By Tafanana Kwedu

The Securities and Exchange Commission of Zimbabwe (SECZ) has licensed the Victoria Falls Stock Exchange Limited (VFEX) in line with the country’s visions to attain USD $100 billion economy by 2040 and being an upper Middle Income Economy by 2030.

VFEX is a wholly-owned subsidiary of the Zimbabwe Stock Exchange (ZSE) and it would be denominated in foreign currency and targets foreign investors as well as global capital markets especially the mining industry.

ZSE Chief Executive Officer, Justin Bgoni told the Harare Post that the market would be updated on the exact date when VFEX will go live.

“VFEX is now finalising the listing and membership requirements, setting up of the trading and depository systems as well as modalities on the clearing and settlement of transactions.

“The VFEX is pleased to advise stakeholders that it has been granted licence to operate a securities exchange by the Securities and Exchange Commission of Zimbabwe in accordance with the Securities and Exchange Act, Chapter 24:25,” said Bgoni.

Tourism experts commended government for setting up VFEX to be housed in Victoria Falls, highlighting that this would attract foreign direct investment to the resort town, Victoria Falls and the country in general. Apart from being a major tourist attraction in the country, the establishment of VFEX would turn Victoria Falls into a financial hub. 

It is further envisaged that the new bourse will expedited the recovery of the tourism sector, hardest hit by the COVID 19 pandemic.