Buying shares in Zimbabwe.
Buying your first shares in Zimbabwe, step by step 1. Choose a stockbroker. Trades go through a registered stockbroker, who acts as your agent. Compare a few under Find a broker.
2. Open a trading account with the broker. For individuals that means the broker's account-opening forms, a copy of your ID (passport for foreign investors) and proof of residence.
3. Open a CSD (securities) account. Shares are held electronically in the Central Securities Depository, much like money in a bank account. Your broker or a custodian opens it for you, and opening one is usually free.
4. Fund your account and place your order with the broker. Purchases and sales carry brokerage, levies and taxes; see the cost guide.
5. Settlement. Trades on both the ZSE and VFEX settle in two working days (T+2): buy on Monday and the shares reach your CSD account on Wednesday.
What it costs to buy and sell shares ZSE (shares and ETFs): about 1.693% of the deal value to buy and 2.443% to sell, so a share must rise about 4.2% before selling gets your money back.
ZSE · Broker commission: 0.92% buying, 0.92% selling. The stockbroker's fee.
ZSE · VAT on commission: 0.138% buying, 0.138% selling. VAT on the broker's fee.
ZSE · Stamp duty: 0.25% buying, 0% selling. Government tax on purchases.
ZSE · SECZim levy: 0.16% buying, 0.16% selling. Funds the regulator, SECZim.
ZSE · Depository (CSD) levy: 0.1% buying, 0.1% selling. Funds the share ownership register.
ZSE · ZSE levy: 0.1% buying, 0.1% selling. The exchange's charge per deal.
ZSE · Investor protection levy: 0.025% buying, 0.025% selling. Funds investor compensation if a broker fails.
ZSE · Capital gains tax: 0% buying, 1% selling. Withheld on the full sale amount.
VFEX: about 1.187% to buy and 0.937% to sell (break-even about 2.1%).
Capital gains withholding tax on listed shares is 1% of the sale proceeds, and withholding tax on dividends is 10% (ZSE FAQs).
Brokers may agree a lower commission; levies and taxes are fixed. Try your own numbers in MosiMarket's Cost of buying tool.
ZSE or VFEX: what's the difference? The Zimbabwe Stock Exchange (ZSE) trades in Zimbabwe Gold (ZWG); share prices are quoted in ZWG cents, so 3,025 means ZWG 30.25.
The Victoria Falls Stock Exchange (VFEX) trades entirely in US dollars: trading, settlement and dividends.
Both exchanges trade Monday to Friday, excluding public holidays: pre-open 09:00–09:30, continuous trading 09:30–13:00, post-close 13:00–14:30.
Both settle in two working days (T+2), and both hold your shares in a CSD account opened through a broker or custodian.
Some companies have moved from the ZSE to VFEX to raise and pay in US dollars; MosiMarket shows prices in US$ too, for comparison.
Your CSD account in plain words The Central Securities Depository (CSD) holds shares electronically instead of on paper certificates, and works much like a bank account: it's credited when you buy and debited when you sell.
You need a CSD account to buy shares on the ZSE. Your stockbroker or a custodian opens it; you don't need to own any shares first.
Benefits: nothing to lose, steal or forge; faster selling and settlement; less paperwork.
You can hold accounts with more than one participant, and you can convert shares back to paper ("withdrawal" or rematerialisation), though there's little reason to, since they must be converted back before you can sell and it costs a fee.
Who is the ZSE? The Zimbabwe Stock Exchange Limited ('ZSE') is a licensed securities exchange in terms of the Securities and Exchange Act (24:25), with a core mandate to facilitate long term capital raising through listing of securities as well as offering secondary market securities trading and issuer regulation services.
Is the ZSE a self-regulatory organisation? The ZSE is regulated by the Securities and Exchange Commission of Zimbabwe and efforts are underway to adopt a self-regulation structure.
Is the Zimbabwe Stock Exchange a government entity? No, the Zimbabwe Stock Exchange Limited ('ZSE') is owned by different shareholders.
