Old Mutual Lists on Victoria Falls Stock Exchange as Zimbabwe Deepens USD Capital Markets

Financial services group Old Mutual Limited has completed its long-awaited migration to the Victoria Falls Stock Exchange (VFEX), unlocking hard-currency trading for thousands of local and international investors.

The official listing marks a turning point for the country’s capital markets, ending a six-year trading hiatus on Old Mutual’s Zimbabwean counter following its suspension from the Zimbabwe Stock Exchange (ZSE) in 2020.

Key Highlights of the VFEX Listing
Hard Currency Trading: Old Mutual ordinary shares on the VFEX are denominated and traded in US Dollars, mitigating foreign exchange volatility.

Investor Liquidity Restored: Local shareholders who held locked equity since the 2020 ZSE suspension can now freely trade shares or collect USD-denominated dividends.

Investment Portfolio Growth: Old Mutual continues to deploy capital across key economic sectors in Zimbabwe, including agriculture, mining, manufacturing, housing, and clean energy.

Renewable Energy Expansion: In partnership with the Government and the United Nations, the Old Mutual Renewable Energy Fund has financed key green energy infrastructure—including the Mater Dei Hospital solar installation—bringing total portfolio renewables close to 80MW.

Driving Long-Term Infrastructure & Capital Growth
Bank lending alone cannot satisfy Zimbabwe's growing demand for long-term project finance. A deeper USD-denominated capital market offers institutional investors—such as pension funds and insurance firms—a secure mechanism to fund national infrastructure while generating real returns.

The Victoria Falls Financial Services Centre regulatory framework incentivizes private sector participation through tax benefits, including:

Exemption from Capital Gains Tax on the disposal of listed securities.

Reduced withholding tax on dividends for foreign investors.

Government Call to Action: The National Infrastructure Fund
To accelerate national development projects, the Government is inviting private sector institutions to partner through the National Infrastructure Fund.

Under this public-private partnership (PPP) model:

Government provides policy support, regulatory clarity, project pipelines, and human capital.

Private Sector brings institutional capital, risk management, and long-term investment vision.

Institutions and corporate bodies looking to participate in VFEX listings or infrastructure co-funding can consult licensed stockbrokers registered with the Securities and Exchange Commission of Zimbabwe (SECZim).