Zimbabwe Investment Opportunities: Insights from Coreen Madanha of InvestIQ Oak Wealth
In this interview, Coreen Madanha, Managing Director and Principal Broker of InvestIQ Oak Wealth, discusses Zimbabwe stockbroking, Zimbabwe investments and Zimbabwe capital markets, including opportunities on the Zimbabwe Stock Exchange, Victoria Falls Stock Exchange, VFEX Zimbabwe, ZSE Zimbabwe and FINSEC Zimbabwe. She explains how InvestIQ Oak Wealth combines investment advisory Zimbabwe, wealth management Zimbabwe, investment portfolio Zimbabwe, portfolio management Zimbabwe and investment research Zimbabwe with personalised support, investor education Zimbabwe and financial education Zimbabwe.
The interview explores investing in Zimbabwe, Zimbabwe investment opportunities, Zimbabwe financial markets, Zimbabwe investors, foreign investment Zimbabwe and diaspora investment Zimbabwe. Madanha highlights Zimbabwe REITs, REIT investment Zimbabwe, ETFs Zimbabwe, ZEEX Zimbabwe, Zimbabwe Entrepreneurship Exchange, Zimbabwe equities, Zimbabwe stocks, Zimbabwe securities, patient capital Zimbabwe, Zimbabwe entrepreneurs, Zimbabwe diaspora remittances, US dollar investments Zimbabwe, Zimbabwe mining investment, Zimbabwe market growth and investment returns Zimbabwe.
She also examines financial literacy Zimbabwe, financial inclusion Zimbabwe, capital market participation, first time investors Zimbabwe, young investors Zimbabwe, women investors Zimbabwe, women in finance Zimbabwe and the role of a female owned stockbroker Zimbabwe. The discussion covers fintech Zimbabwe, digital stockbroking Africa, financial technology Africa, AI in stockbroking, artificial intelligence investing, AI investment advisory, investment data analytics, investment technology Zimbabwe, automated investment systems, AI financial research, technology in capital markets and financial services innovation Africa.
Madanha further discusses investment opportunities in Zimbabwe capital markets, how to invest in the Zimbabwe Stock Exchange, Zimbabwe diaspora investment opportunities, how Zimbabwe can attract foreign investment, artificial intelligence in Zimbabwe stockbroking, the future of Zimbabwe capital markets and InvestIQ Oak Wealth’s ambition to expand across African stock exchanges by 2030.
Your career spans more than two decades across accounting, compliance and stockbroking, and you now lead InvestIQ Oak Wealth as Managing Director and Principal Broker. What led you to establish the company, and what gap in Zimbabwe’s investment and stockbroking market did you want the firm to address?
Coreen Madanha: Thank you for that question. I have been around for a while, and I started in accounting. I did my articles straight out of high school with the hope of becoming a chartered accountant.
I love people and I love numbers, so for me that was the natural career path. I also loved accounting and commerce while I was in high school.
Over the years, I moved from accounting to audit and then to compliance. While I was in a compliance position, I was asked to assist the trading department to alleviate some of the pressure when the trading team was smaller.
While I was there, I discovered that I enjoyed talking to clients and I enjoyed investments. When an opportunity became available, I moved into that position. However, I still had to handle compliance and accounting within that organisation.
The real question is how I moved from accounting and compliance into trading. It came down to an inquisitive mind, a love for numbers and a love for people.
After working in the trading department, I left my former employer and wanted to take a break. I travelled in Europe for a while, and when I came back to Zimbabwe, I was intending to open a laundromat.
Then I met one of my former clients, and she said, “I miss your services. Why do you not start your own stockbroking firm?”
That led me to start thinking about names and establishing something of my own.
But there was an even greater need. Only about 2 per cent of the population in Zimbabwe is investing in the capital markets, while we have an influx of diaspora money coming into the country for consumption.
I realised that although I missed the stockbroking environment, I needed to ask what difference I was going to bring to the market. Financial literacy is that particular gap. I want to say to Zimbabweans: I am here to hand hold you and help you understand more about the capital markets.
