Chengetedzai Depository

What Chengetedzai Depository does

Chengetedzai Depository Company Limited (CDC) is Zimbabwe's sole licensed Central Securities Depository (CSD), incorporated in 2010 and operational since 2014 following an exclusive tender awarded by the Securities Commission of Zimbabwe (SECZ). The company operates an electronic book-entry platform for the dematerialization, holding, transfer, clearing, and settlement of securities on the Zimbabwe Stock Exchange (ZSE), functioning analogously to a bank for securities accounts. Its technology core is the Depo/X system licensed from CMA Small Systems (Sweden), which supports T+2/T+3 settlement cycles, Delivery Versus Payment (DVP) Model 3, electronic securities pledging, and a securities lending and borrowing module. CDC was independently assessed A- by Thomas Murray, a global CSD rating agency, and holds membership in the Africa & Middle East Depositories Association (AMEDA).

The company's service suite spans clearing and settlement, dematerialization/rematerialization, register management, securities pledging, securities lending and borrowing, and a retail-accessible Client Portal. CDC distributes exclusively through a network of registered Depository Participants — stockbrokers (Imara, IH Securities, FBC Holdings), custodians (Standard Chartered, Stanbic), transfer secretaries, and clearing banks — with a recently introduced Broker Controlled Model enabling retail account opening via brokers at a USD 2.00 trading fee. The company is structured under a government directive requiring 51% quasi-government ownership; the remaining stake is held by the founding consortium including FTS. As of April 2017, approximately USD 1.75 billion in shares were placed on the CSD against a USD 4.198 billion ZSE market capitalization, with an average dematerialization ratio of 34% across listed counters (above 43% for the top 20).

CDC's revenue model is transaction-fee-driven: a 0.1% levy per transaction leg on all processed trades, a one-time USD 1,000 issuer onboarding fee for security listings, and the USD 2.00 retail trading fee. Leadership transitioned from founding CEO Campbell Vincent Musiwa (2011–2022) to Prosper Mutorogodo in April 2022. Headcount, current revenue, and detailed financials are not publicly disclosed.

Name

Chengetedzai Depository

Legal name

Chengetedzai Depository Company Limited

Website

https://chengetedzai.co.zw

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Chengetedzai Depository Company Limited is Zimbabwe's sole licensed Central Securities Depository, operating the Depo/X platform for dematerialization, clearing, and settlement of securities across the Zimbabwe Stock Exchange via a network of broker, custodian, and clearing-bank participants.

Ownership category

akta.pro rank

Product category

Central Securities Depository Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Central Securities Depositories (CSDs) & Settlement Systems (FSACAHAA)

akta.pro secondary industries

National CSDs & Domestic Settlement Systems (FSAFAGAA), CSD Asset Servicing (Income, Redemptions, Tax Withholding) (FSAFAGAH), Corporate Actions Processing & Entitlements Settlement (CSD-Run) (FSAFAGAI), Cash Settlement & DvP/PvP Settlement Agent Services (CSD-Integrated) (FSAFAGAK), Central Securities Depository (CSD) & ICSD SFT Services (FSACAIAL)

Keywords

• Central securities depository
• Post-trade settlement services
• Securities dematerialisation
• Clearing and settlement
• Capital market infrastructure

Headquarters

HQ city

Harare

HQ country

Zimbabwe

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Transaction Levies: CSD receives a levy of 0.1% per transaction leg on all trades processed through the platform.
2. Security Onboarding Fees: One-time onboarding fee of USD 1,000 charged to issuers when listing securities on the CSD platform.
3. Trading Fees: Nominal fee of USD 2.00 charged to retail investors upon trading through the Broker Controlled model.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Chengetedzai Depository Company Limited operates Zimbabwe's only Central Securities Depository (CSD), providing a single integrated electronic platform for securities dematerialization, electronic holding, transfer, clearing and settlement. The company offers six core services: Clearing and Settlement of Trades, Dematerialisation and Rematerialisation, Pledges (securities-as-collateral), Register Management, Securities Lending and Borrowing, and a Client Portal for investor self-service. It is exclusively mandated by the Securities Commission of Zimbabwe following a tender awarded in December 2010.

Product overview

Chengetedzai Depository Company Limited operates as Zimbabwe's sole Central Securities Depository (CSD), providing a single integrated electronic platform for the Zimbabwe capital market. The platform encompasses six core services: Clearing and Settlement of Trades (post-trade transfer of securities and funds), Dematerialisation and Rematerialisation (electronic conversion of physical securities), Pledges (securities-as-collateral functionality), Register Management (securities ownership records), Securities Lending and Borrowing (share lending facility), and a Client Portal (investor-facing web portal for account access). The CSD functions similarly to a bank, maintaining electronic securities accounts and facilitating book-entry transfers between buyers and sellers.

