99
Finance
of some of the private institutions. Since then, it has
taken on many roles and responsibilities on behalf of
its membership, but the modern organization reflects
major restructures that occurred between 1985 and
2000. In the early 1990s, it was decided that the BAZ’s
role was too limited and that it would be broadened in
favor of having a fully representative organization of all
licensed banks in Zambia.
The Bankers Association of Zambia works with its
members to provide analysis, advice and advocacy,
and contributes to the development of public policy on
banking and other financial services. The Bankers As-
sociation of Zambia works to ensure that the banking
system can continue to deliver the benefits of competi-
tion to Zambian banking customers. The Bankers As-
sociation of Zambia works to ensure that the banking
industry’s views are put forward when the government
determines policy or legislation. Many areas of law and
in some cases international law, impact the commercial
interests of banks in Zambia. The Bank of Zambia is
the primary regulator of banks.
With the active participation of the member banks, the
Bankers Association of Zambia works to foster an envi-
ronment in which financial services are valued and can
prosper. In communicating the industry’s views, the
Bankers Association of Zambia works with the govern-
ment, the regulators, other industry associations, the
community, community groups, and the media.
The Lusak
a Stock
Exchang
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Beatrice Nkanza Brian Tembo
General Manager
3rd Floor, Exchange Building, Cairo Road
P.O. Box 34523, Lusaka
Tel: +260 211 225 969
Fax: +260 211 225 969
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The Lusaka Stock Exchange (LuSE) was established
in 1993. The International Finance Corporation (IFC)
and the World Bank provided the technical support dur-
ing its establishment. The establishment of the Lusaka
Stock Exchange was part of government’s broader
economic reforms aimed at stimulating a dynamic
private sector to be the primary engine of economic
growth in Zambia. It was also motivated by the need to
deepen financial and capital markets in support of the
emerging private sector.
The Lusaka Stock Exchange is the principal stock
exchange in Zambia. The LuSE is a legally man-
dated company or corporate entity whose main ac-
tivity is the operation of a securities exchange for
dealing in shares, bonds, and other securities in
accordance with the Securities Act no. 38 of 1993.
LuSE remains the only capital market in Zambia
even though there are now emerging institutions
such as BADEX. Its core mandate is to provide a
fair and efficient platform through the transparent
and equitable trading of the listed securities. LuSE
contributes to wealth development, financial ser-
vices, and an investment platform for foreign and
local investors. It provides a platform where compa-
nies can raise long term cheap capital and second-
ary trading of shares. LuSE also provides facilities
for the listing of securities and shares and provides
users with an orderly market place to regulate the
market.
UBA Zambia Bank
Stanley Ugwueze
General Manager
Acacia Park
P.O. Box 36789, Lusaka
Tel: +260 211 255 951
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UBA Zambia Bank Limited is a subsidiary of United
Bank for Africa Plc., one of Africa’s leading finan-
cial institutions offering universal banking to more
than 7 million customers across 750 branches in
19 African countries. With a presence in New York,
London, and Paris and assets in excess of 19 billion
USD, UBA is an ideal partner for banking services
for Africans and African related businesses globally.
UBA Zambia commenced business in January
2010. The bank is a private limited liability com-
pany and is incorporated under the Companies Act,
1994 (as amended) and domiciled in the Republic
of Zambia. The bank is licensed to conduct com-
mercial banking services under the Zambian Bank-
ing and Financial Services Act, 1994 (as amended).
The bank offers a wide range of banking products
and financial services to corporate, retail, and
government agencies through a variety of delivery
channels in the public sector.
