What Lusaka Securities Exchange does

The Lusaka Securities Exchange (LuSE) is Zambia's main securities exchange, established in 1993 with technical assistance from the IFC and World Bank and opened for trading on 21 February 1994. It is a Zambian public limited company that is itself listed on its own platform and operates as a regulated market infrastructure provider under the Securities Act No. 41 of 2016. The exchange connects capital-raising entities (corporate issuers, government, and SMEs) with retail and institutional investors, offering two equity tiers — the Main Board for established companies and the Alternative Market (Alt-M) for growth-phase MSMEs — plus debt instruments (corporate, government, and green bonds), exchange-traded funds, REITs, and collective investment schemes.

The platform runs on an integrated trading, clearing, and settlement system provided by Securities and Trading Technology, with multi-asset capability, direct market access via web, FIX-feed data distribution, in-built surveillance, market replay, and a dedicated disaster-recovery site. Post-trade services are housed in a wholly-owned subsidiary, the Lusaka Clearing and Settlement Agency (LCSA), established in 2020. The LuSE Mobile App extends trading access to retail users, and LuSE Academy delivers financial-literacy programs under the 'Teach a 1000 Learners' initiative.

LuSE generates revenue through three primary streams: transaction-based trading fees (LuSE's share is 0.25% of equity trade value, with total fees of 1.375% including SEC and broker portions), listing fees (0.125%–0.25% of market value depending on instrument and tier), and subscription fees for market data publications. Distribution is via a network of 10 licensed trading brokers, sponsoring brokers, commercial banks, and the mobile app, with the LASI index serving as the primary benchmark for market performance.

Name

Lusaka Securities Exchange

Legal name

Lusaka Securities Exchange Plc

Website

https://luse.co.zm

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

The Lusaka Securities Exchange (LuSE) is Zambia's main regulated securities exchange, operating a Main Board and Alternative Market for equities, corporate and government bonds, ETFs, and REITs, and serving listed companies, brokers, and retail and institutional investors through an integrated trading and CSD platform.

Ownership category

akta.pro rank

Product category

Securities Exchange

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)

akta.pro primary industry

Multi-Asset Electronic Trading Platforms (FSAFANAH)

akta.pro secondary industries

Government Bond (Sovereign) Trading Platforms (FSAFACAA), Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB)

Keywords

• Securities exchange services
• Equity listing platform
• Debt securities trading
• Central securities depository
• Capital markets infrastructure

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Listing Fees: Fees charged to companies for listing securities on the exchange. Debt listing fees are 0.125% of Market Value (minimum K100,000, maximum K300,000). Equity listing fees for Main Board are 0.25% of Market Value. Alt-M listing fees are 0.125% of Market Value (minimum K25,000, maximum K40,000).
2. Trading Fees: Transaction-based fees charged on equity trades. Total trading fee comprises SEC (0.125%), LuSE (0.25%), and Brokers (1%), totaling 1.375% per trade.
3. Subscription Services: Paid subscription services for market data including Daily Stock News (K3.50 per copy/K882 annual), Weekly Stock News (K4 per copy/K208 annual), and Monthly News Flash (K25 per copy/K300 annual).

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Lusaka Securities Exchange Plc operates Zambia's main securities exchange, providing a regulated platform for listing and trading equities (Main Board and Alternative Market), debt instruments (corporate, government, and green bonds), Exchange Traded Funds, REITs, and Collective Investment Schemes. The exchange runs an integrated trading, clearing and settlement system and offers ancillary services including Central Securities Depository operations through subsidiary LCSA, Direct Market Access, market data, ISIN numbering, and Note Trustee Services.

Product overview

Lusaka Securities Exchange (LuSE) is Zambia's main securities exchange operating as a unified platform connecting investors with capital-raising opportunities across multiple asset classes. The platform comprises two equity market tiers (Main Board for established companies and Alternative Market for SMEs), debt instruments (corporate bonds, government bonds, and green bonds), and investment vehicles (ETFs, REITs, and Collective Investment Schemes). Supporting infrastructure includes the LuSE Mobile trading application, LuSE All Share Index (LASI) for market performance tracking, Central Securities Depository services through LCSA for clearing and settlement, ISIN numbering agency services, and LuSE Academy for investor education. The exchange also provides Note Trustee Services and Direct Market Access capabilities for institutional and retail investors.