Differentiator

Problem solved

Functional benefit

Products and services

• Clearing and Settlement of Trades Ensuring the accurate and timely transfer of securities and funds post-trade for exchange-traded and OTC transactions on the Zimbabwe Stock Exchange. Targeted at stockbrokers, custodians, transfer secretaries, and clearing banks.
• Dematerialisation and Rematerialisation Converting physical securities into electronic form and vice versa, enabling investors to eliminate paper certificates and hold securities in electronic demat accounts. Targeted at issuers and investors.
• Pledges (Securities Collateral) Facilitating the use of securities as collateral for financing or loans by locking and quarantining pledged shares from trading on the ATS. Targeted at investors seeking financing using their securities holdings.
• Register Management Maintaining accurate records of securities ownership and facilitating shareholder communications. Targeted at issuers and transfer secretaries.
• Securities Lending and Borrowing Providing a facility for securities owners to lend shares and borrowers to access them, enabling expert guidance on investment strategies and market trends. Targeted at investors and financial institutions in the Zimbabwe capital market.
• Client Portal Web-based gateway providing real-time account balance information, transaction history, and essential services for investors to manage their portfolios. Targeted at account holders in the Zimbabwe capital market.

Quantifiable outcome

• Settlement cycle reduced from T+7 to T+3
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• Securities and Exchange Commission of Zimbabwe (SECZ)coreOthersRegulatory oversight body for the Zimbabwe securities industry. SECZ awarded the CSD tender to Chengetedzai in December 2010 and continues to regulate and supervise CSD operations.
• Investor Protection FundcoreOthersFund under custody of SECZ that protects investors. Receives 0.025% of transaction value as levy for investor protection purposes.
• Zimbabwe Stock Exchange (ZSE)coreTechnology or IntegrationZSE is a key integration partner where all trades are executed. Chengetedzai clears and settles all ZSE trades. ZSE also included as shareholder in Chengetedzai per government directive.
• Reserve Bank of ZimbabwecoreOthersCentral bank providing central bank money for settlement, which is considered one of the most secure methods of settlement as recommended by IOSCO. Provides oversight and banking services for CSD operations.
• Ministry of Finance and Economic DevelopmentcoreOthersResponsible ministry for the Securities Act that mandated the CSD establishment. Government directive requires 51% quasi-government stake in Chengetedzai through various financial institutions.
• Insurance and Pensions CommissionsupportingOthersRegulatory body overseeing insurance and pension sectors that may hold securities on the CSD platform.
• Africa & Middle East Depositories Association (AMEDA)supportingStrategic or Co-development PartnerAMEDA is one of 5 global bodies representing the World Forum of CSDs. CDC is a member and participates in bi-annual meetings for sharing ideas and best practices. CDC also attends global body meetings held every 2 years.
• CMA Small Systems (Sweden)coreTechnology or IntegrationTechnology vendor providing the Depo/X CSD system. Vendor has demonstrated AAA-rated CSD installations across 50+ countries and supports integration with central banking and external systems.
• CBZ BanksupportingOthersClearing bank used for commercial bank money settlement before migration to central bank money. One of the original settlement banks alongside Stanbic and ZB Bank.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Central Securities Clearing System Plc (CSCS) Nigeria: Nigeria's CSD serving the Nigerian Stock Exchange with dematerialization, clearing, settlement, and registry services — comparable in scope and emerging-market mandate.
• Central Depository & Settlement Corporation Limited (CDSC) Kenya: Kenya's CSD providing automated clearing, settlement, and custody for the Nairobi Securities Exchange, directly comparable in operating model and African emerging-market context.
• Botswana Stock Exchange CSD: Operates the CSD function for the Botswana Stock Exchange, providing electronic clearing, settlement, and custody on a similar single-country monopoly basis.
• Namclear (Namibia Clearing and Settlement System): Namibia's central counterparty and settlement system for the NSX, comparable as a small-market African CSD/clearing utility with similar regulatory ownership characteristics.
• Strate (Pty) Ltd: South Africa's licensed CSD operating the electronic settlement platform for JSE trades, offering clearing, settlement, custody, and asset servicing — the closest functional and structural analogue to CDC in the region.

Broad incumbents

• DTCC (Depository Trust & Clearing Corporation): The dominant US post-trade infrastructure provider offering CSD, clearing, and settlement services; useful benchmark for technology, risk frameworks, and rating methodology despite vastly different scale.
• Central Depository Services (India) Limited (CDSL): India's other major depository, comparable in function (demat, settlement, custody) and even uses a Depo/X-derived platform, but operates at significantly larger scale across multiple exchanges.
• JSE Clear (Pty) Ltd: The clearing and settlement arm of the Johannesburg Stock Exchange group, a much larger incumbent offering overlapping CSD functionality within a broader exchange and post-trade services portfolio.
• National Securities Depository Limited (NSDL) India: One of India's two central depositories, operating dematerialization, settlement, and registry services on a vastly larger scale but on a directly analogous CSD operating model.

Others

• CMA Small Systems AB: Swedish technology vendor whose Depo/X platform powers CDC and 50+ other CSDs globally; relevant as both an enabling partner and indirect reference point for comparable CSD operating profiles.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CDC_Zimbabwe

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

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 Chengetedzai Depository