The Zambian brokerage relationship
Sections ↑Stockbrokers Zambia Limited, or SBZ, appears in the Lusaka Securities Exchange directory as both a trading and a sponsoring broker. The company also reports an SEC Zambia dealer licence. Exchange membership is independently matched; the current firm-level SEC licence record was unavailable.[1][2]
Account choices and documentation
| Applicant | What the published forms request |
|---|---|
| Individual | Certified identity and evidence of residential address; accepted examples include a passport or NRC and a named bank statement, utility record or tenancy document.Source 3 |
| Joint account | The retail form includes combined-name instructions for joint accounts; each holder must supply the applicable documentation.Source 3 |
| Minor / trustee arrangement | The retail form includes a birth-certificate route and “in trust of” naming instructions; confirm the guardian and beneficial-owner fields before signing.Source 3 |
| Company | Incorporation and tax documents, company address, and identity/address evidence for directors and other signatories.Source 4 |
SBZ says opening a brokerage account is free. That does not eliminate the purchase amount, dealing commission or subsequent asset-transfer costs. Its forms and supporting documents can be sent to the trading team rather than requiring every investor to travel to Lusaka.[5]
Domestic shares, bonds and advisory services
Sections ↑SBZ serves local and foreign retail and institutional investors in LuSE securities. Its published brokerage offering covers listed shares and corporate bonds, alongside separate investment and corporate-finance advisory work.[8][6]
The exchange’s central depository supports equities, government and corporate bonds and money-market instruments. Depository eligibility should not be read as confirmation that SBZ offers every individual issue through every customer channel.[12]
The public commission conflict
Sections ↑Two accessible SBZ pages give different indicative brokerage percentages. Both describe negotiable pricing. They should therefore be read as conflicting examples, not two simultaneous contractual charges.[6][5]
Published percentages per transaction side
| Source | Brokerage | Additional stated levies |
|---|---|---|
| SBZ homepage | 1.0% indicative | 0.50% combined SEC, LuSE and CSD.Source 6 |
| SBZ FAQ | 1.5% indicative | SEC 0.125%, LuSE 0.25%, CSD 0.125%.Source 5 |
| LuSE exchange fee summary | 1.0% | SEC 0.125% plus LuSE 0.25%; its displayed 1.375% total omits a separate CSD line.Source 7 |
On ZMW 10,000, the two SBZ illustrations produce ZMW 150 or ZMW 200 respectively per purchase or sale. These are calculations from published examples, not an agreed quote. Obtain the actual broker percentage and every levy on the order estimate; the exchange’s shorter table does not resolve whether the separately cited CSD amount applies.[6][5][7]
A complete recurring-custody, outgoing-portfolio and cash-withdrawal tariff was not established from the inspected SBZ pages. The stated free opening cannot be extended to those services.
Instructions, portal access and execution
Sections ↑How an instruction reaches the market
| Route | Documented capability |
|---|---|
| Trading desk | SBZ accepts contact by telephone and email. An order’s terms and acceptance still need to be recorded.Source 5 |
| Buy/sell form | Submit the instruction to [email protected] with the required evidence of payment, such as a bank receipt or mobile-money confirmation.Source 10 |
| Client portal | The visible sign-in asks for a LuSE/CSD account number without leading zeros, then offers a one-time password. Authenticated order controls were not tested.Source 9 |
| Exchange matching | SBZ describes automated order matching by price and time priority. This does not guarantee that an order finds a counterparty.Source 8 |
Retain the buy/sell instruction, payment reference and broker acknowledgment together. Confirm execution from the contract note. The public material does not establish an emergency dealing route, stop-order support or a cancellation deadline during a portal outage.
