Victoria Falls Stock Exchange reaches US$1,9bn market capitalisation
THE Victoria Falls Stock Exchange (VFEX), Zimbabwe’s United States dollar-denominated bourse, reached a market capitalisation of US$1,9 billion in the first nine months of 2024.
This remarkable growth is attributed to the listing of Edgars Stores Limited and Invictus Energy.
Edgars Stores Limited
Edgars Stores Limited became the first clothing retailer to list on the VFEX after shareholders approved its delisting from the Zimbabwe Stock Exchange (ZSE) in April 2024. The company’s VFEX debut in May marked its entry as the 15th counter on the exchange.
ZIMBABWE Stock Exchange (ZSE)
Similarly, Invictus Energy Zimbabwe Depository Receipts (ZDR) were listed on the VFEX in August 2024, further boosting the exchange’s performance.
Launched in October 2020, the VFEX is a subsidiary of the Zimbabwe Stock Exchange and serves as a cornerstone of the Offshore Financial Services Centre (OFSC) in Victoria Falls, a special economic zone.
The exchange was designed to attract global capital, restore foreign investor confidence and provide a platform for companies to raise foreign currency capital.
In the 2025 National Budget statement, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, highlighted VFEX’s impressive growth, saying as of September 30, 2024, the number of listed companies on the VFEX stood at 16, comprising 12 equity listings, three depository receipts and one fixed-income security, of which 14 counters were active.
He noted that the overall market capitalisation reached US$1,29 billion at the end of September 2024, reflecting a 4,72 percent year-to-date increase.
“This growth can be primarily attributed to the recent listings of Edgars Stores Limited and Invictus Energy ZDR, which became publicly traded on the VFEX on May 10, 2024 and August 2, 2024, respectively,” added Prof Ncube.
Located in Matabeleland North, VFEX is the only USD-denominated stock exchange in Zimbabwe and the region, positioning the province as a hub for financial technology investment.
The exchange has introduced a range of incentives to attract companies, including a 100 percent retention ratio for exporters listed on the VFEX. These measures have made the platform appealing to businesses seeking foreign currency capital.
VFEX provides an opportunity for companies in Zimbabwe, the SADC region and across Africa to raise foreign currency capital. International companies operating in Zimbabwe are also encouraged to seek listings on the exchange.
Government has reiterated its commitment to maintaining VFEX as a foreign exchange market aligned with Vision 2030. The platform plays a crucial role in attracting foreign investment by offering tax benefits and a stable USD trading environment.
Companies listed on the VFEX include the African Sun Limited, Axia Corporation Limited, Bindura Nickel Corporation Limited, Caledonia Mining Corporation, First Capital Bank, Innscor Africa, Karo Mining Holdings, National Foods Limited, Nedbank Group Limited, Padenga Holdings, SeedCo International, Simbisa Brands Limited and Vision Capital Group (VCG). —chronicle
