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How To Invest on the Lusaka Stock Exchange




The Lusaka Stock Exchange (LuSE) has received numerous queries from investors abroad on the operation of its stock market.  In response, the Lusaka Stock Exchange (LuSE) has now made arrangements for Zambians abroad and foreign investors to easily buy and sell shares on its market.  Please follow the notes and guidelines below.


Key Market Attributes of Zambia


  • No foreign exchange controls

  • No capital gains tax

  • No limits on foreign ownership

  • Nil Property transfer tax on local shares

  • Listed companies taxed at 30%

  • T+3 Settlement

  • Immobilisation of Scrip-no physical certificates


Easy Steps for Zambians Abroad and Foreign Investors to Invest on the Lusaka Stock Exchange (LuSE)



Open a Share Account with a Lusaka Stock Exchange (LuSE) Stock Broker

Select a broker of your choice from the list at the back and fill in an e-mail application form to open your share account.  Upon receipt of your e-mail application form, the Lusaka Stock Exchange (LuSE) Broker should send you a note to confirm that your share account has been opened at the Central Share Depository [CSD] of the Lusaka Stock Exchange (LuSE).

The Broker should also advise you of your share account number.

A copy of your application form will be sent to the Lusaka Stock Exchange (LuSE) by your broker for verification and recording.


Send Money from your Bank to you Broker in Zambia to Buy Shares on the Lusaka Stock Exchange (LuSE)

Zambians abroad and foreign  investors can easily send money to their appointed broker with instructions to purchase shares on the Lusaka Stock Exchange (LuSE).  Call  your broker for their bank account details.

Custodian Banks (Alternative Option for Investors Abroad)

Custodian banks provide safe custody of funds and securities in Zambia for both domestic and investors abroad. The Lusaka Stock Exchange (LuSE) has two custodian banks, namely Barclays Bank Zambia Ltd and Stanbic Zambia Ltd.

The custodian bank receives instructions from the client [investor abroad] and executes these in the domestic market.  For a buying transaction, the custodian bank will receive the funds from the investor abroad.

The custodian will then monitor the entire transaction, and release funds when the buy order has successfully been traded, cleared and settled on the Lusaka Stock Exchange (LuSE). After settlement, the custodian may [if the client requests] proceed to hold the shares in a custodian sub-account in the CSD of the Lusaka Stock Exchange (LuSE), on behalf of the investor abroad.  The contact details for the Lusaka Stock Exchange (LuSE) custodians are shown at the back.


Obtain a Contract Note from your Broker

Once your order to buy or sell has been traded (matched) at the stock exchange, the Lusaka Stock Exchange (LuSE) produces a trade confirmation report to your broker.  Your broker is then required, under the Securities Act, to issue you a Contract Note within 24 hours.  The  contract note is the legal confirmation of the transaction.  You should therefore receive an e-mail contract note from your broker to confirm that your buy or sell order has been matched on the Lusaka Stock Exchange (LuSE) and that the transaction will be irrevocably settled with finality 3 days after the trade (T+3).

Contract notes should be filed and kept under the safe custody, as they are legal proof of the transaction.






3 days after the trade, termed T+3, (excluding weekends and holidays), the matched trades are settled by the Lusaka Stock Exchange (LuSE) Central Share Depository (CSD).  This settlement involves two simultaneous steps – the movement of money (payment) from the buyer to the seller and the movement of shares [delivery] from the seller to the buyer.  This is termed Delivery versus Payment.


Settlement is run everyday on the Lusaka Stock Exchange (LuSE) at 09:00 hours and completed by 11:00 hours, the brokers (seller’s side) receive money for all shares sold whilst the buyers receive the shares purchased as book entry credits to their share accounts in the CSD.  Brokers are therefore in a position to pass on the money from the sale proceeds, to their clients the same day on T+3 when settlement is run.


Selling Shares


The procedure for selling shares is similar to that for buying shares as described above. To sell shares you should send an instruction to your broker or custodian bank preferably by fax or by e-mail.


  1. namuuya namuuya March 19, 2013

    i want to buy shares from zambia breweries and invest trust bank but the procedure outlined above isnt very clear to me, could the stock brocker send me the necesarily documents to my email address

  2. gift chanda gift chanda October 29, 2013

    i would like to open an account for share trading


    here you have outlined how those abroad may invest at LUSE. I am interested in knowing the procedure for a local investor

  4. Mwansa Mwansa January 9, 2014

    How safe are the transactions for those abroad..?

  5. Evans MWanza Evans MWanza January 24, 2014

    i want to buy shares but i don’t know the procedure how to go about it who can send me these notes so that i can buy shares from one these companies which is listed the best way so fay

  6. njamba kamoso njamba kamoso January 26, 2014

    how do i invest or buy shares? please send information to

    help me

  7. pochereth chibuye pochereth chibuye February 19, 2014

    the procedure is not clear how the local investors can buy shares.can u please send me a clear procedure for the locals like me

  8. muka muka May 21, 2014

    I would like to find out how I can buy shares in mtn zambia help send on my email

  9. EMMANUEL EMMANUEL June 20, 2014

    I want to buy shares from investrust band and shoprite please send all that is needed to do so.

  10. priscilla mumu priscilla mumu June 24, 2014

    hey am a zambian female persuing my degree in development studies at the University of zambia,i would like to invest in larfage but need help on how to

    • boyd boyd November 15, 2018

      sorry for a bother, have you received your reply yet??

  11. henry01 henry01 January 16, 2016

    i want to really know how to buy shares but these instructions above are not very clear. i want to buy shares from zambeef how do i do it. please send me information on how to do it.

  12. boyd boyd November 15, 2018

    please I need your urgent response, I want to buy shares in one the two AIRTEL or ZANACO companies. Can you please send me the necessary documents and procedures for me to buy, and kindly include the prices coz am not clear with the above information. Thanks in advance.

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