Online Reporter
Rutendo Nyeve [email protected]
GLOBAL financial services giant, Old Mutual Limited, has officially listed on the Victoria Falls Stock Exchange (VFEX), marking a return to the local bourse after a six-year trading suspension.
The listing ceremony, which was held in Victoria Falls on Friday and officiated by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, has been hailed as a significant vote of confidence in Zimbabwe’s evolving capital markets.
The migration from the Zimbabwe Stock Exchange (ZSE) to the VFEX restores trading access for approximately 30 000 Zimbabwean shareholders who have been unable to trade their shares since the suspension in June 2020.
The suspension was initially imposed by authorities to curb speculative activity and address concerns over an implied exchange rate, dubbed the Old Mutual Implied Rate (OMIR) that was believed to be fuelling currency instability.
Prof Ncube described the listing as a significant milestone in the evolution of Zimbabwe’s capital markets, commending the VFEX for establishing itself as a credible and competitive platform for issuers and investors.
He said the decision represents an important endorsement of the exchange’s growing role within Zimbabwe and the region’s financial architecture.
“This decision represents an important endorsement of the Exchange’s growing role within Zimbabwe’s and regional capital markets,” said Prof Ncube.
He further emphasised the Government’s commitment to building deeper and more diversified capital markets, which are crucial for mobilising long-term capital for productive investment and achieving the country’s goal of becoming an upper-middle-income economy by 2030.
The decision to list on the VFEX, which operates in US dollars, was driven by the board’s recognition of the exchange’s growing scale and liquidity.
Old Mutual Africa regions chief executive Mr Clement Chinaka expressed the company’s appreciation for the Government’s efforts to stabilise the macro-economy, which has been critical in restoring investor confidence.
“On behalf of Old Mutual, I would like to express our sincere appreciation to the Government of Zimbabwe for its effort to bring in the relative macro-stability that we are enjoying at the moment, and this commitment to financial market development,” Mr Chinaka said.
He said the company had closely monitored the VFEX’s development and is confident that the move is in the best interest of stakeholders.
Ms Meluleki Sibanda, chief legal officer of the Victoria Falls International Financial Centre (VFIFC), described the listing as an important vote of confidence in Zimbabwe’s capital markets.
She highlighted that international financial centres are built on confidence, stock exchanges create liquidity, regulators provide certainty, and financial institutions create products, collectively creating prosperity.
“The establishment of the Victoria Falls International Financial Centre reflects Government’s deliberate vision to position Zimbabwe as a globally competitive gateway for international finance,” Ms Sibanda said.
She noted that the VFIFC is designed to reduce barriers to investment while maintaining high standards of governance and investor protection.
The listing is expected to unlock significant value for local shareholders who have faced a difficult period without access to liquidity.
Trading in Old Mutual shares on the VFEX is set to commence on Wednesday, 12 August 2026, with the opening price to be determined entirely by the market through a price discovery process, rather than a fixed reference price.
The development is expected to deepen Zimbabwe’s capital markets, improve liquidity, and position the country firmly as an emerging regional financial centre.