What are the roles of the ZSE? The roles of ZSE are:
Facilitating raising of long term capital for companies, Government and semi Government institutions
Providing a regulated platform for secondary market buying and selling of securities
Provision of information such as historical financials, securities prices and market reports
Regulating stockbrokers, market makers and security issuers
What are the securities traded on the ZSE? The ZSE facilitates the listing and trading of the following security types:
Ordinary shares
Preference shares
Depository receipts
Debt securities such as debentures, notes and bonds
Exchange Traded Funds
What social media handles does the ZSE have and how can I access them? The ZSE uses Twitter, Facebook, LinkedIn and Youtube, with the following handles: Twitter: @ZSE_ZW, Facebook: Zimbabwe Stock Exchange, LinkedIn: Zimbabwe Stock Exchange, Youtube: Zimbabwe Stock Exchange
What is a stock exchange? A stock exchange is a marketplace where financial securities are bought and sold.
What are financial securities? Financial securities represent a claim on the assets of the issuer and such claims can be ownership (as represented by equity securities) or creditor (represented by debt securities).
What is a share? A share is a unit of ownership. It is also referred to as equity. When one purchases a share in a company he/she becomes a part owner in that company. He/she will be entitled to certain rights e.g. dividend and voting.
What are the rights and benefits of being a shareholder? Shareholder rights and benefits can include the following:
Participating in annual general meetings
Receiving reports and information pertaining to the company invested in
Dividends
Further issues of shares
Share buy-backs
Other corporate actions
What is Primary Market? Primary market offerings of securities occur when securities are offered for sale for the very first time.
What is meant by Secondary Market Trading? Secondary market trading of securities occurs when securities that have been bought through a primary market offering are traded on the ZSE. In the secondary market, an investor buys or sells securities to other investors.
What is an ISIN Code? Each security on the ZSE is assigned an International Security Identification Number (ISIN) which identifies each security uniquely.
What is the tax on dividends? The withholding tax on dividends is 10%.
What is the best way for me to keep track of my dividends? Follow updates on corporate announcements on the ZSE website. Dividend notices are also published in the press.
What is an Exchange Traded Fund (ETF)? An ETF is a listed investment product that tracks the performance of a basket of shares, bonds or commodities. ETFs can be bought and sold just like Ordinary Shares. The difference is that one ETF gives you exposure to more than one security or security type.
What is a stockbroker? A stockbroker is an agent licensed to buy and sell securities on an exchange on behalf of investors. To start the process of investing on the ZSE, you need to open a trading account with a ZSE registered stockbroker.
How do I find a stockbroker? To find a stockbroker, you can visit the stockbrokers tab on this site www.zse.co.zw and the ZSE does not recommend one broker over the other but advises investors to do a comparison depending on one's needs and investment goals.
How do I become a stockbroker? To become a stockbroker, one has to:
Go through a rigorous training process within the industry
At least 3 years industry experience- back office experience before one becomes a dealer then two years experience after becoming a dealer and before submission of application
Be in possession of a recognised degree in business related studies
Have passed specified modules of the Registered Persons Examinations of the South African Institute of Financial Markets (SAIFM)
Be at least 21 years of age
Be ordinarily resident in Zimbabwe
Own assets in excess of his/ her liabilities by an amount stipulated in the members' rules
Can you buy securities directly with the ZSE? All securities on the ZSE can be bought or sold through a registered stockbroker. A stockbroker acts as your agent in buying or selling securities. They also provide professional financial advice.
What are the requirements for opening a trading account with a stockbroker? You open a trading account by completing and signing account opening forms at your preferred stockbroking firm.
For individuals: copy of ID (passport for foreign investors), proof of residence (utility bill within three month from date of processing in name of account holder or accompanied by affidavit from lessor, if renting); and 2 passport size photos.
For Companies/Trusts/Estates/NGOs: registration certificate; list of directors/trustees (CR14 etc.) registered office details (CR6) directors/trustees' KYC (same as in Individuals)
Do I get charged to buy or sell shares and any other securities on the ZSE? There are transaction costs which are charged on each and every purchase and sale transaction. For Equities and ETFs, total costs are 1.6884% for buying and 2.4384% for selling (Grand Total 4.1268%). For Debt Securities, total costs are 0.109425% for both buying and selling (Grand Total 0.21885%).
Is there capital gains tax on the profits from the sale of listed shares? Capital gains withholding tax on the sale of listed shares is 1% of the sale proceeds.
