Zimbabwe: ZSE Direct Introduces 'Direct' Transaction Feature

20 July 2021

The Zimbabwe Stock Exchange (ZSE) has added an instant feature to its online trading platform- ZSE Direct, which will now enable investor- proceeds from a sell order to be credited directly into their wallet rather than being transferred to their bank account as has been the norm.

The development will cut transaction costs for investors each time they make a sell of shares on the platform which was rather costly.

The feature will start functioning tomorrow, the 21st of July on ZSE-Direct.

"With this new feature, proceeds from a sell order will now be credited to the investor's wallet rather than being transferred to their bank account," ZSE Chief Executive Officer Justin Bgoni said in a press statement.

The service will attract a 2 percent administrative charge levied on the sale proceeds.

"As a ZSE Direct client, your sell proceeds will be credited to your ZSE Direct wallet on the same trading day after a successful matched and confirmed sell order. Now you do not have to wait for the settlement cycle of T+3 to receive your sell proceeds, an added convenience brought to you by ZSE," said Bgoni.

Key Benefits of the feature are;

(1) No need to wait for T+3 to receive your sell proceeds, when you sell your securities, your ZSE Direct wallet is credited on the same day with the sell proceeds

(2) You can reinvest your proceeds easier and much faster now; and

(3) Eliminates additional charges associated with movement of funds from one bank to the other.

AllAfrica publishes around 800 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.