Billionaire Masiyiwa Drives $1 Billion Econet Listing to Push VFEX Past Century Old Rival

Strive Masiyiwa’s $1 billion infrastructure listing drives the dollarized VFEX to surpass its 132 year old rival in total market value.

By: AXL Media

Published: Apr 17, 2026, 8:02 AM EDT

Source: Information for this report was sourced from Business Insider Africa

The Billion Dollar Market Pivot

The Victoria Falls Stock Exchange achieved a historic milestone on March 31, 2026, when it officially overtook the Zimbabwe Stock Exchange in total market capitalization. This shift was catalyzed by the $1 billion listing of Econet InfraCo, an infrastructure spin off founded by billionaire Strive Masiyiwa. The listing alone accounts for nearly twenty five percent of the total market value on the newer exchange, signaling a massive reallocation of capital within the Zimbabwean financial landscape. Market data indicates that the rise of the younger platform reflects an urgent search for stability among institutional investors.

Navigating Regulatory and Shareholder Hurdles

The transition of key assets from the legacy Zimbabwe Stock Exchange to the dollarized platform was not without significant friction. Econet Wireless, which had been a cornerstone of the older exchange since 1998, faced intense regulatory scrutiny and initial pushback from shareholders regarding delisting terms. Critics originally challenged the valuation processes and the impact of the restructuring on minority holders. However, revised terms eventually allowed the transaction to move forward, marking a symbolic departure from the local currency platform that has historically been hampered by liquidity constraints and fluctuating exchange rates.

Strategic Consolidation of Digital Assets

Econet InfraCo has been established as a specialized vehicle to house the group’s most critical technical assets, including its expansive fiber network, tower infrastructure, and data center operations. By isolating these physical assets within a US dollar denominated environment, the group seeks to protect its core infrastructure from the inflationary pressures that have distorted valuations on the domestic exchange. This restructuring is viewed by analysts as a defensive measure intended to provide more transparent pricing for regional and international investors who are wary of local currency risks.