Online Reporter
Sikhulekelani Moyo, Zimpapers Business Hub
SUPPLIERS struggling with payment delays will now be able to cash their invoices within 48 hours after the Zimbabwe Stock Exchange (ZSE) launched a regulated invoice discounting platform called InvoiceX.
Presenting during a webinar on Tuesday, ZSE head of depository Mr Hillary Karani said the platform answers a simple question facing suppliers, saying suppliers have been struggling to take care of other production expenses while waiting for payments of their invoices, which sometimes take 30 to 90 days.
The question during the webinar was: If you deliver your goods and services today and issue an invoice, but you have obligations that you need to finance immediately and you cannot wait for 30, 60, or 90 days, what would you do?
The webinar comes ahead of The Supply Chain Finance Forum to be hosted by Zimpapers and Zimbabwe Entrepreneurship Exchange (ZEEX) on October 8, 2026, with CBZ RedSphere Finance as the headline sponsor.
Mr Karani said invoice discounting is not necessarily a new introduction to the market, elaborating that ZSE has introduced a number of initiatives to help small businesses manage to get the finance they need for their businesses.
“What we have done at the Zimbabwe Stock Exchange is to make it broader and establish a regulated market where buyers, suppliers and financiers can meet and be able to discount their invoices on a single integrated platform called InvoiceX,” Mr Karani said.
“The platform is the third pillar of the newly established Zimbabwe Entrepreneurship Exchange (ZEEX), which was established on July 12 to resolve funding issues for SMEs.
“ZEEX has four pillars, that is, the private markets, public markets, invoice discounting and mortgage registration.”
InvoiceX is a short-term financial arrangement which allows a supplier to sell a trade receivable to a financier at a discount.
Another presenter, Mr Charles Nyahwema from CBZ RedSphere Finance, explained the process, saying on day zero, suppliers upload invoices on InvoiceX. The invoice goes to the buyer for authentication and approval. Once approved, it goes into auction where financiers bid. The winning bid is the lowest discount rate.
Day zero to day one, clearing and settlement; day two, supplier is paid.
“From the day we receive the invoice to the day of payment, we are trying to achieve the whole process within 48 hours.
“As we start the platform, the time that we have set is 48 hours, but we are trying to reduce this even lower to 24 hours,” Mr Nyahwema said.
“At maturity, the buyer pays the full invoice amount into the settlement trust account, which then pays the financier.
“Buyers receive reminders before the due date and there is a grace period and penalty system for late payment.
“Initially, the platform will be United States Dollar only, with invoices ranging from US$1 000 up to US$1,5 million per transaction.
For suppliers, there is a one-off onboarding fee of US$100. Thereafter, fees are 0,15 percent settlement fee and 0,5 percent trade fee, totalling 0,65 percent, less than one percent.
Discount rates will range from a floor of five percent to a ceiling of 10 percent per month, based on a 30-day month.
The lowest discount rate wins the auction, with the earliest bid winning in case of a tie.
Mr Nyahwema gave an example: On a US$1 million invoice auctioned at 100 percent with a winning bid of five percent, US$50 000 is the discount, the advance is US$950 000, less US$6 500 in fees, the supplier nets US$943 500 within 48 hours.
Buyers pay no fees. Their role is to authenticate invoices and confirm payment dates.
ZSE said it is deliberately starting with listed companies and State-Owned Enterprises as buyers because they are compliant and have better risk profiles.
Entities mentioned include the Zimbabwe Revenue Authority (ZIMRA), and others, as well as companies that subcontract to parastatals.
“To the extent that we are going to have those state-owned entities and strategic buyers on the platform, subcontractors are also not left out.
“As long as the buyer is onboarded on the platform, they can present their invoices,” Mr Karani said.
Suppliers must provide know your customer (KYC) documents, be tax compliant and sign terms and conditions, and undergo training.
Financiers are mainly licensed financial institutions, banks and microfinance institutions, regulated by the Reserve Bank of Zimbabwe and the Securities and Exchange Commission of Zimbabwe (SECZIM).
They must pre-fund wallets on the platform to ensure immediate disbursement.
ZSE said SMEs now constitute about 60 percent of Zimbabwe’s gross domestic product but struggle to access bank loans due to collateral requirements, long processing times and interest rates above 20 percent.
For suppliers, the platform bridges cash flow gaps, avoids new debt, and allows them to execute larger contracts — supplying three or four times a month instead of once.
For buyers, it stabilises supply chains at zero cost and allows negotiation of longer tenures, helping liquidity management.
For financiers, they get verified, short-term investments with enhanced due diligence on both parties and an opportunity to diversify portfolios.
“To the economy at large, this platform seeks to encourage financial inclusion.
“It is also a new product for the Zimbabwean market, more inclusive for those who were financially excluded,” Mr Nyahwema said.
He said 60 percent of Zimbabwe’s SMEs are women-owned, making the platform critical for inclusion.
On risk management, ZSE said all invoices are digitally validated by buyers, every transaction has a timestamped audit trail, buyers are screened through reference bureaus and financial performance reviews, and financiers can set counterparty limits, for example, US$1 million exposure per buyer.
The exchange will hold another webinar to walk participants through the system, which features API integrations, automated status messages, credit scoring of buyers, and reporting and analytics.
