Strive Masiyiwa, the founder of Econet Wireless, has played a central role in reshaping Zimbabwe’s capital markets after the US dollar–denominated Victoria Falls Stock Exchange (VFEX) surpassed the 132-year-old Zimbabwe Stock Exchange in total market value, following a $1 billion listing by Econet InfraCo.
Zimbabwe’s capital landscape has shifted significantly after VFEX overtook the long-established Zimbabwe Stock Exchange in market capitalisation, driven by the debut of Econet InfraCo, the infrastructure arm of Masiyiwa’s Econet group.
Established in 2020 amid currency instability to attract foreign currency inflows, the Victoria Falls Stock Exchange moved ahead of the century-old Zimbabwe Stock Exchange after Econet InfraCo was listed on March 31, according to Bloomberg data cited on April 16. The $1 billion valuation of the listing represents nearly 25% of VFEX’s overall market value, highlighting its rapid expansion.
The shift reflects growing investor preference away from the Zimbabwe Stock Exchange, where concerns over currency volatility and strict capital controls have long distorted asset pricing. By contrast, VFEX operates exclusively in US dollars, making it more appealing to regional and international investors due to its relative stability and improved liquidity.
The restructuring of Econet’s assets marks a notable turning point in Zimbabwe’s financial markets. Once the most traded and valuable company on the Zimbabwe Stock Exchange since 1998, Econet Wireless has now moved key operations to VFEX, a transition that has sparked both investor debate and regulatory attention.
Earlier in the year, shareholders initially questioned the terms of the delisting process before revised valuation adjustments allowed the transaction to proceed.
Econet InfraCo now manages the group’s telecommunications towers, fibre networks, and expanding data centre operations, positioning it as a key vehicle for Masiyiwa’s long-term investment strategy in Zimbabwe.
The company’s broader plans include the development of the Econet Tech City near Harare Airport, a 40-villa luxury resort project in Victoria Falls, and further expansion of data centre infrastructure within the Tech City zone.
The rise of VFEX has increased competitive pressure on the Zimbabwe Stock Exchange, with several listed firms reportedly considering a shift to the newer dollar-based platform.