THE Victoria Falls Stock Exchange (VFEX) is seeing a steady rise in participation from individual investors, with more than 7 800 retail accounts now registered on its VFEX Direct digital trading platform, a sign of the exchange’s expanding accessibility since the introduction of online investment channels.
VFEX chairperson Florence Jambwa said the platform had opened the market to a wider pool of investors, allowing individuals to participate in share trading through digital channels.
“Since its introduction, VFEX Direct has meaningfully broadened access to the market by enabling individuals to participate conveniently through digital channels,” she said last week at the listing ceremony of the Pfuma Real Estate Investment Trust.
“Retail investor accounts have grown consistently over the past few years, and trading activity from this segment has increased both in value and volume. Currently, it has over 7,800 investors on board.”
The growth mirrors a broader global trend in capital markets, where digital platforms and mobile trading applications have dramatically expanded retail participation. Over the past decade, millions of small investors worldwide have entered equity markets as barriers such as high brokerage costs and limited access to trading platforms have steadily fallen.
In emerging markets in particular, exchanges are increasingly turning to digital platforms to attract younger investors and deepen market liquidity.
For Zimbabwe, the rise in retail investors on the VFEX also reflects a shifting landscape in the country’s capital markets, with the US dollar-denominated bourse gradually gaining prominence as companies seek stable hard-currency funding and improved valuation conditions.
The Pfuma REIT listing marked another milestone for the exchange, becoming the 18th counter on the VFEX and the second real estate investment trust to trade on the platform.
“In a relatively short period, VFEX has evolved from a bold concept into a functioning, resilient and expanding marketplace,” Jambwa said.
“We have grown our listings, diversified sectors represented on the exchange, enhanced regulatory frameworks and improved market infrastructure. What began as an initiative to attract foreign currency investment has matured into a platform that facilitates capital formation, supports corporate growth and connects Zimbabwean enterprises to global investors.”
Since its launch five years ago, the VFEX has mobilised more than US$100 million in capital for companies operating in sectors such as mining and real estate.
“These capital inflows have supported expansion projects, strengthened balance sheets and enabled long-term asset development,” Jambwa said.
“The cumulative capital mobilised during this period underscores the exchange’s growing relevance as a funding avenue for corporates seeking stable foreign currency financing.”
Analysts say the VFEX’s growth has also been supported by broader structural shifts in Zimbabwe’s capital markets. In recent years, several major companies, including Padenga, Innscor, Simbisa, Axia, FCB and Edgars, have migrated from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls bourse, citing better valuation prospects, tax incentives and access to hard-currency capital.
The movement of companies towards the VFEX has coincided with mounting pressures on the ZiG-denominated ZSE, where repeated de-listings and concerns about market depth and liquidity have raised questions about the domestic bourse’s ability to perform its traditional roles of price discovery and capital formation.
Against this backdrop, market observers say the expansion of retail participation on the VFEX could help strengthen liquidity and broaden the investor base as Zimbabwe seeks to rebuild confidence in its capital markets.
Retail investors flock to VFEX digital platform
