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Pan-African Exchange (PANEX) logo
Pan-African Exchange (PANEX), a securities and derivatives exchange has been established with the goal to demystify financial services to small-scale farmers, the general public and institutional investors.
Speaking during a media briefing in Lusaka, Panex Chief Executive Officer Jacob Maaga says the exchange was licensed on 1st September,2017 by the Securities and Exchange Commission of Zambia and has also been awarded self regulatory status to license and regulate the trading members of the exchange and products that are traded.
He says the exchange so far has seven licensed trading members and close to 162 representatives.
Mr Maaga states that they expect to grow substantially by the end of 2018 with many more financial representatives spread out across the country, helping families to achieve their financial dreams and facilitating trade for farmers.
He says as Panex they believe that every farmer should be able to earn a fair price for their commodities and every individual should have access to financial services.
Mr Maaga adds that they will be making history in Zambia by enabling every single individual to buy government bonds starting with as low as K100, while the previous minimum amount was K30,000.
He states that they believe everyone in the country will be able to buy government bonds through the panex mobile app, with just a simple phone.
Mr Maanga further states that government will now have the widest access to borrow funding from its citizens and build the infrastructure that it needs, rather than rely on foreign capital.