Zimbabwe’s Victoria Falls Stock Exchange (VFEX), a dollar-traded platform launched just six years ago amid a punishing currency crisis, has surpassed the country’s venerable Zimbabwe Stock Exchange (ZSE) in total market capitalization, marking a pivotal reordering of the southern African nation’s capital markets.
The VFEX’s 19 listed companies were valued at approximately $3.79 billion as of mid-April 2026, edging past the ZSE’s $3.4 billion market cap across 43 counters that trade in the local Zimbabwe Gold (ZiG) currency.
The crossover was driven by the single largest listing in Zimbabwe’s history: telecom tycoon Strive Masiyiwa’s transfer of infrastructure spin-off Econet InfraCo Ltd. to the VFEX on March 31 at a $1 billion valuation. The new listing alone accounts for nearly a quarter of the VFEX’s entire value, according to a Bloomberg report.
Econet InfraCo, which owns telecom towers, renewable energy assets, and data infrastructure tied to Masiyiwa’s Econet Wireless empire, listed by way of introduction with no fresh capital raised. Instead, 25% of the company was distributed to existing shareholders as a dividend in specie.
Investors flock to dollar stability in volatile economy
The milestone reflects a structural migration toward hard-currency assets rather than a broader economic recovery. Zimbabwe has endured repeated hyperinflation and currency collapses over the past two decades, driving both local and foreign investors toward platforms that offer USD stability and easier dividend repatriation.
“VFEX has become the anchor for liquidity in hard currency, attracting foreign and institutional investors who value dollar stability and easier dividend repatriation,” said Mary Musariri, an equities analyst at MMC Capital in Harare.
Dual exchanges: complementary or competing?
Justin Bgoni, CEO of both the VFEX and the ZSE, acknowledged the divergence but expressed optimism for both platforms.
“The market cap for VFEX is bigger, but the ZSE has more listed entities,” he said. “We feel ZSE is undervalued and therefore has a strong upside. VFEX is growing so also has upside. We are hoping that both happen.
”Bgoni added that the VFEX expects at least four new listings this year.
From tourist town launch to dollar powerhouse
The VFEX was established in 2020 in Victoria Falls to trade equities, bonds, and exchange-traded products in U.S. dollars at a time when the Zimbabwean dollar was collapsing. In contrast, the ZSE, founded in 1894, remains based in Harare and trades in the gold-backed ZiG currency introduced in 2024.
For global investors, the development underscores Zimbabwe’s appeal as a high-risk, high-reward frontier market. While macroeconomic challenges persist, the country’s largest corporates are increasingly choosing the dollar bourse.
Analysts say the VFEX is becoming the preferred venue for international capital, while the ZSE risks being relegated to a secondary, more volatile platform dominated by local retail investors.
The migration signals growing institutional confidence in Zimbabwe’s hard-currency investment channels, even as the government works to stabilise the ZiG. For now, the market has spoken clearly: in Zimbabwe, the dollar still reigns supreme.
