The number of equity company listings on […]

The number of equity company listings on the Lusaka Securities Exchange (LuSE) remains below 30, decades after the exchange’s establishment, despite various interventions aimed at boosting participation.

 According to the Securities and Exchange Commission (SEC), nine firms were in the development pipeline as of the first quarter of 2026, surpassing the medium-term (end-2027) target of eight. This momentum has been attributed to ongoing listing promotion initiatives.

 However, industry experts argue that for the exchange to meaningfully broaden participation, it must attract dual listings from major mining companies, enabling Zambian citizens to own shares in the sector.

 A review by the Zambian Business Times (ZBT) found that LuSE now counts four companies with market capitalizations exceeding US$1 billion, with Airtel recently joining this elite group. The key question, however, remains whether this strong performance will encourage additional firms to pursue listings.

SEC Director of Policy and Market Development, Mateyo Lungu, shared with ZBT the commission’s current interventions to expand exchange participation. Lungu noted that LuSE operates two boards: the main board and the alternative market, with listing fees on the alternative market currently waived to encourage small and medium enterprises (SMEs) to list and raise capital.

“On the alternative market, where we currently have one company listed, we have waived fees to incentivize SMEs to participate and access capital through the exchange,” Lungu explained.

 He added that 23 companies are listed on the main board, and the commission is prioritizing education and awareness campaigns to grow this number.

 “Listing is fundamentally a business decision. Many potential main board candidates are multinationals, with decision-making control based outside Zambia. The commission is working to make the local market more attractive by reviewing regulations and ensuring registration fees remain manageable,” Lungu said.

With several companies in the pipeline and a renewed focus on regulatory reforms, stakeholders remain hopeful that LuSE will see a more vibrant and inclusive market in the years ahead.

Article by Justine Phiri