Victoria Falls Financial hub set for positive trajectory as VFEX attracts over US$3 billion

THE Victoria Falls International Financial Centre (VFIFC) is set for a significant positive trajectory, with the Victoria Falls Stock Exchange (VFEX) serving as its robust backbone, having attracted more than US$3 billion in value following the recent capital injection by Econet InfraCo.

This positive outlook was revealed by VFEX Chairperson, Ms Florence Jambwa, who revealed that the exchange is a maturing market that is steadily gaining regional and global relevance.

The VFIFC was established as a Special Economic Zone aimed at creating a world-class, offshore financial services hub.

Its primary objectives include attracting foreign direct investment, providing financial services denominated in foreign currency, and positioning Zimbabwe as a competitive international financial destination.

The centre is critical for mobilising capital for infrastructure and productive sectors, offering investors stability and tax incentives.

At the heart of this vision is the VFEX, which acts as the transactional engine of the VFIFC.

The exchange provides the platform for capital raising and investment, complementing the Centre’s broader goals of increasing foreign participation and cross-border investment flows.

“Our growth trajectory as an Exchange continues to be encouraging. Since our establishment in 2020, we have expanded from a handful of listings to now 19 counters within a short period of 6 years. We have been witnessing increasing daily turnover now at an average of over US$350,000 and growing market capitalisation now standing at US$2.8 billion, which we expect to significantly go up with the addition of Econet InfraCo,” said Ms Jambwa.

The recent injection by Econet InfraCo, a subsidiary of the country’s largest telecommunications group, is expected to catapult the market cap well beyond the US$3 billion mark.

This development underscores the exchange’s ability to attract high-quality, income-generating assets.

Ms Jambwa said the VFEX has demonstrated competitive performance when compared regionally.

“When benchmarked against several regional exchanges, the VFEX has demonstrated competitive performance, particularly when viewed through the lens of US dollar returns, investor accessibility and regulatory incentives. The consistency in trading activity and capital raising on our platform is evidence of a market that is steadily maturing and gaining relevance,” she said.

Looking ahead, the pipeline for the exchange remains robust, with active engagements across mining, financial services, and agriculture.

“This pipeline reflects strong confidence in the VFEX and signals continued growth in both listings and capital mobilisation. Our expectation is that the coming years will see further diversification, increased liquidity and a deeper integration of the Exchange into regional and global capital markets,” she said.

Retail investor participation remains a key pillar of the VFEX strategy.

Through initiatives such as VFEX Direct, the exchange has lowered barriers to entry, now boasting over 7 800 active accounts.

“The listing of Econet InfraCo presents further opportunities for individuals to invest in high-quality, income-generating assets. We will continue to invest in financial literacy initiatives, digital platforms and outreach programmes to ensure that more Zimbabweans and the diaspora market can participate meaningfully in the capital markets,” he said.

As the VFIFC continues to evolve, the integration with the VFEX creates unprecedented opportunities for Zimbabwe to emerge as a competitive international financial hub, driving economic growth through capital markets.