The Zimbabwe Stock Exchange (ZSE) has added an instant feature to its online trading platform- ZSE Direct, which will now enable investor- proceeds from a sell order to be credited directly into their wallet rather than being transferred to their bank account as has been the norm.
The development will cut transaction costs for investors each time they make a sell of shares on the platform which was rather costly.
The feature will start functioning tomorrow, the 21st of July on ZSE-Direct.
“With this new feature, proceeds from a sell order will now be credited to the investor’s wallet rather than being transferred to their bank account,” ZSE Chief Executive Officer Justin Bgoni said in a press statement.
The service will attract a 2 percent administrative charge levied on the sale proceeds.
“As a ZSE Direct client, your sell proceeds will be credited to your ZSE Direct wallet on the same trading day after a successful matched and confirmed sell order. Now you do not have to wait for the settlement cycle of T+3 to receive your sell proceeds, an added convenience brought to you by ZSE,” said Bgoni.
Key Benefits of the feature are;
(1) No need to wait for T+3 to receive your sell proceeds, when you sell your securities, your ZSE Direct wallet is credited on the same day with the sell proceeds
(2) You can reinvest your proceeds easier and much faster now; and
(3) Eliminates additional charges associated with movement of funds from one bank to the other.