Any country that is doing well is backed by patient capital and long term capital. My thinking therefore moved beyond simply making money. It became about how I could make money while harnessing my love for people.
From my compliance background, I also wanted to be able to explain to the ordinary person, in the clearest possible way, that this is a safe place and a safe environment, and that you can potentially make returns and prepare for an unknown future.
MarcoPolis: InvestIQ Oak Wealth gives clients access to the Zimbabwe Stock Exchange, the Victoria Falls Stock Exchange and FINSEC, while also providing research, advisory and portfolio support. How do you assess Zimbabwe’s capital market today, and where do you see the most compelling opportunities for local and international investors over the next few years?
Coreen Madanha: We have recently joined the rest of the world in property investment through real estate investment trusts, or REITs. In the past, Zimbabwe did not have REITs until 2015. The REIT sector is one area where I see opportunity. I also see opportunities in ETFs and in the Zimbabwe Entrepreneurship Exchange, ZEEX, which we discussed earlier. ZEEX was launched on 24 July 2026, and it is definitely something Zimbabwe needs because about 70 per cent of our economy is informal.
These entrepreneurs and traders are driving the economy. They employ people and deliver goods and services, but they are not raising capital through the capital markets. They are raising capital through informal structures, borrowing from friends and using other means.
For them to grow further, an opportunity has now been made available. This is where I see an opportunity for patient capital to invest alongside entrepreneurs who are performing well. Silicon Valley was built on the back of start ups.
There is a future in Zimbabwe. Official statistics may show high unemployment, but a lot of employment exists elsewhere, among entrepreneurs, so there is a significant opportunity there.
There is also a major opportunity for the diaspora to bring in much needed capital. They send money to Zimbabwe, and we are grateful. In the first half of the year, we were sitting at about USD 3.1 billion.
These are Zimbabweans outside the country who are looking after their families. But in addition to supporting their families, they could put some of that money into the development of the country.
This is another area where I see opportunity.
Why do I say that the opportunities are there? Because our market is growing and the returns are there.
The Zimbabwe Stock Exchange All Share Index grew by about 73.04 per cent year to date, reaching approximately 477.39 points.
The Victoria Falls Stock Exchange All Share Index had grown by 46.17 per cent year to date, while VFEX market capitalisation was sitting at approximately USD 8.07 billion, representing growth of about 284.86 per cent year to date.
A significant factor was Old Mutual returning to the market. Old Mutual represented approximately 49.8 per cent, almost half, of VFEX market capitalisation.
Even before Old Mutual was introduced, however, we were recording year to date growth in the All Share Index of somewhere between 55 and 63 per cent. The market was already growing significantly.
We have seen substantial growth since around January last year. Padenga, for example, was trading at approximately USD 0.17 in January last year, and today it closed at USD 1.37. That single stock illustrates the level of growth we have seen over the period.
There have also been significant developments in mining, with several minerals being discovered. There is an opportunity to capacitate small scale miners and help them grow further.
Zimbabwe is a hidden gem. There are opportunities here.
The Zimbabwean brokerage industry includes long established institutions as well as newer specialised firms. Investors increasingly expect strong research, efficient execution, compliance and personalised advice. What is InvestIQ Oak Wealth’s competitive advantage, and what makes clients choose and remain with your firm rather than another stockbroker or investment adviser?
Coreen Madanha: Firstly, our tagline is “Trust Transcending Transactions.”
We are saying that we are not simply going to disseminate information for the sake of it. We are going to make sure that our information is verified and above board.
Alongside “Trust Transcending Transactions”, our values include integrity and honesty, and we endeavour to make sure that we are timely in our delivery.
As a firm, we are young in terms of how long we have been registered. We were permitted to begin trading listed securities on 17 February 2025.
However, when you look at the experience within our team collectively, it is very rich.
