The Zimbabwe Stock Exchange today launched an online trading platform for shares dubbed the ZSE Direct.
The platform is currently available to people based in Zimbabwe only but will be extended to the Diaspora in its second phase which the ZSE says its working on.
Users will need to be in possession of a local bank account and according to the ZSE’s product development manager, Anymore Taruvinga, ZSE Direct will rely on third party Know Your Client verification.
“We were given a dispensation by our regulators to operate what we call a light KYC model which also suits the retail market that we are targeting. With that model we rely on third party KYC verification”.
To register on the platform will be required to provide only collecting a copy of their ID and a photograph.
Mobile app version of the app is still under construction, according to the ZSE.
Trading on ZSE Direct will be in local currency but a platform for trade in foreign currency will be used for the yet to be operational Victoria Falls Stock exchange which will be denominated in foreign currency.
ZSE chief executive officer, Justin Bgoni, will conduct seminars over the next three months to increase awareness on the platform and other related stock market issues.
“The first area will be on financial literacy. The second part of that seminar will be on how you can use ZSE Direct to buy shares on the ZSE. The third aspect will be trading techniques.”