Billionaire Masiyiwa's Econet lifts dollar-denominated exchange past 132-year-old rival
Strive Masiyiwa, the founder of Econet Wireless, has driven a major shift in Zimbabwe’s capital markets, as VFEX has overtaken the 132-year-old Zimbabwe Stock Exchange in market value following the $1 billion listing of his infrastructure company, Econet InfraCo.
Black News 
Strive Masiyiwa, the founder of Econet Wireless, has driven a major shift in Zimbabwe’s capital markets, as VFEX has overtaken the 132-year-old Zimbabwe Stock Exchange in market value following the $1 billion listing of his infrastructure company, Econet InfraCo.
- Strive Masiyiwa's Econet InfraCo is listed on the Victoria Falls Stock Exchange (VFEX), valuing it at $1 billion.
- This listing pushed the US dollar-denominated VFEX past the 132-year-old Zimbabwe Stock Exchange (ZSE) in total market value.
- VFEX was created in 2020 to attract hard-currency investments and now offers more stable pricing and liquidity compared to ZSE.
- Econet Wireless shifted key assets to VFEX amid regulatory scrutiny and initial shareholder resistance over delisting terms.
Strive Masiyiwa, the founder of Econet Wireless, has driven a major shift in Zimbabwe’s capital markets, as the US dollar-denominated Victoria Falls Stock Exchange has overtaken the 132-year-old Zimbabwe Stock Exchange in market value following the $1 billion listing of his infrastructure company, Econet InfraCo.
The Victoria Falls Stock Exchange (VFEX), created in 2020 during a currency crisis to attract hard-currency investment, surpassed the Zimbabwe Stock Exchange in total market capitalisation after Econet InfraCo listed on March 31, according to Bloomberg data reported on April 16. The listing values the infrastructure spin-off at $1 billion and accounts for nearly a quarter of VFEX’s total market value, underscoring its rapid rise.
The development signals a broader shift away from the Zimbabwe Stock Exchange, where investors have long argued that local currency volatility and capital controls distort valuations. In contrast, the VFEX operates entirely in US dollars and is designed to attract regional and international investors, offering more stable pricing and improved liquidity.
Econet restructuring reshapes capital flows
Masiyiwa’s move carries significant symbolic weight. Econet Wireless, once the ZSE’s largest and most liquid counter since 1998, has now shifted key assets to the VFEX through a restructuring that has drawn both investor debate and regulatory scrutiny. Shareholders initially challenged the delisting terms earlier this year before revised valuation processes allowed the transaction to proceed.
Econet InfraCo now holds the group’s tower infrastructure, fibre assets, and expanding data centre operations. It has also been positioned as a central vehicle for Masiyiwa’s broader investment plans in Zimbabwe, including the proposed Econet Tech City near Harare Airport, a 40-villa luxury resort in Victoria Falls, and additional data centre expansion within the Tech City precinct.
The VFEX milestone has intensified pressure on the Zimbabwe Stock Exchange, which has seen several listed firms consider migration to the newer platform.
