SEC Sets Sights on 2026 Expansion

Focus on SMEs, green finance and digital participation

By Francis Maingaila
Lusaka, Zambia24 – (27-02-2026) - Zambia’s capital markets recorded a historic 53 percent growth in total savings mobilised in 2025, marking what Mr. Nonde Sichilima, Director – Market Supervision and Development at the Securities and Exchange Commission (SEC), described as a transformative year for the sector.

Mr. Sichilima told journalists at the media briefing that total savings mobilised rose from K221.76 billion in 2024 to K338.43 billion in 2025, driven by strong equity market performance and rapid expansion within Collective Investment Schemes (CIS).

He said total market capitalisation increased from K216 billion to K330 billion, representing 53 percent growth including Shoprite, adding that the Market Capitalisation-to-GDP ratio rose to 50 percent, surpassing the long-term Capital Markets Master Plan (CMMP) target of 33 percent.

According to him, the Lusaka Securities Exchange All Share Index (LASI) grew by 68 percent year-on-year, supported by notable gains in counters such as ZAMEFA, AECI Mining Explosives, British American Tobacco, Airtel, and Chilanga Cement.

Mr. Sichilima said two companies—ZCCM Investments Holdings Plc and Copperbelt Energy Corporation Plc—surpassed the US$1 billion market capitalisation threshold in 2025, signalling increased market depth and investor confidence. He added that the first-ever listing on the LuSE Alternative Market by Dotcom Zambia attracted over 1,400 investors and demonstrated the potential of SMEs to raise capital through the stock exchange.

He said investor participation grew significantly, with the number of investors rising from 811,330 in 2024 to 1,760,539 in 2025. He noted that the CIS segment accounted for 92.5 percent of this growth, driven largely by mobile app-enabled investment platforms which made investment products more accessible to the public.

Mr. Sichilima stated that the Government bond secondary market also performed strongly, with nominal value traded increasing by 26 percent from K75 billion in 2024 to K95 billion in 2025, while market value traded rose by 53 percent due to improved liquidity, stable inflation, and reduced exchange rate volatility.

He highlighted a major milestone in sustainable finance with the launch of the Zambia Green Finance Taxonomy and confirmed that green bond issuance reached US$150.7 million, surpassing medium-term CMMP targets and opening avenues for climate-related financing.

He further said investor education was a central focus for the Commission in 2025, with more than 30 nationwide campaigns, including the National Capital Markets Debate and Essay Competitions, reaching 2.1 million people on social media and engaging over 55,000 participants through 12 town hall meetings.

On enforcement, Mr. Sichilima said the Commission handled 31 cases in 2025, up from 19 in 2024, concluding 26 of them and issuing a range of penalties including fines, market bans, and asset forfeitures.

Administrative fines increased from K240,000 to K1 million. He said the rise in reported cases reflected improved market surveillance and growing public vigilance.

He disclosed that 15 cautionary notices were issued against fraudulent entities such as LI AUTO, TRIPLE LIFT ZM, PMG, AJ ZAMBIA, and UPERTEX ZAMBIA, noting that the Frauds and Scams Awareness Campaign intensified public protection efforts.

Looking ahead, Mr. Sichilima said the SEC will in 2026 prioritise expanding stakeholder participation, enhancing service delivery, and streamlining operational systems.

He said the Commission will also focus on boosting SME use of the Alternative Market, encouraging corporate bond issuance, scaling up green finance instruments, and expanding retail participation through digital platforms.

He added that these priorities aim to strengthen trading volumes, deepen investor confidence, and position Zambia’s capital markets as a resilient and competitive investment destination.