Zambia’s vision for a deeper and more dynamic capital market cannot be realized without addressing a fundamental enabler: broad-based capacity building. While structural enhancements, such as expanding the government bond market, introducing new financial products, and fostering private equity and debt; are critical, their success hinges on the strength and competence of the institutions and individuals who operate the market.
The Zambian capital market is made up of several interconnected players: regulatory bodies (MoFNP, BoZ, SEC), the Lusaka Securities Exchange (LuSE), businesses, professional advisors, intermediaries, and investors. For reforms to succeed, capacity across all these groups must evolve alongside market developments.
A core focus is the continuous professional development of regulators, particularly the Ministry of Finance and National Planning (MoFNP), the Bank of Zambia (BoZ), and the Securities and Exchange Commission (SEC). Beyond regulators, capacity-building initiatives must extend to all market practitioners. This includes auditors, accountants, lawyers, brokers, investment advisers, bankers, corporate financers, and financial journalists. Finally, efforts must also be targeted at educating both retail and institutional investors. Informed investors are more likely to participate actively in capital markets, which contributes to liquidity, stability, and sustained growth.
The Securities and Exchange Commission (SEC) supports capital market practitioners by facilitating access to specialized certifications through collaborations with both local and international institutions. Locally, the SEC partners with the Zambia College of Pensions and Insurance Trust (ZCPIT), which offers the Stockbrokers course. Internationally, the SEC has signed a Memorandum of Understanding (MoU) with the Chartered Institute for Securities and Investments (CISI) to provide globally recognized qualifications to Zambia’s financial services industry.
The SEC has facilitated the accreditation of ZCAS University to undertake training for CISI courses as a local training provider (ATP).
Capacity building is not a peripheral issue; it is the foundation upon which Zambia’s capital market reforms must rest. By equipping all market players with the knowledge and tools needed to thrive, Zambia can foster a capital market that is efficient, inclusive, and globally competitive.
