Here is a list of the 5 best banks in Zambia for the wealthy that you are most likely to consider for banking in Zambia if you are considered wealthy or emerging middle class.
Over the years, Zambia has successfully attracted international banks to its growing economy
These banks already have a presence across the continent, as well as in Europe and North America. Please take a look at the complete list below of the best banks in Zambia for the wealthy.
If you have any questions or want to invest as an expat or high-net-worth individual, you can email me (advice@adamfayed.com) or use these contact options.
In general, we suggest using offshore banks and investment houses, rather than local ones, and we can help in this endeavor.
Nevertheless, this article will look at some of the better local options.
Table of Contents
Standard Chartered Bank Zambia
Standard Chartered Bank Zambia Plc, one of the best banks in Zambia for the wealthy, is notable for being the first financial institution to commence operations inside the limits of Zambia.
This achievement gives the company a significant competitive advantage. 1906 was the year that the Kalomo District in the Southern Province became home to the very first outpost of the organization.
In the present day, after a time span of 112 years, Standard Chartered Bank continues to preserve its position as a leading financial institution in Zambia, enjoying a noteworthy franchise. In addition, the bank has an excellent reputation.
The bank has a total of 17 locations around the country, which are spread out among the Copperbelt, Lusaka, Northern, North Western, Southern, and Western provinces.
These locations include branches in the Copperbelt province, Lusaka province, and Southern province.
A portion of the Automated Teller Machines (ATMs) owned by Standard Chartered are also equipped to act as Cash Deposit Machines (CDMs), making them part of a larger network of more than 60 ATMs.
The bank is responsible for the employment of more than 600 people. Lusaka Stock Exchange (LUSE) is the only stock market in Zambia that is open to the public, and the only foreign financial institution that operates in Zambia is Standard Chartered.
It has maintained the greatest level of profitability among all banks in the nation during the course of the previous three years.
FNB Zambia
In the year 1838 in Grahamstown, South Africa, the Eastern Province Bank was established. This event is considered to be the beginning of the First National Bank, one of the best banks in Zambia for the wealthy.
As of the year 1874, the bank had a total of four branches, which were located in the cities of Grahamstown, Middelburg, Cradock, and Queenstown.
A deterioration in the state of the economy led to the acquisition of the financial institution by the Oriental Bank Corporation (OBC) in the year 1874.
The OBC has taken the choice to withdraw from South Africa as a result of the ongoing financial difficulties that are being experienced in India.
The Bank of Africa was established in 1879 with the intention of taking over the operational tasks that were formerly handled by OBC in South Africa. The Bank of Africa was the first bank in Africa to issue banknotes.
During the corresponding time frame, the governmental authorities of the Republic of the Transvaal expressed their intention to establish a domestic financial institution with the purpose of addressing the economic requirements that emerged as a result of the discovery of gold in Barberton and the Witwatersrand region.
This was done in order to meet the demands that the discovery of gold placed on the economy of the Republic of the Transvaal.
As a consequence of this, the government set up a financial organization with the main purpose of focusing on the growth of agriculture via the use of a concession agreement.
In the year 1891, the city of Pretoria served as the location where the Nationale Bank der Zuid-Afrikaansche Republiek Beperk, better known as the National Bank of the South African Republic Limited, was formally created.
The company’s first day of business was April 5 of that year. The aforementioned financial company underwent a name change in 1902, when the Anglo-Boer War finally came to a close. It was then that it became known as the National Bank of South Africa Limited.
As a direct response to the ensuing economic collapse, the National Bank of Canada purchased the Bank of Africa in 1912.
Prior to it, in 1910, the aforementioned partnership had successfully completed a purchase of the National Bank of the Orange River Colony.
The Natal Bank was created in 1854 with the intention of giving financial assistance to the sugar industry of the Natal Colony.
However, the bank ran into financial difficulties and eventually became one of the institutions that were bought by the National Bank in 1914. The South African National Bank has established itself as one of the most reliable financial organizations in the country.
On the Zambian market, FNB Zambia offers a comprehensive selection of goods and services, all of which are managed and supervised by an experienced administrative staff.
The investors of FNB Zambia decided who would serve on the company’s Board of Directors so that it could more effectively represent and protect the stockholders’ interests.
The board of directors is the body that is accountable for choosing the Chief Executive Officer (CEO), developing pay plans, deciding how dividends will be distributed, and carrying out performance assessments.
Online Banking, Foreign Exchange, Mortgage Loans, Day-to-Day Banking, and Various Other Financial Products Are Some of the Services That Are Offered by FNB Zambia, One of Zambia’s Leading Financial Institutions.
Absa Bank Zambia (formerly Barclays Bank of Zambia)
Absa Group Limited is a well-known African financial services conglomerate with the goal of establishing itself as a source of pride for the African continent. It is one of the best banks in Zambia for the wealthy.
It is also a famous commercial bank that is active in the country of Zambia. Previously, this institution was known as Barclays Bank of Zambia.
