Kenya and Zimbabwe have been urged to strengthen cooperation between their capital markets to expand cross-border investment, improve liquidity and increase access to securities trading.
The proposal was made by Ewart Salins, a director of the Kenya Association of Stockbrokers and Investment Banks, during the inaugural Financial Markets Stakeholder Summit in Bulawayo, Zimbabwe.
Salins called for closer collaboration between the two countries’ stock exchanges, including participation through the African Exchanges Linkage Project. He also proposed the use of depositary receipts, which would allow investors to access securities listed in neighbouring markets.
He highlighted Kenya’s mobile investment platforms, including M-Akiba, Vuka and Ziidi Trader, as examples Zimbabwe could consider to broaden retail participation in capital markets.
Salins also identified areas where Kenya could draw lessons from Zimbabwe, particularly the Victoria Falls Stock Exchange, which supports foreign-currency securities trading, and the Zimbabwe Entrepreneurship Exchange, which is designed to help smaller businesses access capital.
He proposed developing hard-currency listing opportunities for exporters, mining companies and diaspora investors. Other opportunities included expanding exchange-traded funds and real estate investment trusts to diversify investment options and attract more participants.
Kenya’s unit trust industry had approximately 4.15 million investors by June 2026, highlighting the country’s growing retail investment participation. Salins also cited the Kenya Pipeline Company initial public offering, which raised approximately US$820 million, as an example of capital mobilisation.
Beyond cooperation between the two markets, Salins pointed to Singapore’s institutional approach to market liquidity as a model that Kenya and Zimbabwe could consider.
The proposals highlight opportunities for both countries to share market development strategies, broaden investment products and improve access to regional capital markets.
