South Africa may get three more stock exchanges ... and a lot more investors

A worker walks past an electronic board displaying movements in major indices, at the Johannesburg Stock Exchange in Sandton

Africa’s largest stock exchange, the Johannesburg Stock Exchange in South Africa, is about to get some competition on its own turf.

ZAR X, self-described as “a low-cost, simple and convenient trading platform that empowers ordinary South Africans with shareholdership opportunities,” was granted a conditional license by regulators to start trading by September. The new exchange plans to simplify trading through same-day transactions and will not charge custody fees, according to founder Etienne Nel.

Another exchange, backed by one of South Africa’s richest black families, the Maponya Group, is awaiting its certification from the regulator. 4AX says it will focus on low-trading and moderate compliance processes to give more black-owned businesses access to the stock exchange. A third contender, A2X, says it is targeting the top 50 to 65 largest companies already listed on the Johannesburg Stock Exchange.

Read more: South Africa may get three more stock exchanges—and a lot more investors — Quartz