Lusaka Securities Exchange
Zambia's principal securities exchange and a regulated platform for raising and trading capital.
Last updated August 31, 2026
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Overview
The Lusaka Securities Exchange, commonly abbreviated as LuSE, is Zambia's principal securities exchange. It provides a regulated marketplace where companies, public-sector issuers and other qualifying entities can raise long-term capital, while investors can buy and sell listed shares, bonds and other securities. The exchange is based in Lusaka and operates within Zambia's capital-markets framework under the oversight of the Securities and Exchange Commission of Zambia. LuSE was established in 1993 with preparatory technical assistance from the International Finance Corporation and the World Bank. It began operations on 21 February 1994 as part of Zambia's broader economic-reform program. The exchange was intended to strengthen the country's financial and capital markets, encourage private-sector development, attract domestic and international portfolio investment, and support the transfer of government ownership in parastatal enterprises through transparent public offerings. During its first two years, the exchange and the Securities and Exchange Commission were supported by the United Nations Development Programme and the Zambian government through a wider private-sector development initiative. The exchange developed around a modern securities-market model that included automated clearing and settlement through a central securities depository. Government grant support continued from 1993 until 2009, after which LuSE became dependent on revenue from listed companies and related market activity. This made the expansion of the listing base and the development of new securities products important to its long-term sustainability. In 2005, LuSE introduced a governance code for listed companies, an initiative later described by AllAfrica as significant for the development of corporate governance in Zambia. LuSE's activities extend beyond ordinary equity trading. It provides listing facilities, secondary trading, debt-market access, market information and related infrastructure for issuers and investors. Its market has included companies from banking, telecommunications, energy, agriculture, manufacturing, consumer products, real estate and other sectors. The exchange supports listings in both Zambian kwacha and United States dollars and operates an Alternative Market, known as Alt-M, intended to give qualifying small and medium-sized enterprises access to public capital. The exchange has also developed initiatives directed at small-business finance and sustainable investment. In 2016, it announced Alt-M for growth-oriented small and medium-sized businesses. In March 2022, it launched the online GEM Portal, following approval from the Securities and Exchange Commission of Zambia, to help start-ups and small and medium-sized enterprises seek funding. LuSE has issued green-bond guidelines and has supported environmentally focused debt issuance, including financing connected with solar-power development by Copperbelt Energy Corporation Zambia. LuSE also serves as Zambia's designated agency for issuing International Securities Identification Numbers. In 2020, it incorporated the Lusaka Clearing and Settlement Agency, a subsidiary intended to improve depository, automated delivery, clearing and settlement services. The exchange participates in regional and international market organizations, including the African Securities Exchanges Association, the Committee of SADC Stock Exchanges and the Association of National Numbering Agencies. As reported for April 2025, LuSE had 20 listed companies and total market capitalization of approximately ZMW 276.7 billion, equivalent to about US$9.8 billion at the cited exchange-rate basis. Its trading session is generally held from Monday to Friday between 10:00 and 14:00 Central African Time, excluding public holidays. The exchange's continuing role is to provide an orderly, transparent and cost-effective market for capital formation and investment in Zambia.
History
The Lusaka Securities Exchange was created in 1993 during Zambia's economic and financial-sector reform program. Preparatory technical assistance came from the International Finance Corporation and the World Bank. The project sought to establish a formal securities market capable of supporting private-sector development, broadening ownership of former state enterprises and attracting foreign portfolio investment. The exchange opened for trading on 21 February 1994. In its initial period, LuSE and the Securities and Exchange Commission of Zambia were supported by the United Nations Development Programme and the Zambian government as components of a wider financial and capital-market development program. The legal and institutional framework drew on revisions to Zambia's Securities Act and was designed around a modern exchange model, including a central securities depository and automated clearing and settlement capabilities. The exchange's early mandate included facilitating the government's divestiture of parastatal holdings. Public listings were expected to create wider citizen participation in corporate ownership while providing a transparent mechanism for capital raising. Over time, LuSE expanded beyond a narrow equity market to include debt securities and listings from sectors such as banking, energy, telecommunications, agriculture, manufacturing, consumer products and real estate. Government grant financing supported LuSE from 1993 to 2009. After that support ended, the exchange relied on income from listed companies and market-related services. This change