Best bank 2025: Zanaco
Zanaco has distinguished itself as Zambia’s best bank through a blend of notable financial results, innovative financial products and a strong commitment to environmental, social and governance (ESG) initiatives.
In 2024, Zanaco expanded its market share from 19% to 21%, demonstrating significant industry leadership and trust. This growth is supported by a 25% increase in interest income and a 29% rise in net fee and commission income. Additionally, the bank has shown considerable balance sheet strength with a total asset increase of 7%, alongside a 23% rise in loans and advances, and 6% growth in customer deposits.
Beyond financials, the bank has transformed its service delivery and product suite. Highlighting its commitment to digital transformation, Zanaco has successfully migrated over 3 million digital wallet accounts to its core banking system, thereby enhancing security and service efficiency. The expansion of the Zanaco Xpress Agent network to nearly 33,000 agents significantly bolsters financial accessibility and inclusion across Zambia. Furthermore, its new solar and alternative power financing initiatives cater to the urgent needs of SMEs and households facing energy challenges.
Zanaco’s dedication to ESG principles is commendable. The bank has planted over 1 million trees and has implemented solar power solutions in 70 ATMs and 16 branches. The bank is active in climate finance discussions, as evidenced by its participation in a climate finance panel at COP29. Socially, Zanaco supports education and health initiatives, demonstrated by its contributions to 60 schools and significant donations towards cholera relief. Its community programme, Strong Girl Strong Zambia, provided bicycles to enhance mobility and access to education for girls, reflecting a deep commitment to gender empowerment and community welfare. This holistic approach to banking, with a strong customer satisfaction rating of 72%, positions Zanaco as a leader in Zambia’s banking sector.
Best investment bank 2025: Stanbic Bank Zambia
Stanbic Bank Zambia has established itself as a leader in Zambia’s investment banking space, demonstrated through significant achievements in debt capital markets (DCM). The bank facilitated the largest single corporate bond issuance in the country’s history, a landmark $96.7 million single tranche bond for CEC Renewables. This issuance is part of an extensive $200 million medium term note (MTN) programme, for which Stanbic Bank acted as the lead manager. This initiative has not only solidified Stanbic Bank’s leading position in the DCM space but also highlighted its capacity to structure and execute substantial corporate debt transactions.
In addressing Zambia’s critical national challenges, Stanbic Bank has been instrumental in pioneering innovative financing solutions. The creation of a novel $55.5 million medium-term loan facility through GreenCo Finance Solutions for emergency power imports exemplifies the bank’s forward-thinking approach. This strategic financial solution played a crucial role in mitigating Zambia’s energy crisis.
Furthermore, Stanbic Bank has contributed significantly to the enhancement of the country’s capital markets by launching new and improved financial instruments. These include various MTN programmes and syndicated loan structures, specifically tailored to meet the infrastructural and energy needs of the country. Such initiatives have been instrumental in deepening the capital markets, elevating investor confidence and provisioning long-term funding solutions for key sectors within the economy.
Its array of innovative financial products and strategic market leadership positions Stanbic Bank as a deserving recipient of the award of Zambia’s best investment bank.
Best bank for corporate responsibility 2025: Stanbic Bank
Stanbic Bank demonstrated a broad and effective range of community-focused initiatives to take the award for Zambia’s best bank for corporate responsibility.
The bank has actively contributed across various critical sectors, with notable efforts in healthcare, where it responded to the cholera outbreak in the country and constructed mothers’ shelters to enhance maternal care. Additionally, its educational initiatives include mentorship programmes and the development of school infrastructure, which continue to positively shape the local education landscape.
In terms of climate responsiveness, Stanbic Bank spearheaded tree planting and clean-up campaigns. The Let’s Secure Zambezi initiative under Stanbic’s umbrella is particularly illustrative of its broad social impact, having directly affected 154,000 individuals and indirectly benefiting approximately 18 million.
Moreover, the Financial Literacy Academy it founded to support enterprise growth has trained over 8,000 individuals, including significant engagement from women and youth, showcasing its commitment to inclusive economic development.
Stanbic Bank’s internal participation further amplifies its commitment, with over 780 employees engaging in the Kwacha-for-Kwacha volunteer programme. Working in collaboration with numerous government ministries and communities and delivering CSR programmes in seven local languages ensures that its efforts are both inclusive and culturally pertinent.
These strategic, well-rounded community programmes highlight Stanbic Bank’s significant influence and dedication to fostering an inclusive and productive socio-economic environment in Zambia.
Best bank for customer experience 2025: Stanbic Bank Zambia
Stanbic Bank Zambia secured the award for Zambia’s best bank for customer experience by implementing strategic initiatives aimed at improving loyalty, accessibility and integration across its service channels.
Firstly, Stanbic Bank has excelled in cultivating customer loyalty and retention through innovative programmes. Its loyalty points programme rewards long-time clients, enhancing customer retention, with points redeemable for a variety of value-added services. Additionally, the bank’s net promoter score in personal banking saw an increase by 10 points in 2024, reflecting a substantial improvement in customer satisfaction and advocacy.
In terms of accessibility, the bank has significantly streamlined the process of opening accounts, reducing the need for extensive documentation. This process has been further facilitated by their Employee Value Banking proposition, which has successfully attracted over 15,000 new clients. Moreover, its automated digital loan service stands out, offering loans up to $28,000 that can be accessed in less than three minutes. This rapid service has not only processed 1,800 salary-backed advances but also encouraged a high number of repeat borrowers, demonstrating client trust and the user-friendliness of the platform.
Lastly, the integration of digital service networks has been another area of progress for Stanbic Bank. The harmonisation of its mobile app and internet banking platforms facilitates frictionless financial transactions, ranging from simple money transfers to complex merchant payments. Furthermore, the expansion of its customer service network through both digital and agent channels, backed by continuous improvements in infrastructure, has substantially enhanced transaction convenience and financial inclusion.
Overall, Stanbic Bank Zambia has demonstrated its effective commitment to advancing customer experience, positioning it as a worthy winner of this award.
Best bank for SMEs 2025: Absa Bank Zambia
Absa Bank stood out as Zambia’s best bank for SMEs through significant achievements across various facets of its service offering to this crucial sector.
In 2024, Absa Bank recorded a 48% year-on-year increase in SME sales, a clear indicator of its appeal within this segment. This growth was supported by targeted initiatives like Absa Business She Thrives and Absa Emerging Entrepreneur, which empowered women and burgeoning entrepreneurs. Such efforts highlight the bank’s commitment to enhancing Zambia’s economic fabric through SME development.
On the technological front, Absa Bank introduced innovative solutions that have transformed the operational landscape for SMEs in Zambia. Its trade management online platform and real-time clearing API have revolutionised how businesses manage their cash flows and transactional accuracy. These platforms are complemented by the bank’s pan-African cash management solution. Together, these enhancements underscore Absa Bank’s progress towards providing a seamless and efficient banking experience, directly aligning with the needs of SMEs to manage their day-to-day operations more effectively.
Further elevating its SME banking proposition, Absa Bank has refined its relationship management and client onboarding processes. With the introduction of dedicated relationship managers and the implementation of automated KYC and streamlined documentation, the bank has achieved a reduction in onboarding times and an improvement in client satisfaction. Its proactive participation in industry events and innovation hubs also reflects a forward-thinking strategy, actively engaging with the SME community and fostering a supportive environment for their growth.
