From Kitwe to the Lusaka Securities Exchange: The Rise of Mawano Kambeu

Every now and then, a story emerges from Kitwe that reminds us what determination, resilience, and imagination can build. Mawano Kambeu — born and partly raised in Kitwe — is one of those stories. Today he is the founder and Managing Director of DotCom Zambia PLC, a company on track to become the first technology business to list on the Lusaka Securities Exchange (LuSE). Even more remarkable: this will also be the first IPO on LuSE since 2020, ending a five-year drought in Zambia’s capital markets.

But Mawano’s story doesn’t start in a boardroom. It starts in Kitwe, in forestry compounds, long walks to the main road, and a determination built from everyday challenges.

Early Days: Kitwe Roots and a Global Outlook

Mawano grew up between Kitwe and various forestry stations where his father worked. His mother was a teacher, and for a period, the whole family lived in the UK while his father underwent professional training. When they returned home, he continued schooling in Kitwe — often among children from wealthier families while he navigated life on foot and by public transport. It wasn’t glamorous, but it built resilience.

The Copperbelt, the bush, and the mixed environments he grew up in helped shape his ability to adapt — something that would serve him later in business.

America: Factory Work, Night Shifts & Fighting for Education

His journey took him to the United States in the early 2000s. He worked long, back-breaking shifts in warehouses and factories while trying to pay his way through school. There were semesters he dropped out because of tuition and semesters he clawed back in through sheer determination.

A big break came when a financial services firm where he worked in the mailroom gave him a chance to take a broker’s exam. He passed, moved into operations, and eventually into financial product sales. The same company later paid for both his undergraduate and master’s degrees.

It’s a classic “start from the bottom” story — except this one loops back home.

The Birth of DotCom Zambia (2006)

During visits to Kitwe and Lusaka, Mawano noticed a familiar pattern: “Boss, if you’re coming from the US, please bring me a phone.” He saw opportunity in that small, everyday request.

His first major client? Blockbuster Video Zambia, who placed an order of nearly US$4,000 — money he didn’t have until he convinced them to pay upfront. That one order kickstarted DotCom Zambia.

Between 2006 and 2012 the business grew to about US$1 million in annual revenue, mainly from freight forwarding and ordering goods for Zambian customers. But it was low-margin and hard to scale.

By 2015, after raising US$500,000 in venture capital, a currency crash, overheads, and a slow-moving bus-ticketing rollout nearly killed the company. DotCom Zambia almost shut its doors.

But instead of giving up, Mawano pivoted.

The Pivot: Building Zambia’s Electronic Tolling Backbone

Around 2017, Zambia’s tolling system was still mostly cash. Mawano realised the digital backbone he had built for bus ticketing could be transformed into a nationwide electronic tolling (ETO) platform.

He and his team funded the pilot themselves.

It worked. And today:

• DotCom Zambia processes over 50% of NRFA’s electronic toll transactions
• It manages toll accounts for 300+ major fleets including Trade Kings, Zambeef, Zambia Sugar, Shan Carriers and many others
• Concession toll operators also rely on DotCom’s systems
• Even competitors use the platform under royalty arrangements

From ZMW 17 million in 2017 to a projected ZMW 630 million in 2025, the growth has been massive.

Heading to LuSE: Why the IPO Matters

DotCom Zambia isn’t just going public — it’s doing so in a way that breaks several national milestones.

1. Listing on the LuSE Alternative Market

LuSE has different segments. The Alternative Market is designed for younger, fast-growing companies that don’t yet meet the stricter requirements of the main market.
It exists to encourage innovation, help SMEs raise capital, and open the door to firms driving the new economy.

DotCom Zambia fits that profile perfectly.

2. First Technology Company to Ever List on LuSE

Historically, LuSE has been dominated by:

• banks
• insurers
• mining companies
• manufacturing and industrial firms

DotCom Zambia will be the first tech-driven business to list shares on the exchange.
This signals something important: Zambia’s capital markets are finally recognising digital infrastructure and fintech as serious contributors to the economy.

3. First IPO Since 2020

LuSE has not had a new company sell shares to the public in five years.
DotCom Zambia’s IPO breaks that drought.
It’s a big moment — for the company, for the exchange, and for Zambia’s investment landscape.

4. Building Broad Local Ownership

Mawano insists the IPO is not only for big institutional investors.
He wants ordinary Zambians — small savers, village banking groups, small business owners — to participate.

This is about widening the circle.

A Quiet Builder With Relentless Drive

Although Mawano is often seen as confident and sharp, he says he is naturally introverted. He actually stepped away from the spotlight for several years to quietly rebuild the company from near-collapse to national-infrastructure status.

Today, as he returns to the public stage, he brings:

• nearly two decades of tech experience
• years of handling investors and capital
• a proven ability to recover from setbacks
• a strong understanding of Zambia’s digital infrastructure needs

What His Story Represents for Kitwe

Kitwe has always produced strong thinkers and innovators, and Mawano is one more name on that list.

His journey shows that:

• Kitwe kids can operate on global stages
• Zambia can produce home-grown tech infrastructure
• failure is not the end — it’s feedback
• small opportunities can become national systems
• the Copperbelt is still a source of leadership in tech and business

Final Thoughts

DotCom Zambia’s upcoming IPO is more than a financial milestone.
It’s a symbol of where Zambia is heading:
towards digital systems, transparent governance, and broader participation in capital markets.

And for those of us from Kitwe, it’s a reminder that our hometown continues to shape people who move the country forward.

Watch the full interview: