Southern Africa
Zambia
Lusaka Securities Exchange (LuSE)
The Lusaka Securities Exchange (LuSE) serves Zambia, one of the world's top copper producers. While smaller by market capitalisation than many other African exchanges, the LuSE provides institutional exposure to Zambia's mining-dominated economy alongside a growing financial services sector.
Exchange at a Glance
- Exchange
- Lusaka Securities Exchange (LuSE)
- Currency
- Zambian Kwacha (ZMW)
- Regulator
- Securities and Exchange Commission Zambia (SEC Zambia)
- CSD
- Central Shares Depository (CSD)
- Settlement
- T+3
- Trading Hours
- 09:00 – 13:00 CAT
- Listed Companies
- 22+
- Index
- LuSE All Share Index (LASI)
Market Overview
Africa's copper heartland — a small but maturing capital market
The LuSE lists around 22 companies across financial services, mining, agriculture, retail, and energy. The banking sector is well represented, with Zanaco (Zambia National Commercial Bank), Standard Chartered Zambia, and Stanbic Bank Zambia among the more liquid names. Mining-adjacent and industrial companies reflect Zambia's position as the second-largest copper producer in Africa and the sixth-largest globally.
The exchange's smaller size means that liquidity is more concentrated in a handful of names, and large institutional positions may need careful management to avoid market impact. However, Zambia's economy has undergone significant reform since the 2020 sovereign default and subsequent debt restructuring, which concluded in 2023 — one of the first African sovereign restructurings completed under the G20 Common Framework. The completion of restructuring and IMF programme compliance has improved the investment environment.
The Zambian kwacha (ZMW) is a managed float currency. Access to USD for repatriation of investment proceeds is generally available through authorised dealer banks, though the kwacha has experienced volatility in periods of copper price weakness.
Institutional Access
How investors access the LuSE
Non-resident institutional investors access LuSE securities through a licensed stockbroker holding a CSD account. Settlement occurs on T+3 through the Central Shares Depository. The Securities and Exchange Commission Zambia regulates the market. Repatriation of proceeds requires conversion through authorised dealer banks.
Veri Platform
Veri provides connectivity to the LuSE through its Southern African institutional network, enabling clients to include Zambian equities in a diversified pan-African portfolio alongside larger markets.
Zambia — Q&A
Common Questions
What is the LuSE and what does it list?
The Lusaka Securities Exchange (LuSE) is Zambia's primary capital market, listing around 22 companies across banking, mining, agriculture, retail, and energy. It is regulated by the Securities and Exchange Commission Zambia and settles through the Central Shares Depository on T+3. Zambia is the world's sixth-largest copper producer and Africa's second-largest, which shapes the economic context for companies operating in and adjacent to the mining sector.
What is the investment backdrop in Zambia after the 2020 debt restructuring?
Zambia defaulted on its sovereign external debt in November 2020, the first African country to do so during the COVID-19 pandemic. The restructuring was concluded in 2023 under the G20 Common Framework — one of the first completions of that mechanism. Zambia has since been operating under an IMF programme focused on fiscal consolidation and economic reform. The resolution of the debt restructuring has improved the investment environment for equity investors, though macroeconomic risks remain.
What currency risk applies to LuSE investments?
LuSE-listed equities are denominated in Zambian kwacha (ZMW). The kwacha is a managed float currency that has historically correlated with copper price cycles — a key driver of Zambia's export revenues and foreign exchange reserves. ZMW volatility relative to USD and other major currencies is a primary FX risk for offshore institutional investors. Repatriation of dividends and capital proceeds is generally available through authorised dealer banks.
How liquid is the LuSE for institutional investors?
The LuSE is one of Africa's smaller exchanges by market capitalisation and number of listings. Liquidity is concentrated in a handful of the most actively traded names, primarily in banking and cross-listed companies. Large institutional positions require careful management to minimise market impact. The exchange is most suitable for institutional investors building broad African diversification as a smaller allocation alongside more liquid markets such as the JSE, EGX, or NSE.
Can Veri Platform clients access Zambian equities?
Yes. Veri maintains connections to the LuSE through its Southern African institutional custodian network. Zambian equities can be held as part of a diversified pan-African portfolio, with ZMW-denominated positions tracked separately for FX attribution and consolidated into the client's base-currency reporting.
The information on this page is provided for general informational purposes and does not constitute investment advice, a solicitation, or an offer to buy or sell any security. All investment decisions should be made in consultation with a licensed financial adviser.
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Access Zambia markets through Veri
The Veri Platform provides regulated investment administration for institutional investors, financial advisers, asset managers, and pension administrators seeking access to African markets — including the LuSE — from Mauritius.