I started my professional career in February 2004. We also have Bart Mswaka, who has approximately 40 years of experience. He is a former Managing Director of HSBC Securities and ReNaissance Securities, and he received a Capital Markets Lifetime Achievement Award in 2022.
He is our stockbroker responsible for business development, and his experience is proving extremely valuable.
Our compliance function also brings strong technical capabilities, including a master’s degree in big data science, helping us ensure that our risk and compliance processes remain above board.
Our team also includes financial engineering expertise. We have strong IT capabilities as well, including the development of our in house real time portfolios and risk dashboard, with expertise in Python and SQL.
We therefore have a blend of professionals, while also making sure that we continue advancing in technology and artificial intelligence.
We want to make deals, but we also want to make sure that we progress with the rest of the world.
Zimbabwe offers investment opportunities through its capital markets, including US dollar denominated securities and other instruments. International and diaspora investors can nevertheless still have concerns about market access, risk and confidence. What are the main barriers preventing more foreign and diaspora investors from participating in Zimbabwe’s capital markets, and what needs to change to make the market more attractive and accessible?
Coreen Madanha: I will start with what needs to be done.
We need clearer macroeconomic policies. We need to make the world understand what Zimbabwe wants to build and how it intends to build it. We also need clarity around repatriation. Investors need to understand how they are going to receive their money and how safe that money will be. If you have traded in ZiG, the local currency, will you be able to take your money out and receive it in pounds? Will you be able to receive it in yen? How quickly can that happen? Those signals need to be clear. We also need independent research. From InvestIQ’s perspective, we need to make sure that we invest in research. We should also encourage our clients to broaden their sources of information rather than relying solely on us, so that research remains transparent.
Reporting is also important. Listed companies, and companies that want to raise capital, need to be genuinely transparent. You may want to raise money, or you may already be listed on the stock market, but investors need to understand what you are doing to preserve and grow shareholders’ funds. If we tell our story well, if we are clear and if we are confident, that will help. The real barrier is confidence.
There needs to be confidence in the country’s economy and confidence in the different exchanges.
Information is also essential. Information should be disseminated promptly and accurately.
The instruments are there. The story is there. The infrastructure may still have limitations, but the story is there.
What is needed is confidence and information.
InvestIQ Oak Wealth positions itself as a predominantly female owned firm, with a strong focus on investor education and personalised support. Broader participation in capital markets is an important part of building long term wealth. How can Zimbabwe encourage more women, young professionals and first time investors to participate in the capital markets, and what role does InvestIQ want to play in improving financial literacy and inclusion?
Coreen Madanha: We have put ourselves at the service of Zimbabweans.
We are saying to Zimbabweans that we are here to educate them about financial literacy. We are available to hand hold them, and we have partnered with a number of institutions.
Our regulators, the Securities and Exchange Commission of Zimbabwe, are among those partners. They have assembled a capital markets toolkit containing educational materials, including plays and books relating to the capital markets. We have partnered with them to distribute as many of those materials as possible.
We also have a pilot arrangement with a school called Mountain View. Since January, we have been working with pupils from Grade 4, which is around nine years old, through to Grade 7.
We explain to them how money is made, and we are also working on educational workbooks to distribute to them.
We organised a visit to one of the listed REITs, [Unintelligible 00:37:34], where they were able to see what companies and investment vehicles listed on an exchange actually do.
We are doing more of this. We visit churches, schools and workplaces so that we can explain the financial markets as well as general financial literacy.
In addition, we are investing our time and energy in making sure that our website is highly educational.
On Monday mornings, we have Monday Market Insights, which provides a weekly summary of what is happening in the market.
On Tuesdays, we have a short clip entitled Choose to Learn With Us on Tuesdays. It gives someone who is busy approximately three minutes to learn something about the capital markets or discover a new concept.
We are deliberate in our efforts to make sure that everyone understands what the capital markets are. They may not invest immediately, but once a seed is sown, it can grow.
We also have a special report that comes out on Thursdays called The Acorn Report.
