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Finance
provide payment services such as money transfer ser-
vices and mobile banking. It has also seen the introduc-
tion of a tax payment stream on the Real Time Gross
Settlement (RTGS) system. These developments have
strengthened the capacity of BoZ to monitor transac-
tions and to ensure that only safe and efficient institu-
tions are allowed to provide payment services.
In order to improve the credit culture in the country,
the BoZ issued the Credit Data (Privacy) Code and
the Credit Reference Services (Licensing) Guidelines
to facilitate the establishment of a credit and reference
bureau. Subsequently, the first credit bureau – Credit
Reference Bureau Africa Limited (CRBAL) – was for-
mally launched in January 2007. This is allowing for in-
creased credit extension because of better risk profiles;
reduced credit processing times, costs as well as loan
write-offs; lower borrowing costs; and an enhanced
credit culture.
All commercial banks have since signed the Service
Level Agreement (SLA) with CRBAL. The Banking and
Financial Services Act (Provision of Credit Data and
Utilisation of Credit Reference Services) Directive was
issued on 10 December 2008. All banks and NBFIs
are required to use the services of the credit reference
agency before granting credit to a customer.
Commercial Banks
Zambia’s commercial, investment and merchant banks
offer a wide range of financial services. Almost all com-
mercial banks now have Automated Teller Machines
(ATMs) and Point-of-Sale (POS) terminals. The roll out
of the Electronic Switch is well underway.
In 1969, the Zambian government, to foster national
development, established the Zambia National Com-
mercial Bank, more commonly known as Zanaco. It
is the country’s largest bank in terms of outreach, and
according to the latest research, it also has the largest
market share in terms of accounts held.
Zanaco partnered with Dutch bank Rabo Bank, a
highly credible bank with a triple AAA rating, in April
2007. Under this partnership, Zanaco has designed
broad-based, affordable banking services for its retail
customers and structured innovative financial solu-
tions for large corporations, agri-business and the
public sector—all the while substantially investing into
a versatile banking information technology platform.
With its empowerment profile, extensive national
presence of 56 branches and agencies, and its de-
velopment of new and exciting e-commerce products,
Zanaco is well placed to respond to the growing di-
versity financial solutions needed in Zambian society.
Finance Bank Zambia (FBZ), one of the leading
and largest private banks in Zambia, has operated
in the country for almost 22 years. During this time
it has registered strong performance and growth,
from an initial single branch operation in Lusaka to
an impressive network of over 50 outlets strategi-
cally positioned in major commercial and agricul-
tural centres across the country. Key directorates
and divisions are: finance, operations, credit, insti-
tutional/corporate banking and marketing, treasury,
international banking and products, information
systems, and audit and compliance.
In 2008 Credit Suisse successfully completed its
acquisition of 40 percent of the capital issued by
FBZ. This partnership has speeded up the bank’s
expansion programme in the region and has re-
cently applied for a banking licence in the Demo-
cratic Republic of Congo to establish Finance Bank
DRC. Negotiations with the Reserve Bank of Zim-
babwe are also well advanced in terms of securing
a licence to commence banking operations in that
country, and a wholly owned subsidiary of Finance
Bank (Micro Finance Zambia Ltd) has been regis-
tered.
Ecobank Zambia is a full-service bank, providing a
broad range of products and services to the gov-
ernment, financial institutions, multinationals, inter-
national organizations, SMEs and individuals. The
bank aims for a balanced business mix of retail,
wholesale, and investment banking activities.
Ecobank’s parent company, Ecobank Transnational
Incorporated (ETI) was incorporated in 1985 and has
its headquarters in Lome, Togo. Ecobank’s vision is to
build a world-class pan-African bank and to contribute
to the economic and financial integration and develop-
ment of the continent. Owned by more than 180 000
local and international, institutional and individual share-
holders, Ecobank has over 11 000 employees from 29
different countries in over 700 branches.
Ecobank Zambia opened its doors to the public on 24
August 2009. Its head office and first branch are located
at the Arcades roundabout in Zambia’s capital, Lusaka.
More branches are planned for further expansion in the
years to come.
Investrust Bank Plc is a listed bank on the Lusaka Stock
Exchange and has branches in Lusaka, Chipata, Lu-
angwa, Kitwe, Chililabombwe, Solwezi and Livingstone.
Furthermore, a branch has been opened in the mining
town of Lumwana, making Investrust the first wholly
indigenous bank to establish a fully-fledged branch in
Zambia.