Differentiator

Problem solved

Functional benefit

Products and services

• Main Board Equity Listing Primary equity market tier for established companies meeting Main Board requirements: 3 years audited profit history, minimum 25% public shareholding, 300+ shareholders, ZMW 20m+ turnover, ZMW 5m+ subscribed capital, 10 million shares in issue.
• Alternative Market (Alt-M) Equity Listing Equity market tier for high-quality growth-phase MSMEs with reduced fees and listing requirements: turnover ZMW 250k-20m, 20-150 employees, 500k+ shares in issue, 10% public float, 30+ shareholders, 5 years of operation or rising revenues.
• Exchange Traded Funds (ETFs) Listed investment products tracking indices, baskets of shares, bonds, money market instruments, or single commodities. Includes Index ETFs, Commodity ETFs, Stock ETFs, and Bond ETFs.
• Real Estate Investment Trusts (REITs) Regulated collective investment vehicle investing primarily in income-generating real estate, enabling investors to acquire units in a trust earning profits from real estate.
• Collective Investment Schemes (CIS) Mutual fund investment option where funds from investors are pooled to buy stocks, bonds, or other securities, managed by a professional fund manager.
• Corporate Bonds Listing Debt securities issued by corporate companies for strategic objectives, providing capital in exchange for a series of interest payments to bondholders.
• Government Bonds Listing Fixed income instruments issued by the Government of the Republic of Zambia, facilitated by the Bank of Zambia.
• Green Bonds Listing Debt instruments issued by public or private institutions to finance environmental projects or climate change-related initiatives, adhering to Bond Listing Rules and SEC guidelines.
• LuSE Mobile Application Mobile trading application (iOS and Android) enabling investors to access the market, register accounts, select a broker, top up a wallet, select stocks, and execute trades.
• Direct Market Access (DMA) Trading facility allowing investors to trade on the Exchange via web/browser interface with broker approval, providing real-time access to market data, full order management, and third-party prices on a FIX feed.
• LuSE Market Data Services Real-time and historical market data including daily stock data, trade summaries, LASI index values, and corporate bond information. Includes paid subscription publications: Daily Stock News (K3.50/copy or K882 annual), Weekly Stock News (K4/copy or K208 annual), and Monthly News Flash (K25/copy or K300 annual).
• Central Securities Depository (CSD) Services Depository, clearing, and settlement services provided through LCSA including dematerialised securities accounts, delivery-versus-payment settlement, custody services, transfer of securities, pledges of securities, and corporate actions administration.
• Note Trustee Services Fiduciary services acting on behalf of noteholders to ensure issuer compliance with obligations under trust deeds, including documentation, compliance monitoring, and default management.
• ISIN Numbering Services National Numbering Agency services issuing International Securities Identification Numbers (ISIN) for all securities in Zambia, as mandated by the Association of National Numbering Agencies (ANNA).
• Investment Advisors and Stockbrokers Course Professional certification course for investment advisors and stockbrokers, offered in cohorts with scheduled intake periods.

Quantifiable outcome

• Market capitalization of K334+ billion including major listed companies
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Junior Achievement ZambiacoreStrategic or Co-development PartnerPartnership through Memorandum of Understanding to advance financial literacy and youth development across Zambia. LuSE reaffirms its commitment to equipping young learners with financial knowledge and skills to make informed decisions.
• Zach Chavula Memorial AcademyminorOthersLuSE continues to support this education initiative as part of community outreach, looking forward to seeing quality business journalism emerge from the academy.
• UNDP (United Nations Development Programme)coreStrategic or Co-development PartnerLuSE works with UNDP on environmental awareness within Capital Markets. UNDP supports implementation of Paris Agreement on climate change and achievement of Sustainable Development initiatives across listed companies.
• BioFin ZambianminorStrategic or Co-development PartnerCollaboration on biodiversity financing and environmental sustainability initiatives within the Zambian capital markets.
• African Securities Exchanges Association (ASEA)coreOthersASEA is the Premier Association of Securities Exchanges in Africa, working to develop Member Exchanges, promote capital market business, and provide networking platform. LuSE is an active member.
• Committee on SADC Stock Exchanges (CoSSE)coreOthersCoSSE is a collective body of stock exchanges in Southern African Development Community, established in 1997. Has formal status under SADC Finance and Investment Protocol (FIP).
• Capital Markets Association of Zambia (CMAZ)coreOthersCMAZ is a broad-based association driving increased participation within capital markets through individuals, corporates, and related institutions. Fosters dialogue between capital market participants and SEC.
• International Finance Corporation (IFC) / World BankcoreStrategic or Co-development PartnerTechnical assistance from IFC and World Bank led to establishment of LuSE in 1993. Initial funding from UNDP and Government of Zambia as part of private sector development program.
• Securities and Trading TechnologycoreTechnology or IntegrationTechnology solutions provider delivering state-of-the-art trading, clearing and settlement system. Provides integrated multi-asset platform with capabilities for ETFs, fixed income, derivatives, and real-time market access.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Others

• Egyptian Exchange (EGX):

Broad incumbents

• Johannesburg Stock Exchange (JSE): South Africa's main securities exchange and Africa's largest by market cap. Comparable to LuSE as a multi-asset electronic exchange (equities, bonds, derivatives, ETFs) serving issuers and investors in a SADC-member country, but operating at vastly greater scale.
• Nigerian Exchange Group (NGX): Nigerian Exchange operates West Africa's primary securities exchange with equities, ETFs and fixed income trading. Directly comparable to LuSE as an African emerging-market exchange operator with multi-asset capability, though at much larger scale.
• Nairobi Securities Exchange (NSE): Kenya's main exchange operating equities, bonds and ETFs through an electronic trading platform. Comparable to LuSE as an East African multi-asset exchange serving frontier-market issuers and investors.

Direct peers

• Ghana Stock Exchange (GSE): West African exchange of similar scale to LuSE with a small listed universe, equities and bonds trading on an electronic platform. Directly comparable as a frontier-market African exchange with similar issuer-count and liquidity profile.
• Dar es Salaam Stock Exchange (DSE): Tanzania's national securities exchange trading equities and bonds on an electronic platform. Closely comparable to LuSE in scale, single-country footprint, and small listed universe.
• Uganda Securities Exchange (USE): Uganda's national exchange with a small number of listed companies trading equities and fixed income. Directly comparable to LuSE as a frontier-market East African exchange of similar operational scale.

Regional players

• Botswana Stock Exchange (BSE): SADC-member exchange based in Gaborone with equities, bonds and ETFs. Closely comparable to LuSE in regional context, regulatory framework and asset-class scope, though Botswana has a smaller issuer base than Zambia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@lusakasecuritiesexchange
• Facebookfacebook.com/LuSEplc
• LinkedInlinkedin.com/company/lusaka-securities-exchange-plc
• Xx.com/lusaka_se

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lusaka Securities Exchange