How can I learn about shares and investing? To learn about investing and the investing process, you can enroll in the free Investment 101 course offered by the ZSE accessible at www.zsetraining.co.zw. You can also download the ZSE Investment guide available on the ZSE website (www.zse.co.zw). We also recommend you contact a registered stockbroker or financial advisor.
Can I buy shares without cash up front? No, all trades on ZSE are required to be prefunded.
How much do I have to earn to buy shares on the Zimbabwe Stock Exchange Limited? A person from any income level, who has some amount of surplus funds available no matter how small, may decide to buy shares on ZSE.
What are View Only Terminals? View Only Terminals ('VOTs') are viewing rights to ZSE's live trading on the Automated Trading System ('ATS').
How do VOTs work? The ZSE grants a client a username and password which will enable them to log in to the ATS and enable them to 'watch' trading during normal market hours.
What are the benefits of VOTs? The VOT enables the user to:
Make informed investment (buy/sell) decisions
Get alerts on corporate actions (dividend record dates, cum and ex dates etc.)
Ascertain the direction of the market ahead of the general public
Quickly communicate with their stockbroker through the VOT messaging platform
Configure alerts on securities of interest (e.g. price or volume alerts)
Can VOT users trade directly on the ATS? VOT users will still need to place their buy or sell orders through their stockbrokers.
Is short selling permitted on the ZSE? Short selling is not permitted on the ZSE.
What is the settlement cycle? The settlement cycle is T+3, which means that for example if a trade takes place on Monday, it gets settled on Thursday.
Are margin trading and securities lending practised on the ZSE? Margin trading and securities lending are not available on the ZSE.
Why do companies list on the ZSE? Listing enables a company to raise capital (the funds it needs to operate and grow). Listing can also be done to enhance the company's public profile with customers, suppliers, the media and investors. As a result, more business opportunities become available to the company.
Where do I find information about the listed companies on the ZSE? The ZSE website has information on all the listed companies under the Listed Securities tab.
Are there foreign restrictions on repatriation of initial invested capital and dividends? There are no restrictions on repatriation of capital and dividends. Foreign currency shortages have however been encountered in the past making remittances difficult to effect on time.
Are there any foreign ownership restrictions and what disclosures are required? The limit for an individual foreign investor is 15% of total issued share capital whilst the aggregate limit for foreign investors per counter is 49%. Foreign investors may exceed these thresholds subject to getting prior approval from the Reserve Bank of Zimbabwe (RBZ).
Who regulates the capital markets in Zimbabwe? The Zimbabwean capital market is regulated by the Securities and Exchange Commission of Zimbabwe ('SECZ').
What legislation governs the operations of the Zimbabwean capital markets? The Securities and Exchange Act (24:25).
What is Fungibility? Fungibility is the ability of a good or asset to be interchanged with other individual goods or assets of the same type. In trading a financial instrument (stock or bond) is considered fungible if it can be exchanged (bought/sold) on one market/exchange and then sold/bought on another market/exchange. Full fungibility is when a financial instrument (stock/bond) can be sold/bought from one market/exchange into the other and vice versa. Partial fungibility is when shares can only move in one direction.
Which counters are fungible on the ZSE? Currently there are three counters which are fully fungible on the ZSE which are Old Mutual Limited (OMU.zw), PPC Limited (PPC.zw) and Seedco International Limited (SCIL.zw). There is at least a 51% limit of the listed shares that shall remain on the Zimbabwean Register.
Of the counters that are fully fungible on the ZSE, which other stock exchanges are they listed on? ● OMU.zw; (JSE, London Stock Exchange, Malawi Stock Exchange and Namibia Stock Exchange)
● PPC.zw; (JSE)
● SCIL.zw; (Botswana Stock Exchange)
Of the counters that are fully fungible on the ZSE, which is the most liquid counter? Old Mutual Limited is the most liquid company because it is listed on many stock exchanges.
What is Old Mutual Implied Rate (OMIR)? OMIR is an unofficial rate which is used by investors to compare share price movement of Old Mutual shares on ZSE, JSE and London Stock Exchange. This rate has no official connection with Old Mutual and is informally derived.
How is Fungibility Regulated on the ZSE? Fungibility on the ZSE is regulated by RBZ Exchange Control Guidelines and the current directive is Exchange Control Directive GR 699 of June 2016.
