Southern Africa
Zimbabwe
Zimbabwe Stock Exchange & Victoria Falls Stock Exchange (ZSE / VFEX)
Zimbabwe operates two distinct capital market venues. The Zimbabwe Stock Exchange (ZSE) lists companies trading in the local Zimbabwe Gold currency (ZiG), while the Victoria Falls Stock Exchange (VFEX) was established specifically to offer USD-denominated trading and settlement for international and cross-listed companies, providing a hard-currency gateway for offshore institutional investors.
Exchange at a Glance
- Exchange (domestic)
- Zimbabwe Stock Exchange (ZSE)
- Exchange (international)
- Victoria Falls Stock Exchange (VFEX)
- Currency (ZSE)
- Zimbabwe Gold (ZiG)
- Currency (VFEX)
- US Dollar (USD)
- Regulator
- Securities and Exchange Commission of Zimbabwe (SECZ)
- CSD
- Chengetedzai Depository Company (CDC)
- Settlement
- T+3
- Trading Hours
- 10:00 – 15:00 CAT
Market Overview
Two exchanges — one domestic, one USD-denominated for international investors
The Victoria Falls Stock Exchange (VFEX), launched in 2020, was a deliberate policy response to Zimbabwe's long-running currency instability. By offering a USD-denominated platform with full repatriation rights for non-resident investors, VFEX has attracted a growing number of cross-listings from ZSE-listed companies seeking offshore capital. VFEX-listed stocks trade and settle in US dollars, making the repatriation question significantly simpler than for ZSE-listed domestic currency instruments.
The ZSE, established in 1896, is one of Africa's oldest exchanges. It lists over 55 companies including Econet Wireless Zimbabwe (telecoms), OK Zimbabwe (retail), Delta Corporation (beverages — SABMiller affiliate), Old Mutual Zimbabwe, CBZ Holdings (banking), and Innscor Africa (food manufacturing). These are among the most closely watched stocks in Zimbabwe's domestic market, and several have cross-listings on the VFEX or other exchanges.
Zimbabwe's investment environment has evolved considerably since the foreign currency stabilisation policies of the early 2020s. The introduction of the Zimbabwe Gold (ZiG) in 2024 as a gold-backed currency represented another chapter in the country's monetary reform history, and ZSE-listed stocks are now denominated in ZiG.
Institutional Access
How investors access the ZSE / VFEX
For offshore institutional investors, VFEX is the preferred access route due to its USD denomination, free repatriation policy, and cleaner settlement infrastructure. VFEX settlement operates through the Chengetedzai Depository Company (CDC) on T+3. ZSE access is also available but involves currency conversion into ZiG, which introduces monetary risk that most institutional investors prefer to avoid. Non-resident investors must hold custody through a licensed VFEX/ZSE stockbroker.
Veri Platform
Veri provides access to Zimbabwe through its VFEX and ZSE-connected custodian relationships. For offshore institutional clients, VFEX-listed securities in USD are the primary vehicle, offering exposure to Zimbabwean companies without the monetary complexity of ZiG-denominated ZSE positions.
Zimbabwe — Q&A
Common Questions
What is the difference between the ZSE and VFEX?
The Zimbabwe Stock Exchange (ZSE) is the domestic exchange where companies trade in Zimbabwe Gold (ZiG), the local currency. The Victoria Falls Stock Exchange (VFEX) was established in 2020 as a USD-denominated platform specifically designed for international investors and cross-listed companies. VFEX offers free repatriation of proceeds in USD, significantly simplifying the investment and exit process for offshore institutional investors relative to the ZSE.
What major companies are listed in Zimbabwe?
Prominent ZSE-listed companies include Econet Wireless Zimbabwe (telecoms), Delta Corporation (beverages, SABMiller affiliate), OK Zimbabwe (retail), CBZ Holdings (banking), Old Mutual Zimbabwe, and Innscor Africa (food manufacturing). Several of these are cross-listed or have equivalents on the VFEX. These companies represent exposure to Zimbabwe's consumer, banking, and communications sectors.
What is the Zimbabwe Gold (ZiG)?
Zimbabwe Gold (ZiG) is the gold-backed currency introduced by the Reserve Bank of Zimbabwe in April 2024, replacing the Zimbabwe dollar (ZWL). ZiG is designed to be backed by gold and foreign currency reserves held by the central bank. ZSE-listed equities are now denominated in ZiG. The VFEX operates independently in USD and is unaffected by ZiG monetary dynamics.
How do offshore investors access Zimbabwean capital markets?
Offshore institutional investors access Zimbabwean markets through a licensed stockbroker-custodian with membership of the ZSE or VFEX. For international investors, VFEX is typically preferred due to USD denomination and free repatriation rights. Settlement occurs through Chengetedzai Depository Company (CDC) on T+3. Both exchanges are regulated by the Securities and Exchange Commission of Zimbabwe (SECZ).
Does Veri provide access to Zimbabwe equities?
Yes. Veri maintains custodian connections to both the ZSE and VFEX, providing access to Zimbabwean equities for institutional clients. For offshore investors, VFEX-listed USD-denominated positions are the standard access route. Positions are held in the client's platform account alongside other African market holdings, with USD reporting for VFEX positions.
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 Zimbabwe 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 ZSE / VFEX — from Mauritius.