The recent flurry of announcements around the imminent launch of the Zimbabwe Entrepreneurship Exchange (ZEEX) confirms it is positioning itself as a gateway for thousands of small and medium enterprises (SMEs) operating in the shadows of the country’s formal economy to seek capital.
Backed by the Zimbabwe Stock Exchange (ZSE) Holdings (ZSEH), the new platform seeks to address one of the country’s longstanding economic challenges: the exclusion of promising entrepreneurs from traditional financing channels, despite their growing contribution to jobs, innovation, and economic activity.
The opportunity is substantial. Zimbabwe had about 204 798 operational establishments as of June 2025, according to the Zimbabwe National Statistics Agency, with more than three-quarters operating informally.
Even within the formal sector, private limited companies account for roughly 14,600 businesses, yet only 51 companies are listed across the ZSE and Victoria Falls Stock Exchange (VFEX).
The disparity underscores the vast untapped pool of enterprises that could potentially access capital through platforms such as ZEEX.
The FinScope micro-SME (MSME) Survey Zimbabwe 2022 estimated that nearly two million MSMEs generate about US$14.2 billion in annual turnover, underscoring the vast pool of businesses that could potentially benefit from easier access to capital through platforms such as ZEEX.
“In alignment with the 2025 national budget, we are launching ZEEX Markets, a dedicated capital-raising ecosystem. This platform will facilitate a direct link between companies seeking funding and specialised investors,” ZSEH chief executive officer Justin Bgoni said in the group’s 2025 annual report.
“ZEEX Markets will pioneer the use of smart contracts and tokenisation, allowing for the fractionalisation of assets and more efficient settlement cycles”.
Momentum behind ZEEX gathered pace this past week after the ZSE announced that it had received regulatory approval from the Securities and Exchange Commission of Zimbabwe to operationalise the platform.
The exchange also unveiled a strategic partnership with INVESCI Asset Management, one of the country’s leading fund managers, signaling growing institutional support for the initiative.
Together, the announcements offered the clearest indication yet that ZEEX is moving from concept to reality, as the ZSE seeks to create a dedicated capital-raising and trading platform for SMEs.
“Building on the successful 2024 inauguration, the ZSE launched the second edition of the Prospective Issuers Training Programme in 2025 as a strategic vehicle to equip businesses with the technical expertise required for the listing process,” ZSE Holdings said.
“This initiative serves as a critical pipeline for the Zimbabwe Entrepreneurship Exchange, a digital-first marketplace scheduled for full operational launch in 2026.
“The 2025 cohort featured over 35 high-potential businesses representing all key economic sectors, demonstrating the programme's broad appeal and strategic importance”.
The holding company reported that many participants have already formally expressed interest in utilising the ZEEX platform to raise capital and access secondary market liquidity.
The need for ZEEX arises because the 132-year-old ZSE was overtaken by the nearly six-year-old VFEX as the country’s largest bourse by market capitalisation in April.
Consequently, ZEEX represents the ZSEH’s latest attempt to broaden capital market participation by targeting the country’s largely untapped MSME sector.
ZSE Holdings said that entering 2026, the company was positioned at a pivotal juncture of growth and modernisation.
“Central to our 2026 outlook is the introduction of a dedicated platform on the ZSE aimed at formalising the informal sector and improving SME access to mainstream capital markets,” Bgoni said.
“We anticipate increased participation from institutional investors, including pension funds, as we continue strengthening the role of our markets as a sustainable source of funding for productive sectors of the economy”.
He added: “New listings, products, and market solutions are expected to further diversify and expand our revenue streams through listing activity, trading volumes, and related services, supporting long-term value creation for shareholders.”
ZSEH chairperson Caroline Sandura said that looking ahead to 2026, the firm anticipates a year characterised by cautious optimism, supported by ongoing economic reforms and improving market confidence.
“While macroeconomic stability remains a key priority, greater policy consistency and increased adoption of structured financial instruments are expected to enhance the investment environment,” she said.
“The group expects continued growth in market activity, supported by issuers with strong fundamentals, sound governance practices, and a clear focus on long-term value creation.
“As investors become increasingly discerning, transparency, sustainability, and innovation will remain key drivers of capital allocation decisions.”