Securities and Exchange Commission (SEC) has announced a landmark performance in Zambia’s capital markets, with total savings mobilized rising by 53 percent from K221.76 billion in 2024 to K338.43 billion in 2025.
The Commission attributed the growth largely to improved performance in the equity market and increased participation in Collective Investment Schemes (CIS).
Total market capitalization also climbed by 53 percent, rising from K216 billion in 2024 to K330 billion in 2025, including Shoprite. In US dollar terms, implied market capitalization stood at approximately US$15.0 billion.
SEC Chief Executive Officer, Phillip Chitalu told Journalists at a media briefing that the Market Capitalization-to-GDP ratio reached 50 percent, surpassing the long-term Capital Markets Master Plan (CMMP) target of 33 percent.
Represented by Commission Director-Market Development and Supervision, Nonde Shichima, Mr. Chitalu also reported that the Lusaka Securities Exchange (LuSE) recorded strong gains, with the All Share Index (LASI) rising by 68 percent year-on-year.
He noted that the rally was supported by significant price appreciation in several counters, including ZAMEFA at +1,098%, AECI Mining Explosives +312%, British American Tobacco +264%, Airtel +217%, and Chilanga Cement +214%.
“Two listed companies, ZCCM-IH Plc and Copperbelt Energy Corporation Plc, surpassed the US$1 billion market capitalization mark in 2025. In addition, the market recorded its first-ever listing on the Alternative Market by Dotcom Zambia, which attracted over 1,400 investors, signaling the ability of small and medium enterprises to raise funding through capital markets,” he noted.
Mr. Chitalu added that investor participation more than doubled, increasing by 117 percent from 811,330 in 2024 to 1,760,539 in 2025., with the CIS segment accounting for 92.5 percent of this growth, while equities contributed 7.5 percent.
Notably, mobile app-based investments drove 99.5 percent of the total increase in CIS investor numbers, strengthening financial inclusion and access to regulated investment products.
On enforcement, Mr. Chitalu said the Commission strengthened its regulatory oversight, with total cases handled rising by 63 percent to 31 in 2025 from 19 in 2024.
He said of these, 19 were new reports, while 26 were concluded, reducing outstanding matters to five, adding that administrative fines increased significantly to K1.0 million from K240,000 in 2024.
“Enforcement actions included censures, fines, market bans, forfeiture of assets and supervisory directives. The rise in reported cases reflects enhanced market surveillance, improved public awareness, and greater investor vigilance rather than market weakness, underscoring the Commission’s continued commitment to investor protection and market integrity,” Mr. Chitalu said.
Overall, Mr. Chitalu described 2025 as a year of enhanced secondary market activity, strengthened investor confidence and deeper financial inclusion, reinforcing the capital market’s growing role in Zambia’s economic development.
