The Zimbabwe Stock Exchange (ZSE) has launched the ZSE Direct Mobile Application to enhance financial inclusion and participation on capital markets.
Zimbabwe has 13 million active mobile phone subscriptions.
The latest innovation follows the successful setting up of the web based version of ZSE Direct- an online trading platform that enables retail investors a smart way to manage their ZSE investments and view their CSD holdings.
“We are excited to be launching the ZSE Direct Mobile App with effect from 04 October 2021 with all the features that are available on the web based version,” ZSE said in a statement this morning.
“The ZSE Direct Mobile App is currently available on Google Playstore for Android users, with plans to make it available on Apple Store in the shortest possible time.”
ZSE launched the ZSE Direct last year which was followed by additions to it that included the odd lot feature where clients are able to place bids or offers for volumes from 1 up to 99.
It also introduced the ZSE Direct Instant that ensures that all sell proceeds from successful matched and confirmed sell orders are credited to the ZSE Direct wallet of clients on the same trading day.
Recently, ZSE head of business development, Anymore Taruvinga told state media that the value of transactions traded on the ZSE Direct platform has increased by 500 percent to around $30 million as of last month from $5 million in January this year.
However, despite milestones in mobile phone subscriptions, gains may be offset by a low smartphone penetration rate which limits the adoption of digital services.
The country’s biggest telecoms company, Econet Wireless, earlier this year said smartphone penetration in Zimbabwe is still at a low 52%, compared to about 90% for South Africa and 80% for Kenya which limits adoption of digital services.
