VFEX emerges as Africa’s quiet financial success: Bgoni
STAFF WRITER
The Victoria Falls Stock Exchange (VFEX) has quietly emerged as one of Africa’s financial success stories, its pace of new listings and capital inflows now positioning Zimbabwe to build a full-fledged international financial centre.
What many at home might dismiss as modest progress, VFEX chief executive Justin Bgoni argues, is in fact exceptional when measured against the underperformance of many African capital markets.
“Last week, we were hosting the Malawi Stock Exchange at our offices. We were talking about new listings. You know us as Zimbabweans, we always complain how things are not going well, so we were saying it’s a tough year, we might get maybe four or six new listings, but it’s going to be a tough year,” Bgoni told delegates at the Zimbabwe Economic Development Conference in Bulawayo last week.
“The CEO of the Malawi Stock Exchange looked at me and said we have never had a listing since 2018.So the reason why we have been a success, which we thought we were not having success, is because of what the Government did in terms of the Victoria Falls Stock Exchange.”
Launched as part of broader financial reforms, VFEX was intentionally designed to be a transparent, internationally competitive platform , complete with tax incentives, foreign currency-denominated trading, and easier repatriation of proceeds. Such features have drawn both regional and global companies seeking capital and currency stability.
In its latest success, British miner ,Kavango Resources Plc, obtained a secondary listing on VFEX, officially joining the bourse on 5 September 2025, and trading from 8 September 2025 under the ticker KAV.VX.
A London-listed exploration company, Kavango raised about US$4.5m via the listing to support its projects in Zimbabwe and Botswana.
The addition of Kavango signals how the exchange continues to broaden its reach.
This latest listing expands VFEX’s portfolio of issuers and further cements its strategic role.
In continental perspective, the performance is striking.
The Association of Stock Exchanges in Africa (ASEA) reported that just eight new listings were recorded across all 30 exchanges in Africa in the past four years.
Against this backdrop, VFEX’s ability to sustain a pipeline of new issuers is noteworthy.
“So the reason why we have been a success is because of what the Government did in terms of the Victoria Falls Stock Exchange,” Bgoni reiterated.
From its inception, VFEX was conceived to be the nucleus of a larger ambition, an international financial centre in Victoria Falls.
“There are many ways that you can start a new international financial centre, but the way that the Government thought about it was to say, let’s have an exchange first because normally what you have is you have the capital market as the core of the international financial centre,” Bgoni remarked.
With the Kavango listing added to its roster, VFEX appears to be validating that strategy, listings, capital mobilisation, and investor interest are building momentum. Zimbabwe now has a deeper platform to finance national and regional large-scale projects.
“We are very happy with what we have seen so far in terms of new listings, in terms of capital raised. The exchange is now ripe to go to the next level where we can raise money for bigger projects that can help the country,” Bgoni said.
Plans are underway for a full international financial centre that would integrate banks, insurers and financial institutions, deepening markets, instilling confidence and mobilising development capital.
VFEX’s story shows that well-targeted incentives, policy consistency and vision can deliver in even the toughest macroeconomic climates.
By hosting peers such as the Malawi Stock Exchange, VFEX underscores its growing stature. While some African exchanges have gone long stretches without new listings, Zimbabwe’s frontier bourse continues to attract new issuers.
With Kavango now in, VFEX’s line-up becomes more diversified, reinforcing its status as a regional financial hub.
