ZIMBABWE has launched a regulated capital market platform that will allow small and medium-sized enterprises (SMEs) to raise funds directly from investors, as the government seeks to improve access to finance and accelerate business growth.
The Zimbabwe Entrepreneurship Exchange (ZEEX), regulated by the Securities and Exchange Commission of Zimbabwe, was launched in Bulawayo on Friday by Finance, Economic Development and Investment Promotion minister Mthuli Ncube.
The platform is the latest addition to ZSE Holdings' capital market ecosystem, alongside the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX). It is designed to provide SMEs with a pathway to raise private capital, access public markets as they grow and eventually graduate to the country's main exchanges.
Speaking at the launch, Ncube said ZEEX marked a major milestone in efforts to broaden access to Zimbabwe’s capital markets.
"The Ministry of Finance, Economic Development and Investment Promotion regards the growth of SMEs and entrepreneurs as central to its mandate," he said.
"Government continues to improve the fiscal and regulatory environment to allow the formalisation of small businesses without overburdening them. ZEEX complements these efforts by offering a credible platform through which businesses can raise capital and grow."
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The launch comes as SMEs account for 76,1% of Zimbabwe's business establishments, according to the 2025 Economic Census. The sector generates an estimated US$14,2 billion in annual revenue, contributes US$8,6 billion in gross value added and employs more than 70% of the country's workforce.
Despite their economic importance, many SMEs struggle to access formal finance because bank lending is largely collateral-based.
Under the ZEEX framework, businesses can begin by accessing ZEEX Private Markets, where entrepreneurs register their companies and, with the assistance of sponsoring brokers or corporate finance advisers, structure the financing instrument best suited to their needs, whether equity, debt or another investment product.
Subject to approval by the ZEEX Management Committee, investment opportunities are then presented to prospective investors.
As companies grow, they can migrate to ZEEX's Public Markets, an SME-focused board where approved securities are traded by both retail and institutional investors. Companies that continue growing can ultimately graduate to the ZSE or the VFEX, providing a clear pathway from private capital raising to the country's main public exchanges.
Ncube said the platform would deepen Zimbabwe's capital markets by increasing liquidity, broadening investment opportunities and strengthening confidence in the financial system.
"Every new financial instrument and every new investment drawn into this space adds liquidity, depth and credibility to Zimbabwe's financial sector," he said.
"Capital markets have traditionally been the preserve of large institutions and a narrow segment of retail investors. ZEEX opens the door to a much wider range of participants."
Unlike conventional bank lending, ZEEX allows businesses to raise capital based on the strength of their business models, management teams, financial performance and growth prospects rather than collateral.
Ncube said the platform would also expand investment opportunities for pension funds, institutional investors and Zimbabweans in the diaspora seeking exposure to high-growth businesses.
He urged the ZSE to intensify investor and issuer education while calling for stronger collaboration between government ministries and capital market institutions to ensure women, youth and grassroots enterprises benefit from the platform.
"It is this kind of collaboration across government that will determine whether ZEEX truly reaches the entrepreneurs it is intended to serve rather than remaining accessible only to those already operating within the formal economy," Ncube said.
Addressing entrepreneurs, he encouraged them to engage with the ZSE, sponsoring brokers and corporate finance advisers to explore funding opportunities available through the exchange.
He also reaffirmed the government’s commitment to improving the ease of doing business through macroeconomic stability, predictable policies and regulatory reforms aimed at reducing the cost of formalising and expanding businesses. ZEEX creates a structured capital-raising pathway for Zimbabwean SMEs, enabling them to secure private investment, transition to public markets as they mature and ultimately list on the ZSE or VFEX. Policymakers expect the platform to deepen the country's capital markets, attract new investment and help build the next generation of listed companies.