Old Mutual VFEX Listing Signals New Era for Zimbabwe’s Capital Markets

VICTORIA FALLS – Zimbabwe’s capital markets reached a historic milestone as Old Mutual Limited officially listed on the Victoria Falls Stock Exchange (VFEX), marking a significant step in the country’s ambition to position itself as a regional financial hub.

The high-level event, attended by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, alongside senior government officials, regulators, and private sector leaders, underscored growing confidence in Zimbabwe’s financial architecture and reform agenda.

The listing of Old Mutual as the 21st counter on the VFEX is widely seen as a major boost to market depth, liquidity, and international investor appeal.

Old Mutual’s migration from the Zimbabwe Stock Exchange (ZSE) to the VFEX follows years of engagement after trading in its shares was suspended in 2020. The company said its decision reflects confidence in the VFEX as a maturing platform capable of supporting cross-border investment and long-term capital formation.

“As a pan-African financial services group, we recognize that well-functioning capital markets are fundamental to sustainable economic growth,” said The Old Mutual Africa Regions, CEO, Mr Clement Chinaka “Our migration reflects our commitment to stronger, more connected African capital markets.”

With over 130 years of heritage, Old Mutual reaffirmed its longstanding relationship with Zimbabwe, describing the listing as both a corporate milestone and a reaffirmation of trust built over generations.

In his keynote address, Professor Ncube outlined a series of policy measures aimed at deepening Zimbabwe’s capital markets and unlocking long-term investment.

Central to these reforms is Government’s plan to partially divest from the National Venture Fund over the next two years. The move is designed to crowd in private institutional investors, including pension funds and asset managers, to support startups and recapitalize existing businesses.

“Expanding access to equity capital is critical to driving productive investment, supporting entrepreneurs, and improving livelihoods,” said Prof. Ncube. “This transformation cannot be the job of Government alone.”

In addition, Treasury issued a direct call to Old Mutual and other institutional investors to co-invest in the newly proposed National Infrastructure Fund under a Public-Private Partnership (PPP) framework.

“The Infrastructure Fund is more than a financing vehicle—it is a call to partnership,” he said. “When public purpose meets private capital, we can deliver world-class infrastructure at scale and at speed.”

The listing also reinforces Government’s broader strategy to position Zimbabwe, and the VFEX in particular, as a globally competitive international financial centre.

Officials highlighted the complementary role of the Victoria Falls International Financial Services Centre (VFIFC), which offers an internationally aligned regulatory framework designed to attract global capital and financial institutions.
“The VFIFC is more than a regulator—it is a financial ecosystem,” said one official. “It enables the establishment of banks, investment funds, fintech firms, and other specialised institutions within a streamlined and competitive environment.”

Old Mutual’s listing was described as a strong vote of confidence in this vision, signaling to regional and international investors that Zimbabwe’s markets are stabilizing, institutions are strengthening, and reforms are gaining traction.

Market participants welcomed the return of Old Mutual to active trading, noting that its absence had created a significant gap in the investment landscape.

The listing is expected to enhance liquidity and provide investors with renewed access to one of Africa’s most established financial services groups. Authorities also indicated that the first day of trading would allow for price discovery, reflecting market-driven valuation.

VFEX officials emphasized that the development demonstrates the exchange’s growing credibility and its role as Zimbabwe’s international financial market.

Speakers across the event highlighted the importance of collaboration between Government, regulators, and the private sector in achieving this milestone.

Old Mutual expressed appreciation to the Ministry of Finance, the Securities and Exchange Commission of Zimbabwe, the VFEX, the ZSE, and other stakeholders for their role in facilitating the listing.

As Zimbabwe continues to implement market reforms and attract investment, the successful listing of Old Mutual is being viewed as a turning point—one that signals renewed momentum in building resilient, inclusive, and globally connected financial markets.

“This is not just a listing,” Prof. Ncube said in closing. “It is a demonstration of what is possible when we work together to build a stronger economy.”