increased the importance of attracting new issuers, expanding the size of the market and improving the range of available products. In 2005, LuSE adopted its own corporate-governance code for listed companies. The code was recognized in contemporary reporting as an important development for corporate governance in Zambia. The exchange continued to develop market segments and infrastructure. In May 2016, it announced the LuSE Alt-M, an alternative market intended to enable suitable small and medium-sized enterprises to participate in the public capital market. In 2020, LuSE incorporated the Lusaka Clearing and Settlement Agency. The subsidiary was established to provide depository, automated delivery, clearing and settlement services and to make post-trade operations more efficient. LuSE launched its online GEM Portal in March 2022 after approval from the Securities and Exchange Commission of Zambia. GEM was intended to improve funding access for start-ups and small and medium-sized businesses, including companies rebuilding after the COVID-19 shock. Around the same period, the exchange was highlighted in financial reporting for strong index performance. In September 2022, the government announced a zero withholding-tax policy for interest from green-bond investments on the local exchange, supporting the development of sustainable-finance activity. Sustainability became a more visible part of LuSE's market-development agenda through green-bond guidelines. These guidelines establish a framework for fixed-income securities financing projects with positive environmental effects. Copperbelt Energy Corporation Zambia subsequently used green-bond financing in tranches reported at US$50 million in 2023 and US$100 million in 2024 for its Itimpi Solar Power Station project. By 2024, the exchange operated with listings in both Zambian kwacha and US dollars and had added its first real estate investment trust denominated in US dollars. Two issuers, Taj Pamodzi Hotel and Investrust Bank Zambia Limited, were reported to have delisted during that year. As of April 2025, LuSE was reported to have 20 listed companies and market capitalization of ZMW 276.7 billion, or approximately US$9.8 billion using the cited conversion basis. It remains Zambia's principal securities exchange and also acts as the country's designated agency for International Securities Identification Numbers.
- 2025
Reported market scale
[1]As of April 2025, the exchange was reported to have 20 listed companies and market capitalization of ZMW 276.7 billion.
- 2024
First US-dollar-denominated REIT listed
[1]LuSE listed its first real estate investment trust denominated in US dollars.
- 2022
GEM Portal launched
[1]The exchange launched an online portal intended to connect start-ups and smaller businesses with funding opportunities.
- 2020
Lusaka Clearing and Settlement Agency incorporated
[1]LuSE incorporated the LCSA subsidiary to provide depository, automated delivery, clearing and settlement services.
- 2016
Alternative Market announced
[1]LuSE announced Alt-M, an alternative market for qualifying small and medium-sized enterprises.
- 2009
Government grant support ends
[1]The period of Zambian government grant financing that began with the exchange's establishment ended, leaving LuSE dependent on market-generated operating revenue.
- 2005
Corporate-governance code introduced
[1]LuSE introduced a governance code for listed companies to strengthen standards for corporate oversight and disclosure.
- 1994
Trading operations begin
[1]The exchange opened on 21 February 1994.
- 1993
Exchange established
[1]LuSE was established with technical assistance from the International Finance Corporation and the World Bank as part of Zambia's economic and capital-market reforms.
Products and positioning
A national capital-markets infrastructure provider focused on transparent securities trading, long-term capital formation, investment access and the development of Zambia's listed and debt markets.
Equities · 1994
Equity market
LuSE provides the primary-listing and secondary-trading infrastructure for shares in Zambian companies. Its listed issuers have represented sectors including banking, energy, telecommunications, agriculture, manufacturing, consumer products and real estate. The equity market supports capital raising by issuers and liquidity for domestic and international investors.
Fixed income
Corporate bonds
The exchange's listing rules permit corporate issuers to raise debt through bonds. These instruments allow companies to obtain strategic or project finance while providing investors with contractual interest payments and repayment terms. Corporate debt is part of LuSE's effort to broaden capital formation beyond ordinary shares.
Sustainable finance
Green bonds
LuSE's green-bond guidelines support fixed-income securities whose proceeds are directed toward projects with positive environmental effects. The framework is intended to connect capital-market funding with climate and environmental objectives. Reported examples include financing for Copperbelt Energy Corporation Zambia's Itimpi Solar Power Station.
Alternative market · 2016
LuSE Alt-M
Alt-M is an alternative listing market designed for suitable small and medium-sized enterprises. It gives growth-oriented businesses a route toward public-market participation under a segment intended to be more accessible than the main market while retaining formal listing and disclosure requirements.
Collective investment and real estate · 2024
Real estate investment trusts
LuSE supports real estate investment trust listings. In 2024, the exchange recorded its first REIT listing denominated in US dollars, demonstrating the availability of multi-currency listing structures.