What is the Zimbabwe Stock Exchange ('ZSE') fungibility approval process? Before shares are moved out of Zimbabwe, the ZSE first establishes whether the underlying investor is a local or foreign investor. For local investors shares can be sold offshore if there is no local buyer and the price offshore is higher. For foreign investors shares can be moved out of Zimbabwe if it can be established that these shares have been bought by funds which came in through normal banking channels and proof of receipt of funds supported by documentary evidence in the form of copies of inward Telegraphic Transfer. Investors wishing to transfer shares outside Zimbabwe must approach ZSE through a stockbroker. The broker must submit the following documentation to the exchange before approval is granted:
● Application letter from the broker
● Removal receipt Form
● Transfer Form
● Original share certificates
● Letter from the bank confirming that shares have bought using offshore funds through normal banking channels
What is the role of the following stakeholders in the Fungibility approval process? The Reserve Bank of Zimbabwe: approves initial application by the issuer for their shares to be fully fungible and provides procedures and guidelines for trading in dual listed shares on the ZSE. Zimbabwe Stock Exchange: Assesses and approves any application related to fungibility in line with RBZ Exchange Control Guidelines. The ZSE monitors the limits on a daily basis to ensure that limits are within the 51% prescribed by the Exchange Control guidelines. The ZSE provides returns to the RBZ on removals that are in and out of Zimbabwe. Stockbrokers: They advise investors the process of uplifting shares on behalf of the investor in line with ZSE approval processes. Transfer Secretaries: Responsible for producing share certificates, issuing out transfer securities forms and removal request forms and advising the ZSE the shares that are being removed inwards and agree the running totals with the ZSE. Listed Companies: Responsible for the initial application to the RBZ for the shares to be fungible up to 51% of the Exchange Control guidelines.
What is a Central Securities Depository? A Central Securities Depository (CSD) is an institution that keeps custody of securities (debt, equities, ETFs) for investors in electronic form. It also offers other related services such as securities clearing and settlement, securities transfer, and pledges.
What are the functions of a CSD? • Facilitate the admittance, deposit, and withdrawal of securities
• Facilitate the dematerialization of securities accounts
• Establish a system for the verification, inspection, and recording of book-entry securities
• Facilitate the efficient transfer and registration of securities
• Facilitate the efficient process of cash payment in exchange for securities
• Operate securities accounts for handling book-entry securities and cash
• Designate a settlement bank for the settlement of funds
• Facilitate the collection of fees and other charges
• Guard against the falsification of records or accounts
• Perform other functions necessary to ensure orderly dealings in securities
Who regulates the CSD? The VFEX CSD is regulated by the Victoria Falls International Financial Service Centre (VFIFSC).
What is a securities account? A securities account is an account opened by an investor through a Depository Custodian (Custodian) in the CSD System. This account holds all the securities owned by an investor and is used to effect all transactions, such as trades and transfers.
Do I need to buy securities before I open a securities account? No.
How much does it cost to open a securities account? There is no cost to open a securities account. However, custodians have different cost structures for account maintenance fees.
Do I need to open a bank account before I can buy securities into my securities account? Yes. An investor needs to open a Nostro FCA Account to receive dividends and act as a cash account for trade settlements.
Why must I open a securities account? • It provides faster registration of securities, preventing long delays in delivery, settlement, and transfer
• It eliminates risks associated with paper certificates, such as loss, theft, forgery, and mutilation
• It increases liquidity due to faster transfer and registration of securities
• It allows investors to easily track investments through quarterly statements
• Securities statements can be used as collateral for loans from financial institutions, saving time and transaction costs
Who qualifies to open a securities account? • Individual investors aged 18 and above
• Any corporate body
• Societies, Trusts, Investment Clubs, Churches, and Corporations incorporated by an Act of Parliament
• Minors (under 18 years old) with a guardian or parent as the signatory
• Both Zimbabwean and foreign investors, regardless of their residential status
How can I open a securities account? The investor must submit a duly completed and signed Securities Account Registration (CSD 1) Form with a copy of an identification or authorization document to a Custodian.
How can I buy securities into my account? An investor can buy securities issued by an issuer through any registered Stockbroker on the secondary or primary markets or through the VFEX Direct web and mobile platform.
Who is an issuer? An issuer is a company whose securities are listed and traded on the VFEX.
