Old Mutual Limited has officially listed on the Victoria Falls Stock Exchange (VFEX), ending a six-year trading suspension on its shares.

The government suspended trading of Old Mutual on the Zimbabwe Stock Exchange (ZSE) in 2020. Authorities blamed the Old Mutual Implied Rate, a metric derived from price differences between Old Mutual’s ZSE and Johannesburg Stock Exchange listings, for driving local currency devaluation.

Speaking at the listing ceremony, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube highlighted the listing as a significant milestone in the evolution of Zimbabwe’s capital markets and commended Old Mutual for demonstrating confidence in the VFEX platform.

“This decision represents an important endorsement of the exchange’s growing role within Zimbabwe’s and regional capital markets and demonstrates how VFEX can serve as a strategic platform for companies seeking broader investor participation and greater connection to regional and international investment opportunities,” he said.

Minister Ncube noted that the decision serves as a strategic endorsement of the dollar-denominated exchange’s growing role as an emerging regional financial hub connecting issuers to broader domestic and international capital.

“Through its unique proposition and ability to facilitate access to international capital, VFEX is playing a key role in strengthening Zimbabwe’s investment ecosystem and positioning the country firmly as an emerging regional financial centre. This achievement reflects the collective efforts of government, regulators, issuers, investors and market participants in building a transparent, efficient and internationally connected capital market,” he said.

Prof Ncube highlighted that Old Mutual has mobilised long-term savings into key productive sectors, including agriculture, mining, manufacturing, and services.

Among these initiatives is the Old Mutual Renewable Energy Fund, established in partnership with the Zimbabwean government and the United Nations.

The fund has financed renewable energy projects totaling just under 80 megawatts, including the solar power project at Mater Dei Hospital.

Old Mutual also partnered with the government to launch the Bulawayo Student Accommodation facility in 2025, with several of these initiatives receiving Prescribed Asset status.

Minister Ncube emphasised that economic expansion cannot rely solely on commercial bank lending and conventional debt financing.

“In order to sustain growth, we must continue building deeper and more diversified capital markets that provide businesses with access to long-term growth capital while creating broader investment opportunities for our local institutional investors such as pension funds, insurance companies, and retail investors as well as international investors,” he said.

“This requires the continued development of a wide range of capital market solutions that respond to the evolving needs of businesses and investors while mobilising long-term capital for productive investment. These markets are not merely financial mechanisms; they are important tools for supporting enterprise growth, financing development, strengthening domestic savings and creating employment opportunities. Strong capital markets and deep financial systems anchor sustainable economic development.”

The Minister underscored recent regulatory reforms, including the gazetting of the Victoria Falls Financial Services Centre regulations and VFEX regulations, designed to support financial innovation while preserving market integrity.

He said the regulatory developments align with the country’s National Development Strategy 2 targets aimed at achieving upper-middle-income economic status by 2030.

ZSE Holdings chairperson Caroline Sandura said Old Mutual’s return would significantly expand investment opportunities on the VFEX and boost trading activity.

“As the 21st listed security, Old Mutual significantly broadens the quality and depth of investment opportunities available to local, regional and international investors on the VFEX. Its inclusion is expected to enhance liquidity, improve market visibility and strengthen the VFEX’s position as Zimbabwe’s international financial market,” she said.

She described the development as a landmark moment for Zimbabwe’s capital markets.

“Today’s listing is a product of constructive engagement and reflects the willingness among all stakeholders to pursue solutions that strengthen Zimbabwe’s financial markets while balancing the interests of investors, issuers and the broader economy,” she said.

Established in 2020 as a subsidiary of the Zimbabwe Stock Exchange, the Victoria Falls Stock Exchange is a US dollar-denominated bourse operating within the Victoria Falls Special Economic Zone.