The Bank of Zambia, which acts as both the country’s central bank and the national banking regulator, has issued the organization with a banking license.
Barclays Bank of Zambia is a subsidiary of Absa Group Limited. The Johannesburg Stock Exchange in South Africa is the location where public shares of Absa Group Limited, a renowned financial services corporation, may be purchased.
Lusaka, the nation’s capital city, is home to both the corporate headquarters and the principal branch of Absa Bank of Zambia. These establishments can be found at 4643 and 4644 Elunda Office Park, Addis Ababa Round About.
One of the most important financial institutions in Zambia is the country’s bank.
The financial services offered by the organization are geared toward satisfying the requirements of a diverse group of customers, including big companies, small and medium-sized businesses, individual customers, and government entities.
The value of the bank’s total assets as of the 31st of December, 2019 was ZMW 12.019 billion, which is comparable to $688.19 million in US dollars, while the value of the bank’s shareholders’ equity was ZMW 1,164,777,000, which is similar to $66.7 million in US dollars. The bank has a total of 847 people working for it in Zambia as of the end of December 2019.
According to the official website for Barclays Bank, the institution has been operating in Zambia from the year 1918. In 1974, the banking institution was granted the permission to operate in its present configuration.
The financial institution is now a subsidiary of Absa Group Limited, which was once a subsidiary of Barclays Bank Plc.
But in June of 2017, Barclays Plc took the decision to sell its shares in the firm and withdraw from its involvement. The decision to transition from the Barclays Africa Group name to the Absa Group Limited moniker was taken in March of 2018.
As of the end of the year 2016, Barclays Bank Plc has a 62.3 percent ownership stake in Barclays Africa Group (BAG). During that time, BAG acted as the parent company for what is now known as the Barclays Bank of Zambia.
Barclays came to the conclusion that it would be best for the company to sell its majority investment in BAG, which at the time had a value of £3.5 billion. Barclays cut their ownership in BAG further in December 2017, bringing it down to 14.9 percent.
Following the occurrence of those events, BAG went through a process of rebranding and in 2018 changed its name to Absa Group Limited.
In accordance with the terms of the rebranding agreement, Absa has until June 2020 to change the names of its subsidiaries in the 12 African nations in which it operates.
Both the bank’s legal and commercial identities were formally changed to Absa Bank Zambia Plc as of the 10th of February, 2020, after the successful completion of the rebranding process in Zambia.
It operates in 12 countries throughout Africa, giving it a prominent position as one of the biggest diversified financial services firms on the African continent. The organization is proud to have a staff of around 42,000 people working for it.
Stanbic Zambia
The Standard Bank Investment Corporation was founded in 1857, making it the parent business of the Standard Bank Group. Stanbic is an acronym for the Standard Bank Investment Corporation. Stanbic is one of the best banks in Zambia for the wealthy.
The financial organization known as the Standard Bank Group, which runs its activities under the name Stanbic Bank, is now present in a total of 20 countries throughout the African continent.
Stanbic Bank is the name under which the Standard Bank Group conducts its business. These nations include Botswana, Congo, Ghana, Kenya, Lesotho, Madagascar, Malawi, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe.
Stanbic Bank (Zambia) Limited now oversees the operation of 13 branches dispersed across Zambia as part of its branch network.
In addition, the bank has announced the launch of a branch growth program with the intention of opening two more locations within the next year. Because of this strategic initiative, we are now in a position to be the best option for satisfying your financial and commercial needs.
Zambia National Commercial Bank
The Zambia National Commercial Bank, sometimes referred to as “Zanaco,” is a monetary organization that is active in the commercial banking sector inside the borders of the nation of Zambia.
The Bank of Zambia, which operates as both the nation’s central bank and the banking industry’s national regulatory authority, is the body that has granted the institution’s license.
A noteworthy achievement was reached by Zanaco in 2021, when the company became the first bank in Zambia to report a profit of ZMW1 billion after taking into account taxes.
Zanaco House, which is at the crossroads of Cairo Road and Chainda Place, is home to both the main branch of the bank as well as the bank’s administrative offices.
This excellent position is in the heart of Lusaka’s Central Business District, which is the financial and commercial heart of Zambia’s capital and biggest city, Lusaka. Lusaka, Zambia at 2118-2121 Cairo Road is the location in question.
The Zambia National Commercial Bank, sometimes known by its acronym Zanaco, was founded in 1969 by the Zambian government and is wholly owned by that institution.
Prior to 2007, the government held 100 percent of the bank’s shares. During that specific year, the Rabobank Group, a financial institution based in the Netherlands, purchased forty-nine percent of the company’s shares.
Shares of Zanaco were first traded publicly on the Lusaka Stock Exchange (LUSE) in the year 2008. The name “ZANACO” is the symbol used to trade them on the market.
According to the bank’s quarterly financial accounts as of the 30th of June in 2022, the bank had a net income of ZMW29.42 million as of that date. Within the ownership area, you can discover a wealth of information about the present shareholdings in the bank.
