HARARE – The Zimbabwe Stock Exchange is set to unveil a new trading platform aimed at promoting retail investors and help the exchange attain a long-term target of 1 000 trades a day.
At present, ZSE trades average below 300, a count considered low when matched against the population.
Technology should be at the centre of financial inclusion and already, Zimbabwe has made great strides in the adoption of mobile and online banking.
Latest statistics show that there are 8.3 million internet and data subscriptions supported by a 56.9% internet penetration rate. However, the country still lags in terms of savings and investment. Gross domestic savings as a percentage of GDP is still under 2%.
The platform – ZSE Direct – will be launched in phases. The first phase opens it up to local individual investors and will be on a web-based app while phase two will see companies and trusts able to trade through the platform. A mobile app is still being developed while it will also open to investors in the diaspora.
It has a user-friendly interface; whose main advantage is its ability to match trades.
“Investors are able to see the market depth and be able to match trades,” chief executive Justin Bgoni said. The exchange will roll out financial literacy education seminars to promote the platform.
The platform allows investors to choose a stockbroker of their choice, who then handles the KYC issues. It also allows investors to fund accounts in real time via Ecocash or through a bank account.
Expectedly not all stockbrokers are on the platform largely due to past experiences with low value trades on the C-Trade platform, which do not justify the brokerage fees.
The same problems will be experienced again on ZSE Direct. However, the exchange says that a minimum limit will be adopted. – Financial Express
Trending On ZIMetro News. . .
- “Makajaidzwa” – Sikhala Tells Mohadi
- Mwonzora Scores Embarrassing Own Goal
- Lady Squanda In Armed Robbery
- Teacher’s Shenanigans Exposed By Pupils – ‘He is cheating with his neighbor’