SEC waives listing fees for first 10 SMEs

**Lusaka, Zambia** – In a bold move poised to significantly invigorate Zambia's capital markets and empower its burgeoning small and medium-sized enterprise (SME) sector, the Securities and Exchange Commission (SEC) has announced a groundbreaking initiative to waive all listing fees for the first ten SMEs that opt to list on the local stock exchange. This strategic decision forms a cornerstone of the SEC's ambitious ten-year plan to dramatically expand capital market participation from the current 1.7 million individuals to a formidable five million, thereby fostering economic growth and diversification across the nation. The announcement, made by SEC Chief Executive Officer Philip Chitalu, underscores a concerted effort to democratise access to capital and integrate a broader swathe of the Zambian economy into formal financial structures. Mr. Chitalu, speaking on ZNBC's influential Sunday Interview programme, highlighted the remarkable progress already achieved in broadening capital market engagement. He noted that participation has surged from a mere 0.3 percent of the adult population just a few years ago to approximately 13 percent today, translating to an impressive increase from fewer than 100,000 individuals to 1.7 million. This substantial growth is attributed to a series of effective policy interventions and increased public awareness campaigns. The current waiver for SMEs is therefore not an isolated measure but a calculated acceleration of an already positive trajectory, designed to dismantle traditional barriers to entry for smaller businesses that are often the lifeblood of local economies but struggle to access conventional financing. The implications of this fee waiver extend far beyond mere financial relief for the initial ten beneficiaries. For many Zambian SMEs, the upfront costs associated with listing, including advisory fees, legal expenses, and regulatory charges, have historically been prohibitive, effectively locking them out of a crucial a