FSD Africa, FSD Zambia and the Securities and Exchange Commission Partner to Strengthen Zambia’s Capital Markets
Programme to develop inclusive capital markets for Zambian households and entrepreneurs through
improving regulations and compliance with international standards
Lusaka, 3rd April 2019: The Securities and Exchange Commission, Zambia (SEC Zambia) has today joined
Financial Sector Deepening Africa’s (FSD Africa) flagship Africa Regulator Support Programme. The
programme, being implemented in Zambia by FSD Africa and Financial Sector Deepening Zambia (FSD
Zambia), is part of a continent-wide initiative designed to strengthen the continent’s capital market
regulators to attain international standards.
The partnership follows the recent launch of the Zambian Government’s landmark National Financial
Inclusion Strategy (NFIS, 2017 – 2022) which highlighted capital market development as vital to enabling
inclusive and sustainable growth for Zambian households and SMEs. The NFIS states that capital markets
in Zambia remain underdeveloped; less than one per cent of adults use capital market instruments, such
as equity or bond investments and a lack of access to long-term finance such as private equity and crowdfunding
is hampering enterprise growth.
The Africa Regulatory Support programme addresses these challenges in Zambia by funding an
institutional capacity assessment to review SEC Zambia’s operations and identify areas that require
strengthening. It will also support the development of a Capital Markets Masterplan, which will outline
the actions needed over a ten-year time horizon to develop the capital market sector and broaden the
long-term financing base of the Zambian economy. In addition, SEC Zambia will engage in knowledge sharing
with capital market regulators across Africa.
To accelerate progress, the Government of Zambia has established a capital markets working group
under the NFIS, chaired by the SEC, to develop innovative capital markets products that promote
financial inclusion. Read More