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Finance
Miyanda Mulambo
Managing Director
No. 1 Central Park Cairo Rd.
PO Box 36859 Lusaka
Tel: +260-211-220750
Fax: +260-211-220757
miyanda.mulambo@celpay.com
www.zm.celpay.com
Celpay is a mobile banking and payment solutions
provider that serves both individual consumers and
corporate clients. The company was incorporated in
2002 and is widely recognized as a pioneer in mobile
banking and payments. Celpay won the 2003 Wall
Street Journal Europe Innovation Award and is rec-
ognized as one of the first mobile payment solutions
in the world to have a profitable model.
Celpay Zambia is one of the subsidiaries of Celpay
International BV a company incorporated in the
Netherlands. The holding company also has mobile
banking and payments companies in the Democratic
Republic of the Congo (DRC), Tanzania, and Zim-
babwe.
Celpay is currently handling and processing trans-
actions worth K100 billion (approx. US$25,000,000)
per month from payments made by individuals and
corporate clients for goods and services. Celpay is
tried and tested and US$500 million worth of trans-
actions were processed in the last five years. Celpay
Zambia expects to reach the US$1 billion mark by
the end of 2010.
The Celpay payment solution offers both Consumer-
to-Business (C2B) and Business-to-Business (B2B)
payment applications.
Abraham Mwenda
Managing Director
Development House
Katondo Rd.
PO Box 33955, Lusaka
Tel: +260-211-228576
Fax: +260-211-222426
mwendaA@dbz.co.zm
The Development Bank of Zambia (DBZ) is a Devel-
opment Finance Institution (DFI) established in the
early 1970s as a joint venture between the Govern-
ment of the Republic of Zambia (GRZ) and public
sector financial institutions on the one hand and lo-
cal private sector and foreign bilateral and multilateral
institutions on the other. At the point of its inception,
the GRZ and Public Sector financial Institutions con-
stituted the class ‘A’ shareholders and held 90% of
the shares while the class ‘B’ shareholders held the
remaining 10% of outstanding shares.
The Bank has played a pivotal role in promoting
Zambia’s economic development. In its mandate to
provide medium and long term development finance,
the bank invested extensively in agriculture, agro and
mineral processing, forestry, quarrying, textile, pulp
and paper, fisheries and manufacturing sectors. Be-
tween the 1970s and early 1990s the Bank held its
place as the most significant financing institution in
Zambia providing medium and long-term finance for
fixed assets to medium and large-scale enterprises.
The bank has introduced a diversified portfolio of
products and services in order to promote financial
stability by spreading its risks. They aim to expand
CELPAY ZAMBIA LIMITED
DEVELOPMENT BANK OF ZAMBIA
Cavmont Bank’s Doors always open for you!
Celpay has an independent distribution network that
is comprised of 100 agents, 8 major banks and it
recently launched a partnership with Zambia Postal
Services Corporation that has over 200 post offices
and postal agents. This makes Celpay the single
biggest distribution network for mobile banking solu-
tions available in Zambia. Customers therefore have
the luxury of paying for goods and services from
cash points that are closer to their homes and of-
fices.
“We are making it possible for the Zambian people to
access financial services outside traditional means
therefore directly contributing to the development of
the country.”
Miyanda Mulambo
Managing Director