What is an ISIN? ISIN (International Securities Identification Number) is a unique 12-digit alphanumeric identification number allotted to a security. Different types of securities from the same issuer will have different ISINs.
As an investor living outside Zimbabwe, can I buy securities in Zimbabwe? Yes. You can buy securities through your registered Stockbroker or VFEX Direct platform.
Who is a custodian? A custodian of securities is a specialized financial institution, typically a bank or trust company, that holds, safeguards, and manages assets—such as stocks, bonds, and cash—on behalf of institutional or private investors . They prevent theft or loss of assets, manage trade settlements, collect dividends/interest, and handle corporate actions like stock splits.
What evidence will I receive after submitting or depositing my share certificate? When you submit your share certificates, you will receive a receipt (a copy of the deposit form). Once the certificates are lodged into your securities account, you will receive statements on request or annually from the CSD.
What is VFEX? The Victoria Falls Stock Exchange (VFEX) is a subsidiary of the Zimbabwe Stock Exchange (ZSE) that provides a platform for trading in foreign currency-denominated securities, particularly targeting international investors.
What currency is used for trading? All transactions on the VFEX are conducted in United States Dollars (USD). This includes trading, settlement, and dividend payments.
What are the trading hours? Pre-Open: 09:00 – 09:30 Continuous Trading: 09:30 – 13:00 Post-Close: 13:00 – 14:00
Who can trade on VFEX? The exchange is open to both local (Zimbabwean) and foreign investors
How long does settlement take? VFEX operates on a T+2 settlement cycle. This means if you buy shares on Monday, they will reflect in your CSD account on Wednesday.
Can a ZSE-listed company move to VFEX? Yes. Companies can delist from the ZSE and list 100% of their shares on VFEX, or choose to do a dual listing under specific conditions.
What is CSD? A Central Securities Depository (CSD) is an institution that keeps custody of securities (debt, equities, ETFs) for investors in electronic form. It also offers other related services such as securities clearing and settlement, securities transfer, and pledges.
Who regulates CSD? The ZSE CSD is regulated by the SecZim
What is a securities account? A securities account is an account opened by an investor through a Depository Custodian (Custodian) in the CSD System. This account holds all the securities owned by an investor and is used to effect all transactions, such as trades and transfers.
Do I need to buy securities before I open an account? No.
What is a CSD number? A CSD number is a unique identifier assigned to your account. It is used to track all your securities and transactions.
Is there a fee to open or maintain a CSD account? Opening a CSD account is usually free. Transaction-related fees may apply when buying or selling shares
How do I check my shares in the CSD? You can request a statement from your broker or access your account via online trading platforms like ZSE Direct.
What happens if I change my personal details? You must update your details through your broker or custodian.This ensures correct dividend payments and accurate account records
Do I need a CSD account to trade on ZSE? Yes. You must have a CSD account to buy or sell shares on the ZSE. The account ensures your securities are securely recorded and transferred.
Who is a custodian? A custodian of securities is a specialized financial institution, typically a bank or trust company, that holds, safeguards, and manages assets—such as stocks, bonds, and cash—on behalf of institutional or private investors . They prevent theft or loss of assets, manage trade settlements, collect dividends/interest, and handle corporate actions like stock splits.
Who is an issuer? An issuer is a company whose securities are listed and traded on the ZSE.
What is the current settlement cycle on ZSE? The ZSE moved from T+3 to T+2 settlement in April 2025. This means trades settle within 2 business days after execution and investors receive shares or cash faster
What does T+2 mean in simple terms? If you buy shares today (T): They will reflect in your CSD account in 2 working days If you sell shares: You receive your money within 2 working days
What is “dematerialisation” and is it still required? Yes, it is still important. Dematerialisation means: Converting physical share certificates into electronic CSD records ZSE continues to encourage full digitisation of securities
What is the relationship between ATS and CSD now? The new setup tightly integrates: ATS (trading system) CSD (settlement & custody system) . This means: Once a trade is executed, settlement flows automatically
Counter A company's shares traded on the exchange.
Index One number tracking a group of share prices.
All Share index Tracks the whole market.
Daily change Move since the previous trading day.
Close price Last trading day's closing price.
ZWG cents ZWG cents: 3,025 = ZWG 30.25.
US$ price Share price in US dollars.
End of day (EOD) Updated once a day after the close.
