Top Banks in Zambia

Overview of Zambia's leading financial institutions

Overview of Banks in Zambia

The Bank of Zambia serves as the national banking regulator in the republic. Zambia’s central bank was established in 1964, taking over the functions of the Bank of Northern Rhodesia. BoZ supervises banks in Zambia, as well as formulating and implementing monetary policy in the country.

Banks in Zambia

The commercial banking sector in Zambia comprises 19 international and local banks. According to PwC’s 2017 Zambia Banking Industry Survey, domestic banks in Zambia expressed reduced optimism in the short to medium term, due to concerns about the stability of monetary policy, expectations of GDP growth, fiscal discipline, and uncertainty surrounding the IMF’s economic program.

In April 2020, Moody’s Investors Service downgraded the Government of Zambia’s long-term issuer ratings to Ca from Caa2 and changed the outlook to stable from negative. The downgrade to Ca reflects Moody’s view that Zambia’s capacity to service its debt has further weakened over the past year as weak governance has prevented rapid and decisive policy actions, leading to a substantial deterioration of fiscal metrics.

In addition, external and liquidity pressures are rising rapidly amid exceptionally challenging global conditions, also increasing the probability of default.

For anyone considering a banking career in Zambia, this list of banks in Zambia is a helpful guide on where to start. To learn more, see our list of financial institutions.

The Top Banks in Zambia:

Zambia National Commercial Bank (Zanaco)

In terms of assets, Zambia National Commercial Bank (Zanaco) is the largest financial services provider in Zambia. Founded in 1969, the bank serves more than one million customers in the personal, government, corporate, SME, and agriculture sectors.

Zanaco currently employs 923 individuals, making it the biggest employer of all banks in Zambia. Headquartered in Lusaka, Zambia, it operates 60 branches and agencies, approximately 200 ATMs, and 3,500 POS machines.

Net income: ZMW 206.66 million (2020)

Total assets: ZMW 19.34 billion (2020)

Standard Chartered Bank Zambia

Standard Chartered Bank Zambia opened its first branch in Zambia in 1906. The bank offers a wide range of banking products and services to upscale retail customers, SMEs, and large corporate clients in the country. With more than 700 employees, it operates a network of 17 outlets and 60 ATMs located in six of Zambia’s 10 provinces and employs around 560 staff.

Net income: ZMW 12.29 million (2019)

Total assets: ZMW 11.07 billion (2019)

Barclays Zambia (Absa)

Barclays Zambia started its operations as one of the banks in Zambia in 1918. The bank is a member of Absa Group, formerly Barclays Africa Group. It currently employs around 588 staff and maintains 70 offices, which consist of full branches and sales centers located across the country.

Stanbic Bank (Zambia)

Founded in 1956, Stanbic Bank (Zambia) is a member of the Standard Bank Group, which is present in 20 African countries. The bank offers a comprehensive range of consumer, corporate, business, and investment banking services in the country. Headquartered in Lusaka, it currently manages 29 branches and 99 ATMs.

Net income: ZMW 432.8 million (2019)

Total assets: ZMW 15.15 trillion (2019)

Cavmont Bank Limited (CBL)

Cavmont Bank (CBL) was the product of the merger between New Capital Bank and Cavmont Merchant Bank in 2004. CBL is fully owned by financial services provider Cavmont Capital Holdings Zambia. The bank serves over 50,000 clients, offering retail banking, community banking, investment services, and corporate banking services and products.

Based in Lusaka, CBL currently employs 294 staff and oversees 19 branches of banks in Zambia. As of January 6, 2021, it operates as a subsidiary of Access Bank (Zambia) Limited.

Net income: ZMW -41.65 million (2018)

Total assets: ZMW 1.17 billion (6/2018)

Ecobank Zambia

Ecobank Zambia, or Ecobank Transnational Inc., commenced banking operations in the country in 2009. The bank offers financial solutions to individual customers, businesses, and governments. It operates as a subsidiary of Ecobank Group, a leading pan-African banking conglomerate with 36 branches in Africa (seven in Zambia) and more than four branches outside of the region.

 Net income: ZMW 45.5 million (2017)

Total assets: ZMW 2.31 billion (2017)

Indo Zambia Bank

Incorporated in 1984 as one of the banks in Zambia, Indo Zambia Bank provides retail and corporate banking products and services across the country. The bank is a joint venture between the Government of India and the Government of the Republic of Zambia. It currently oversees 35 outlets, comprising 30 branches and five agencies.

 Net income: ZMW 210 million (2020)

Total assets: ZMW 9.27 billion (2020)

Investrust Bank

Investrust obtained its banking license and commenced banking operations in Zambia in 1996. Formerly known as Investrust Merchant Bank Zambia Limited, the bank adopted its current name in 2002. It currently operates a network of 30 branches spread across major cities in the country and employs around 383 individuals.

Net income: ZMW -95.8 million) (2019)

Total assets: ZMW 1.08 billion (2019)

First Alliance Bank

Founded in 1994, First Alliance Bank is a locally owned, registered commercial bank in Zambia. The bank offers diversified financial solutions to individual and corporate banking clients in the country. It currently employs 101 individuals and maintains three branches in Lusaka and one each in Kitwe and Ndola.

Net income: ZMW 14.83 million (2019)

Total assets: ZMW 940.58 million (2019)

Access Bank Zambia

Established in 2008, Access Bank Zambia serves individuals, SMEs, and companies in Zambia. The bank is a member of Access Bank Group, a Nigeria-based financial services conglomerate. Headquartered in Lusaka, it manages six branches located in Lusaka, Kitwe, and Ndola.

Net income: ZMW -11.7 million (2017)

Total assets: ZMW 1.05 billion (2017)

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Additional Resources

This has been a guide to the top banks in Zambia. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources:

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