to Government Notice No. R.445 in Government Gazette No. 35430 of 8 June 2012") — SARB-hosted consolidation | 2012-06-08 |
The record as published in each cited instrument, as of its source date — not legal or compliance advice. A "no approval requirement" row is a sourced structural finding, true as of the source read; a rule can appear, so verify current status with the regulator. Rules, not rates: no exchange rate is recorded here.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · unchanged since the previous check.
Related
Cross-border rules by market