The Zimbabwe Stock Exchange (ZSE) launched the ZSE Direct mobile app to improve financial inclusion and participation in capital markets.
Zimbabwe has 13 million active mobile phone subscriptions.
The latest innovation follows the successful implementation of the web version of ZSE Direct, an online trading platform that allows retail investors to intelligently manage their ZSE investments and view their holdings in CSD.
“We are delighted to launch the ZSE Direct mobile app effective October 4, 2021 with all features available on the web 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 as soon as possible.”
ZSE launched the ZSE Direct last year, which was followed by additions that included the odd batch feature where customers can place bids or bids for volumes from 1 to 99.
It also introduced ZSE Direct Instant which ensures that all sales proceeds from successful matched and confirmed sell orders are credited to clients’ ZSE Direct portfolio on the same trading day.
Recently, Anymore Taruvinga, head of business development at ZSE, told state media that the value of transactions traded on the ZSE Direct platform rose 500% to around $ 30 million last month, from 5 million dollars in January of this year.
However, despite milestones in mobile phone subscriptions, the gains may be offset by a low smartphone penetration rate which limits the adoption of digital services.
The country’s largest telecommunications company, Econet Wireless, said earlier this year that smartphone penetration in Zimbabwe is still at a low 52%, compared to around 90% for South Africa and 80% for Kenya, which limits the adoption of digital services.