Zanaco is widely recognized as the preeminent supplier of financial services in Zambia due to the company’s considerable presence in the sector.
The total assets of the bank were evaluated at ZMW35.97 billion (equal to $1.97 billion US dollars) as of the end of December 2022, while the bank had ZMW2.980 billion (equivalent to $163.12 million US dollars) in shareholders’ equity at same time.
A noteworthy achievement was reached by the Bank in 2021, when it became the first Zambian bank to earn a profit of ZMW1 billion after taking into account taxes.
This accomplishment was mostly attributable to an increase in income generated by funded and non-financed programs, in addition to the effective implementation of a cost control strategy.
The bank was able to attain a similar success in 2022, as shown by the fact that it reported a profit after tax (PAT) of 1.203 billion ZMW.
This remarkable result was generated by an 11% rise in revenue, which can be ascribed to the effective execution of various strategic initiatives. This increase in revenue was driven by this impressive performance.
Among these efforts were the integration of sustainability into the strategic goals and activities of the bank, the expansion of the variety of products supplied to better satisfy the wants of customers, the enhancement of customer contact points to improve service delivery, and the expansion of the bank’s digital presence.
In October of 2022, the bank was able to successfully negotiate a credit line with the British International Investment Company for the amount of 50.0 million US dollars.
This credit line will be used not only for the aim of providing loans to small and medium-sized firms but also for the financing of environmentally friendly projects.
The Bank has been honored with a number of prestigious international accolades, including the following:
- Citi Performance Excellence Award 2021 for the achievement of the highest rates of Straight-Through Processing (STP).
- Best Bank in Zambia 2021 by Global Finance
- International Banker Award 2021 for the Best Commercial Bank and Best in Retail innovation.
- Best Bank in Zambia 2021 by Euromoney Award
- Global Finance Award 2021 for Best Trade Finance Provider.
Lusaka is the nation’s capital as well as its most populous city, and it is also the location of the main branch of Zanaco, which can be found at the bank’s headquarters.
The bank had almost 200 automated teller machines and 62 branches and agencies around the nation as of the month of December 2022, making it the owner of a vast distribution network that covered the whole of the country.
These places were spread out in a deliberate manner over the whole of the country. In addition, Zanaco is proud to provide its customers access to a network of more than 21,000 Zanaco Xpress agents.
Clients of Zanaco may make hassle-free deposits and withdrawals of monies from their accounts thanks to cooperation between the two companies. This benefit is available to clients living in both urban and rural locations.
Access Bank Zambia
In September of 2008, Access Bank Zambia Limited was organized, and that same month it launched its business. It is one of the best banks in Zambia for the wealthy.
The bank is connected to the Access Bank Group, which is a well-known worldwide financial services conglomerate.
The Access Bank Group is made up of eight different banking entities, seven of which are located in Africa and one in the United Kingdom.
Accesss Bank Zambia provides the banking community in Zambia with a broad selection of commercial banking products and services by making use of the Group’s network and the skills it already has.
In addition, they provide highly effective Cash Management services in each of the geographical blocs where the Group’s businesses are located.
A respected international commercial bank with operations in Zambia, Access Bank Zambia (sometimes referred to as Access Bank Zambia Limited) is a subsidiary of Access Bank Zambia.
The organization has a license issued by the Bank of Zambia, which is Zambia’s national banking regulator in addition to its role as the country’s central bank.
Access Bank Zambia’s administrative offices as well as its primary branch can be found at 632 Cairo Road in Lusaka, which is the nation’s capital and largest city.
The bank is a retail bank of a medium size, providing to the requirements of Zambian businesses of all sizes, including micro, small, and medium businesses, as well as individual customers.
Access Bank Zambia announced that the value of its assets as of December 2022 was ZMW 5,869,391,000, which is roughly similar to $528.24 million in US dollars. In addition, the amount of stock held by the bank’s shareholders was ZMW 962.87 million, which is equivalent to $86.66 million USD.
The banking institution began its operations as a subsidiary of Access Bank Group on September 24, 2008, the day it was founded.
The Access Bank Group is a global financial institution that is headquartered in Nigeria and operates subsidiaries not just throughout the African continent but also in one nation in Western Europe.
The Access Bank Group is a financial services conglomerate, and Access Bank Zambia is a subsidiary of the Access Bank Group.
The shares of the Access Bank Group are traded on the Nigerian Stock Exchange, and as of the end of the first half of the year 2020, the aggregate worth of the company’s assets was more than US$18.82 billion (NGN:7.28 trillion).
Because it has ownership in Access Bank, Access Bank Zambia is a part of the Access Bank Group.
The company has banking subsidiaries in a number of different countries, including the Democratic Republic of the Congo, Kenya, Ghana, the Gambia, Rwanda, Nigeria, and Sierra Leone.
Additionally, the company has a presence in the United Kingdom. The organization has representative offices in a number of countries, including China, India, the United Arab Emirates, and Lebanon.
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