Post-trade infrastructure · 2020
LCSA clearing and settlement services
Through the Lusaka Clearing and Settlement Agency, LuSE provides or supports securities-depository, automated delivery, clearing and settlement functions. The subsidiary was incorporated to improve the efficiency and effectiveness of post-trade market operations.
Marketing campaigns
- 2022GEM Portal
Zambia
LuSE introduced the online GEM Portal to help start-ups and small and medium-sized businesses access capital. The initiative also addressed financing needs of businesses affected by the COVID-19 pandemic.
Outcome. The portal became part of LuSE's effort to broaden issuer participation and connect smaller businesses with capital-market funding.
- Green-bond market development
Zambia
LuSE developed green-bond guidelines and promoted the exchange as a venue for financing projects with environmental benefits, aligning market development with Zambia's sustainability agenda.
Outcome. The framework supported reported green-bond issuance for Copperbelt Energy Corporation Zambia's Itimpi Solar Power Station.
Brand decisions
2024
Add a US-dollar-denominated REIT listingProduct launchBackground
LuSE was developing multi-currency listings and broadening the types of instruments available to investors.
Action taken
The exchange listed its first real estate investment trust denominated in US dollars.
Aftermath
The listing demonstrated the exchange's ability to support real-estate products and US-dollar-denominated securities.
2022
Launch the GEM PortalProduct launchBackground
Start-ups and smaller businesses needed more accessible routes to funding, particularly after the economic effects of the COVID-19 pandemic.
Action taken
LuSE launched an online funding-access portal after approval by the Securities and Exchange Commission of Zambia.
Aftermath
The initiative positioned LuSE as a broader business-finance platform rather than solely a venue for established listed companies.
2020
Establish a dedicated clearing and settlement subsidiaryStrategyBackground
The exchange sought to improve efficiency across depository and post-trade operations.
Action taken
LuSE incorporated the Lusaka Clearing and Settlement Agency to provide depository, automated delivery, clearing and settlement services.
Aftermath
The subsidiary strengthened LuSE's post-trade infrastructure and expanded the exchange's operational scope.
2016
Create an alternative market for SMEsStrategyBackground
Smaller and growing businesses often face difficulty meeting the scale and access requirements associated with a main-market listing.
Action taken
LuSE announced the Alt-M alternative market for qualifying small and medium-sized enterprises.
Aftermath
Alt-M expanded the exchange's intended issuer base beyond larger established companies.
Recent events
- 2024
LuSE records two delistings during 2024[1]
Other
Taj Pamodzi Hotel and Investrust Bank Zambia Limited were reported as having delisted from the exchange during 2024.
- 2024
LuSE lists its first US-dollar-denominated real estate investment trust[1]
Product launch
During the 2024 financial year, LuSE listed its first real estate investment trust, denominated in US dollars, contributing to the exchange's multi-currency product range.
- 2024
LuSE recorded two delistings during 2024[1]
Other
Taj Pamodzi Hotel and Investrust Bank Zambia Limited were reported as delisted from the exchange during 2024.
- 2024
LuSE listed its first U.S.-dollar-denominated real estate investment trust[1]
Product launch · Product generation
The exchange recorded its first REIT listing denominated in U.S. dollars, adding to its multi-currency securities offering.
- 2022
Lusaka Securities Exchange launches GEM Portal[1]
Product launch
LuSE launched the online GEM Portal after approval from Zambia's Securities and Exchange Commission. The initiative was designed to improve access to funding for start-ups and small and medium-sized businesses, including enterprises affected by the COVID-19 pandemic.
- 2022
LuSE reported among Africa's strongest-performing exchanges[1]
Other
In January 2022, reporting cited a 93.2 percent gain for LuSE and described it as the best-performing exchange in Africa for the referenced period.
- 2022
Zambia announces zero withholding tax on green-bond interest[1]
Regulation
The Zambian government announced a zero withholding-tax treatment for interest from investments in green bonds on the local exchange, a measure intended to encourage sustainable investment.
- 2022
LuSE launched the GEM Portal for emerging businesses[1]
Product launch
The exchange launched an online portal approved by Zambia's Securities and Exchange Commission to help start-ups and small and medium-sized businesses access funding.
- 2022
LuSE reported strong performance among African exchanges[1]
Other
In January 2022, the exchange was reported as having recorded a 93.2 percent gain and ranking first among the African exchanges covered by that report.
- 2022
Zambia announced a withholding-tax incentive for green-bond interest[1]
Regulation · Other
The Zambian government announced a zero withholding tax on interest from investments in green bonds traded on the local exchange, aiming to encourage sustainable investment.
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