Funding, settlement and portfolio transfers
Sections ↑The published payment guide accepts bank transfer/direct deposit through named local banks or Airtel Money. It states a minimum of ZMW 500 per company per instruction and asks clients to retain payment evidence. The guide is dated January 2023 but remains linked; verify beneficiary details through the broker before a payment rather than relying on an old saved slip.[11]
What moves, and when
| Event | Evidence and distinction |
|---|---|
| Share settlement | The current LCSA service description gives T+3 for equities and delivery versus payment. The settlement count starts from the trade, not the bank deposit.Source 12 |
| Same-owner broker transfer | Request through the designated broker using a completed and signed LCSA Depository Transfer Form.Source 12 |
| Withdrawal of securities | A formal request through the appointed broker is distinct from withdrawing sale cash to a bank.Source 12 |
| Income and holdings | The depository maintains book-entry positions and administers entitlements. Account valuation, dividend entitlement and paid-out cash are different records.Source 12 |
The public payment instructions establish how to fund an instruction, not a complete withdrawal service-level commitment. The destination-bank verification, cut-off and any hold on unsettled money should be confirmed for an actual withdrawal. A general inactivity or account-deactivation formula was not established.
Depository records and client money
Sections ↑LuSE’s investor guidance states that a broker is not a bank and that investor money is kept separately from the broker’s own funds. Its depository description identifies a holder-specific record of instruments and quantities. Those safeguards help reconcile ownership but do not insure a security’s price or assure instant liquidity.[13]
Neither the inspected broker pages nor accessible independent material established a specific per-client compensation ceiling for an SBZ failure. No deposit-insurance amount or overseas investor-protection scheme is attributed to this Zambian account.
Contact details and unresolved complaints
Sections ↑Contact and verification
| Issue | Route |
|---|---|
| Trading documentation | [email protected]; +260 211 232456.Source 10Source 14 |
| Lusaka office | The current contact page and exchange directory show 36 Mwapona Road, Woodlands; several older website footers still show 32 Lubu Road. Confirm before visiting.Source 14Source 1Source 6 |
| Kitwe office | Ebenezer Centre, Plot 33–C2, corner of Kabengele Road and Independence Avenue; +260 212 225984.Source 14 |
Submit a complaint to SBZ in writing with the CSD number, dated instruction, payment evidence and contract note. For unresolved investment complaints, Copperbelt Energy Corporation’s shareholder-support guidance identifies SEC Zambia as the escalation body, including [email protected]. This is an issuer’s published route; the Commission’s current direct complaints page was unavailable, so a statutory response deadline is not asserted.[15]
Issuer services are a separate engagement
Sections ↑Background and former name
Sections ↑The company traces its operations to Cavmont Securities and then Cavmont Stockbrokers. Its history says a management buyout in 2004 separated the broking business from Cavmont and renamed it Stockbrokers Zambia. That history explains the old brand reference; it is not evidence of a new customer migration in 2026.[2]
- Headquarters
- Lusaka, Zambia
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
Stockbrokers Zambia Limited
ZambiaSource 1
No separate licence entry is recorded in this panel.
Sources & further reading
- LuSE trading and sponsoring broker directory Lusaka Securities Exchange · Accessed 29 Oct 2026
- Company history, dealer and broker roles Stockbrokers Zambia · Accessed 20 Oct 2026
- Retail and joint-account documentation Stockbrokers Zambia · Accessed 20 Oct 2026
- Corporate-account documentation Stockbrokers Zambia · Accessed 20 Oct 2026
- Brokerage FAQ and indicative commission Stockbrokers Zambia · Accessed 29 Oct 2026
- Homepage: alternative indicative commission Stockbrokers Zambia · Accessed 29 Oct 2026
- Exchange fee summary for equities Lusaka Securities Exchange · Accessed 29 Oct 2026
- Brokerage, market access and sponsoring roles Stockbrokers Zambia · Accessed 20 Oct 2026
- Client portal sign-in Stockbrokers Zambia · Accessed 20 Oct 2026
- Written buy/sell instructions and payment evidence Stockbrokers Zambia · Accessed 20 Oct 2026
- Funding methods and minimum investment Stockbrokers Zambia · Accessed 20 Oct 2026
- Depository, settlement and transfers Lusaka Securities Exchange / LCSA · Accessed 20 Oct 2026
- Investor accounts and separate broker money Lusaka Securities Exchange · Accessed 20 Oct 2026
- Customer care and office addresses Stockbrokers Zambia · Accessed 29 Oct 2026
- Issuer guidance on SEC complaint escalation Copperbelt Energy Corporation · Accessed 20 Oct 2026
- Corporate finance service scope Stockbrokers Zambia · Accessed 20 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.