African Dividend
Calendar.

A dividend calendar is a reference of upcoming and recent dividend payments by listed companies. The Mansa Markets African Dividend Calendar tracks payments across all major Sub-Saharan and North African stock exchanges, NGX (Nigeria), JSE (South Africa), NSE (Kenya), EGX (Egypt), GSE (Ghana), BRVM (Ivory Coast / West Africa), DSE (Tanzania), USE (Uganda), LuSE (Zambia), CSE (Morocco), and more.

The ex-dividend date is the first day a stock trades without entitlement to the upcoming dividend, buy before this date and you receive the dividend, buy on or after and you don't. The record date is the cut-off when the share registrar identifies eligible shareholders, usually 1 to 2 trading days after the ex-date. The payment date is when the dividend is credited to shareholders, typically 2 to 6 weeks after the record date depending on the exchange and registrar.

Sub-Saharan African banks consistently offer some of the highest dividend yields in emerging markets. Ghanaian banks (GCB, Standard Chartered Ghana), Tanzanian banks (CRDB, NMB), and Zambian banks (ZANACO) frequently yield 8 to 14% on payable dividends. Nigerian tier-1 banks (GTCO, Zenith, UBA) typically yield 10 to 16%. South African dividend yields are lower (3 to 7%) but more consistent and dollar-stable.

Withholding tax on dividends varies by jurisdiction. Nigeria applies a 10% withholding tax. South Africa applies 20% (subject to double-tax-agreement reductions). Kenya is 5% for residents and 15% for non-residents. Ghana applies 8%. BRVM countries apply a 10% withholding rate. Mauritius is 0%, making it a common holding-company jurisdiction. Always consult a local tax advisor, DTAs between your country of residence and the issuing country may reduce these rates.

Most African listed companies pay dividends annually, with a single 'final' dividend declared after fiscal year-end. Larger companies, particularly South African mining houses, Egyptian banks, and Nigerian tier-1 banks, also pay interim dividends. Monthly or quarterly dividends are rare on African exchanges, in contrast to the US market.

A special dividend is a one-off distribution outside the normal dividend schedule, often funded by an exceptional gain (asset sale, recapitalisation, regulatory windfall). Notable African examples include Naspers's Prosus listing distribution, MTN Group's tower-sale distributions, and Sasol's special dividends during commodity supercycles.

Yes. All major African exchanges (NGX, JSE, NSE, EGX, GSE, BRVM, DSE) allow foreign portfolio investors. Dividends are paid into the investor's nominee account at their local broker. Repatriation is generally allowed but subject to local capital-control regulations and FX availability, Nigeria has historically had FX repatriation queues, while South Africa, Egypt, and Kenya allow same-day or next-day repatriation under normal conditions.

Mansa Markets compiles this calendar from public investor-relations disclosures, stock exchange filings, and reputable African financial press including BusinessDay, Nairametrics, Business Day SA, BusinessGhana, Daily Monitor, Daily News Tanzania, and major newswires. We mark dates as 'TBD' where the company has declared intent but not announced specific dates yet.