We want people to trade, but we also want them to understand what is behind those trades. We want them to learn concepts that they did not previously know and to be intellectually provoked.
An acorn is the seed of an oak tree. Once something is planted, it may be small, but we know that it can germinate and grow into something significant.
We also make sure that we communicate with the market in a timely manner through our price sheet. We have a Closing Highlights report that is published daily.
We have Weekly Buzz, which we aim to release on Sunday evening or Monday morning, reflecting what happened in the market during the previous week.
Then we have Monthly Pulse, where we explain what happened in the previous month.
Whenever there is a transaction, we make sure that we explain it to clients. Whenever there is an IPO, we take the time to send information to clients.
We also have a dedicated WhatsApp number through which clients can reach us and receive explanations.
We are thinking big, and it does not stop there. We have other exciting initiatives coming. Once we are ready, we will share more about what we are doing to make financial literacy a bread and butter issue rather than something sacred or private.
People should understand how they can make money through the capital markets and preserve value.
Digital platforms, data analytics and artificial intelligence are changing how investors access information, execute trades and receive investment advice, while regulation and trust remain essential. How do you see technology and artificial intelligence transforming stockbroking and investment advisory in Africa, and how can firms innovate while maintaining strong governance, compliance and client trust?
Coreen Madanha: Coming from a compliance background, my instinct is always to be cautious. I want to understand what a tool is and what is happening. There can be apprehension and fear when moving into the unknown.
Initially, from a compliance perspective, artificial intelligence and new technologies were difficult to embrace.
However, as someone who wants more people to understand financial literacy and who also wants to streamline processes within the business, I have had to embrace AI.
We have invested significantly in this area to automate our systems and ensure that our risk dashboard is automated.
It has been a journey. It has not been easy, and it is still ongoing.
My caution to fellow brokers, and to myself, is that whatever we do with technology, data and artificial intelligence must sit within the regulator’s framework. We need to make sure that we are protecting client data.
At the same time, we need to innovate.
We must innovate while remaining compliant. It should not be a choice between innovation and compliance. We cannot innovate while allowing compliance standards to fall, and we cannot focus so heavily on compliance that we fail to innovate.
We need to take advantage of artificial intelligence and advances in technology because they help us with research and compress the time between information and action.
The faster you have information, the faster you are able to act.
Technology also helps us with areas such as client risk profiling and client communications.
It is therefore important that we embrace it. It was not easy for us in the beginning, but as an institution, we are getting there.
InvestIQ Oak Wealth is a relatively new entrant in Zimbabwe’s regulated brokerage market, with ambitions to build a recognised investment brand and deepen participation in the country’s capital markets. Looking towards 2030, what do you want InvestIQ Oak Wealth to have achieved, and what role would you like the firm to play in positioning Zimbabwe as a strong investment destination in Africa?
Coreen Madanha: Our goal is to be one of Zimbabwe’s top five stockbroking firms by 2030.
We do not want to grow only in terms of size or by making a lot of money. We also want to grow in terms of service quality and delivery, the depth of our research and the overall quality of our offering.
Our goal is to make sure that we become a one stop shop.
If you want to invest on the Johannesburg Stock Exchange, the Lusaka Securities Exchange, the Botswana Stock Exchange, or in Namibia or Nigeria, we should be able to advise you adequately.
We should also be able to assist you in investing in these different markets because we will have built partnerships, synergies and collaborations in those places.
As we speak, we already have inroads into the JSE and a partnership there. We have inroads into the Lusaka Securities Exchange, and we are working on Malawi and Botswana.
We are young, but we are able to move relatively quickly.
We are also hoping to move that approximately 2 per cent participation rate.
We want to contribute meaningfully. If the participation rate eventually reaches 10 per cent, we want InvestIQ to have contributed significantly to that growth, because that is one of the reasons this company was established.
We want to market Zimbabwe as a market that investors actively choose.
We want to market Zimbabwe to the world as a place in which people can invest, and we also want more Zimbabweans themselves to invest in their country.