Volatile Biggest price moves today, up or down.
Exchange notice Official notices from the exchange: rules, halts, listings.
GDP growth Real change in output from the year before.
Companies up and down Companies up, down and unchanged today.
Unchanged Same price as the previous close.
Companies traded Companies with at least one trade today.
No trade Price from the last day it traded.
Value traded Total money traded today.
Shares traded Shares that changed hands today.
Average trade size Value traded ÷ number of deals.
Trading vs average Today's value vs the 20-day average: 2× = twice as busy.
One company's share of trading This company's share of today's value traded.
Market cap Share price × shares in issue.
Exchange market cap Total value of listed companies.
Biggest companies' share Share of market value in the largest companies.
Market map Box size = market cap; green up, red down.
Price range Published low–high range; the dot is today's price.
Range position Today's price between the low (0%) and high (100%).
Foreign buys Foreign investor purchases today.
Foreign sells Foreign investor sales today.
Foreign net Foreign buys minus foreign sells.
Foreign share Foreign share of today's trading.
Sector index Tracks one industry, such as banks or mining.
Top indices Largest companies: Top 10, 15, 25.
EPS (earnings per share) Earnings per share: annual profit ÷ shares.
HEPS (headline earnings per share) Headline EPS: profit per share excluding one-off items.
DPS (dividend per share) Dividend per share: cash paid per share.
NAV (net asset value) per share Net asset value per share: assets minus liabilities, per share.
Revenue Sales for the year, before costs.
Profit Profit for shareholders after costs and tax.
P/E (price to earnings) Price ÷ earnings per share.
Dividend yield Yearly dividend as a % of the share price.
P/B (price to book) Price ÷ net asset value per share.
Earnings yield Earnings per share as a % of price (1 ÷ P/E).
Audited Checked by independent auditors.
Adverse opinion Auditors issued an adverse opinion. Use with caution.
Qualified opinion Auditors had reservations about part of these accounts.
Newer results Newer results are published.
Fiscal year The 12 months the annual results cover.
Statements currency Reporting currency; the share price is converted to match.
IAS 29 (hyperinflation accounting) Inflation-adjusted figures (IAS 29).
Cautionary The company is negotiating something that could move the price.
Announcement An official company notice on the exchange.
Financial results Earnings report for a period.
Annual report Full yearly report with audited accounts.
Dividend notice A dividend announcement.
AGM (annual general meeting) Annual general meeting of shareholders.
ISIN International ID code for these shares.
Published date Date the notice was published.
Stockbroker A licensed firm that trades shares for you.
Market maker A firm that quotes buy and sell prices in certain shares.
Fund manager A firm that invests your money in a fund.
Custodian A firm, usually a bank, that holds your shares.
Transfer secretary Keeps the shareholder register and pays dividends.
SECZim licensed SECZim lists licensed dealers at this firm.
Licensed dealers SECZim-licensed dealers at this firm (2022 register).
Sponsor Adviser for listing and exchange rules.
Commodity A raw material traded worldwide, such as gold or oil.
Positive impact A rise generally helps Zimbabwe.
Negative impact A rise generally costs Zimbabwe more.
Mixed impact A rise helps some sectors and hurts others.
Tailwind Last month's move helped Zimbabwe.
Headwind Last month's move hurt Zimbabwe.
Terms of trade Export prices relative to import prices.
Rebased All lines start at 100.
52-week range Low and high over the past year.
Year to date (YTD) Change since the start of the year.
One week change Change over 7 days.
Month to date Change since last month-end.
Proxy Closest available stand-in price.
Exchange rate Units of currency per US dollar.
Bond yield US 10-year government borrowing rate.
Basis points One hundredth of a percentage point: 25 bp = 0.25%.
Cross-listing Shares on two exchanges; premium = VFEX price vs the other.
ETF (exchange-traded fund) A fund traded like a share.
REIT A property company paying out most rental income.
Depositary receipt A local certificate for shares listed abroad.
Correlation How closely two prices move: +1 together, −1 opposite.
GDP Total value of output in a period.
Inflation Yearly rise in consumer prices.
Current account Foreign inflows minus outflows: trade, income, transfers.
Remittances Money sent home by Zimbabweans abroad.
Exports Goods and services sold abroad.
Imports Goods and services bought abroad.