The Victoria Falls Stock Exchange (VFEX) has rolled out the VFEX-Direct, a virtual trading platform that seeks to extend reach to retail investors by simplifying the buying and selling of securities on the USD-denominated bourse.
The VFEX, a subsidiary of the Zimbabwe Stock Exchange (ZSE) was launched two years ago as a regional offshore capital centre but has seen trading dominated by institutional investors.
“In response to the needs of our valuable clients we are pleased to announce the introduction of the VFEX Direct which was mainly developed with retail investors in mind,” said VFEX chief executive Justin Bgoni.
Zimbabwe’s capital markets have undergone a massive transformation in recent years due to automation and digitalization which have made them more accessible. Prior to this, ZSE, the primary bourse which trades in local currency, introduced the ZSE-Direct which have seen a massive increase in participation by retail investors.
Like the ZSE-Direct, the VFEX-Direct will be accessed through the web portal and mobile applications on Google Play Store and Apple App Store.
Investors wishing to trade on the platform should hold a FCA account with any local bank.
“The key features such as buying, selling, topping up your wallet are easy to navigate.”
Earlier this year, the VFEX introduced broker-controlled accounts as it sought to simplify the processes and lure retail investors to the bourse.
Currently there are four counters on the VFEX which are Bindura Nickel Company, Padenga Holdings, Caledonia Mining Corp and SeedCo International.