- Why the time to invest, list and grow is now
Nicholas Kabaso
A Market Coming of Age
FOR many years, Zambia’s capital market has been viewed as a complementary component of the financial system. Today, I believe we have reached an important inflection point, one at which the capital market is becoming an increasingly significant engine of economic growth, private-sector development, and national wealth creation.
This transformation has not happened overnight. It is the result of deliberate reforms, rising investor confidence, product innovation, and a growing recognition among businesses that sustainable growth requires access to long-term capital.
The evidence is becoming increasingly compelling.
Today, the Lusaka Securities Exchange has a market capitalization in excess of US$17 billion, and the value of listed companies now accounts for more than 50% of Zambia’s Gross Domestic Product (GDP). This is a significant milestone that demonstrates the growing relevance of the capital market to the Zambian economy.
The Exchange is now home to four billion-dollar listed companies, namely CEC Plc, ZCCM Investments Holdings Plc, Zambia Sugar Plc, and Airtel Zambia Plc. These companies have not only created value for their shareholders but have also become national champions, with their success reflecting the strength and resilience of Zambia’s corporate sector.
While these milestones deserve recognition, they should also prompt us to ask a more important question: how many more Zambian companies could join them?
A Renewed Appetite for Listing
One of the most encouraging developments we are witnessing is the growing number of businesses engaging with the Exchange to explore listing options.
Corporate leaders increasingly recognize that listing is not simply a fundraising exercise. It is a strategic business decision that improves corporate governance, enhances transparency, strengthens brand credibility, and provides access to long-term growth capital.
Capital markets provide exactly that.
Beyond equity listings, companies are increasingly considering bonds, Real Estate Investment Trusts (REITs), Exchange-Traded Funds (ETFs), and sustainability-linked financing as part of their capital-raising strategies.
The ongoing work to introduce the NewGold ETF, along with the successful issuance of sustainability-linked instruments and the expansion of alternative investment products, demonstrates the Exchange’s commitment to delivering innovative financing solutions that meet the evolving needs of issuers and investors.
Technology is Democratizing Investment
Perhaps the most exciting development is not taking place in boardrooms; it is happening in the hands of ordinary Zambians.
Technology is transforming who can participate in the capital market.
The LuSE Mobile Trading Application has fundamentally changed how people access investing by allowing individuals to open investment accounts, monitor portfolios, and trade securities directly from their mobile phones.
Today, more than 50,000 investors are actively using the LuSE Mobile App, a remarkable achievement that reflects growing confidence in digital investing and Zambians’ increasing appetite to participate in wealth creation through the capital markets.
This is more than a technological success story.
It exemplifies financial inclusion in action.
Young professionals, entrepreneurs, students, pension savers, and first-time investors increasingly recognize that investing in listed companies is no longer the preserve of institutional investors. It is becoming accessible to every Zambian who wants to build long-term wealth.
As this investor base continues to grow, market liquidity rises as well, making the Exchange increasingly attractive to companies seeking capital. It is a virtuous cycle in which more investors attract more listings, and more listings create greater investment opportunities.
A Collective Responsibility
The continued development of Zambia’s capital market cannot be the Exchange’s responsibility alone.
It requires partnership.
Government, regulators, brokers, investment advisors, institutional investors, development partners, universities, and the private sector all play an important role in strengthening market confidence and expanding participation.
Together, we must continue to promote financial literacy, encourage corporate transparency, and create an environment where businesses of every size can confidently access long-term capital.
Looking Ahead
The signs are unmistakable.
A market valued at more than US$17 billion, with market capitalization now exceeding 50% of national GDP. Four listed unicorns leading their respective industries. A rapidly expanding digital investor community and a growing pipeline of companies exploring listing opportunities. Comprehensive regulatory reforms and modernized market infrastructure.
These are not isolated achievements. Together, they tell the story of a capital market steadily coming of age.
The Lusaka Securities Exchange is evolving beyond being simply a venue for buying and selling securities. It is becoming a platform that mobilizes domestic savings, finances enterprises, supports innovation, and enables ordinary Zambians to participate directly in the country’s economic success.
Our vision is clear: to build a deeper, broader, and more inclusive capital market that serves businesses of every size, from promising SMEs to billion-dollar corporations, and provides every Zambian with the opportunity to invest in the nation’s future.
The opportunity before us is not merely to grow the Exchange. It is to finance Zambia’s next chapter of economic transformation.
The author is chief executive officer, Lusaka Securities Exchange (LuSE)
