Online Reporter
Nelson Gahadza-Business Reporter
The Zimbabwe Stock Exchange has entered into a strategic partnership with TN Asset Management to develop a structured financing ecosystem for high-growth small and medium enterprises.
This marks yet another significant step towards the operationalisation of the Zimbabwe Entrepreneurship Exchange (ZEEX).
ZSE has already inked similarly focused partnership agreements with key stakeholders, including INVESCI Asset Management, Small Enterprises Development Corporation, National Joint Venture Company of Zimbabwe and Red Sphere Microfinance.
SMEs are strategically key to Zimbabwe’s economy as they account for over 60-70 percent of Zimbabwe’s Gross Domestic Product and represent the majority of daily business activity in the country.
According to the Zimbabwe National Statistics Agency Economic Census of 2025, there are 204 798 operational business establishments in Zimbabwe.
Of these, 76.1 percent of the enterprises are informal and 87.9 percent are micro-enterprises, with only about 18.9 percent of these micro-enterprises formally registered.
ZSE and TNAM have signed a Memorandum of Understanding (MoU) to jointly identify, develop and co-finance promising startups and SMEs with the potential to eventually list on ZEEX, a dedicated capital-raising platform designed to improve access to long-term funding for emerging businesses.
The alliance comes as the ZSE continues to build the institutional partnerships, regulatory framework and operational infrastructure needed ahead of ZEEX’s formal launch, positioning the exchange as an alternative financing avenue for enterprises that are traditionally underserved by conventional capital markets.
ZEEX will be structured into two segments, ZEEX Private Markets, which facilitates capital raising through structured private placements for pre-public businesses and ZEEX Public Markets, designed to support new listings, capital raising and secondary trading for emerging businesses seeking a regulated public market.
ZSE Holdings group chief executive officer Mr Justin Bgoni said the partnership with TNAM recognises that attracting investors to the new market will depend not only on creating a listing platform, but also on ensuring a pipeline of well-governed, investment-ready companies capable of meeting public market standards.
“The quality of businesses that list on ZEEX will define the platform’s long-term credibility. Our partnership with TNAM addresses this directly by building a disciplined, rigorous pipeline of investment-ready enterprises before they reach the public market.
“This is not simply about access to capital; it is about building the kind of structured, well-governed SME ecosystem that attracts sustained institutional interest and drives durable economic growth in Zimbabwe,” he said.
Under the agreement, the two institutions will collaborate in five strategic areas that include jointly identifying, screening and prioritising high-potential SMEs suitable for ZEEX listing, developing co-financing and blended finance mechanisms for fast-growing enterprises and delivering capacity-building programmes covering corporate governance.
The collaboration also focuses on financial reporting, investor readiness and listing requirements, co-hosting investor forums and SME financing conferences and exploring innovative financing instruments such as SME bond programmes, growth capital structures and sustainability-linked financing solutions.
Mr Bgoni said bringing together investment expertise and enterprise development would improve the readiness of SMEs seeking to access capital markets while giving investors greater confidence in the quality of businesses coming to market.
TN Asset Management chief executive officer, Mr Ronald Makeleni, said the partnership aligns with the firm’s objective of creating sustainable investment pathways for promising enterprises.
“This alliance aligns with TNAM’s commitment to creating practical investment pathways for growth-oriented enterprises.
“ZEEX provides an important platform for bringing credible SMEs closer to formal capital markets, while TNAM brings disciplined screening, structuring and investment management expertise to help prepare businesses that can attract long-term investor confidence.
“We believe this collaboration can unlock new funding channels for well-governed SMEs and support sustainable economic growth in Zimbabwe,” he said.
Asset management firms act as financial bridges.
They pool money from large investors (like pension funds) and channel it into growing businesses. They can also develop and fund SMEs and startups by providing early-stage capital, business expertise, and access to larger markets to help them scale.
ZEEX is expected to provide startups and growing businesses with an alternative source of long-term capital outside traditional bank lending, which has often proved inaccessible for smaller firms due to stringent collateral requirements and limited availability of long-tenor funding.
It also provides a platform with low-cost structures, compliance requirements and trading mechanisms specifically designed to promote the growth of SMES and emerging businesses while filling a genuine market infrastructure gap.
