ZIMBABWE Stock Exchange Holdings (ZSEH) is positioning the Victoria Falls Stock Exchange (VFEX) as a regional capital-raising and cross-border investment hub, banking on regulatory incentives and the Victoria Falls International Financial Centre to attract local and foreign issuers.
The strategy comes after the United States dollar-denominated bourse overtook the 132-year-old Zimbabwe Stock Exchange (ZSE) by market capitalisation in April, underscoring a shift in investor preference towards hard-currency assets amid Zimbabwe’s unpredictable economic environment.
VFEX ended 2025 with a market capitalisation of US$2,1 billion and turnover of US$112 million, up from US$1,27 billion and US$56 million, respectively, a year earlier. Its market value had risen further to US$3,67 billion by last Friday.
“A central strategic focus for the VFEX is to leverage the opportunities presented by the Victoria Falls International Financial Centre to broaden our existing product offering, enhance the range of innovative financial products enabled by the centre’s evolving regulatory framework, and strengthen the exchange’s positioning as a leading regional platform for capital raising and cross-border investment,” ZSEH chief executive officer Justin Bgoni said in the group’s 2025 annual report.
The growth of VFEX has been driven by an increase in companies migrating from the ZSE, attracted by foreign-currency trading, while strong gold prices have boosted the value of mining stocks listed on the exchange.
Bgoni said the VFEX remained central to the government’s plans for the Victoria Falls International Financial Services Centre following the gazetting of the enabling framework.
“This positions VFEX as a gateway for offshore capital and hard-currency investment into Zimbabwe,” he said.
“As the International Financial Services Centre framework matures, we expect preferential tax and regulatory treatment to further accelerate VFEX listings and trading volumes.”
- Simbisa Brands mulls VFEX listing
- Simbisa Brands listing boost for VFEX
- Simbisa unveils broad VFEX listing roadmap
- ‘Nedbank financial instrument listing on VFEX a game-changer’
Keep Reading
The exchange is also targeting early-stage and export-oriented businesses seeking access to working capital and long-term funding.
During 2025, the VFEX All Share Index gained 70,16% to close at 177,12 points. By March 2026, the index had risen a further 41,07% year-to-date.
Turnover nearly doubled during the period, reflecting growing investor participation and improving market liquidity.
Bgoni said ZSEH planned to expand digital trading platforms and strengthen settlement systems to support growth.
“VFEX demonstrated consistent settlement performance, with no settlement failures in 2025. Increased participation from local and foreign investors nearly doubled turnover, supported by new listings and a USD-denominated trading environment,” he said.
ZSEH chairperson Caroline Sandura said the planned commodities exchange would broaden participation by local and international investors.
She said growth was also expected in alternative asset classes, including real estate investment trusts, exchange-traded funds and debt instruments, as issuers increasingly turn to capital markets for funding.
