Best bank: Zambia National Commercial Bank
Zambia National Commercial Bank (Zanaco) is again Euromoney’s best bank in Zambia. Profit before tax increased 44% year on year to KK1.74 billion ($65 million), including a 109% boost in the third quarter driven by income earned on government securities, trading and an uptick in net fees and commission.
The bank introduced an auto loans facility during the year, together with mortgage facilities for outright purchase and remortgaging, as well as construction and salary-advance loans. It is also offering extended tenors on its existing suite of loans.
The bank partners with telecoms company Zamtel to offer banking and mobile money services via Zamtel green shops.
Zanaco’s chief executive, Mukwandi Chibesakunda, spoke in June of her ambition for the bank to expand internationally, likely into bordering countries.
Best investment bank: Rothschild & Co
Capital markets activity has been muted in Zambia for some time.
However, green investment initiatives are attracting attention. Both the European Investment Bank and the UK announced plans for such green investment in Zambia during the review period.
A key transaction has been the restructuring of the Mopani copper mines, which were sold back to the state by Glencore in 2021. In 2022, Zambian mining investment firm ZCCM-IH hired Rothschild & Co to conduct a strategic review and find a new investor for the 90-year-old mine and smelter complex. The $89 million sale to the UAE’s International Resources Holdings closed in 2023.
Best bank for corporate responsibility: Zambia National Commercial Bank
Zambia National Commercial Bank (Zanaco) has focused its corporate social responsibility efforts on health, education and the environment. During the cholera pandemic, the bank collaborated with the ministry of health to control its spread and provided essential food aid to patients at the national cholera centre.
The bank raised $20,000 for flood relief during the 2022/2023 rainy season, aiding flood victims through partnerships with the government’s Disaster Management and Mitigation Unit and the Network of Zambians in the UN Abroad (UNIZ).
It also launched the Zanaco Green Innovation Challenge to support Zambian-owned green initiatives addressing key United Nations sustainable development goals such as clean water, responsible consumption and climate action.
The bank’s Plant a Million programme aims to plant one million trees by 2025, with close to 600,000 trees already planted under this initiative.
In education, the bank collaborates with World Vision Zambia on the Strong Girls, Strong Zambia campaign, aiming to prevent early marriages among rural girls by providing education, school supplies and bicycles for transportation.
It has distributed startup kits to over 600 youths trained in bricklaying and tailoring, driving entrepreneurship and economic empowerment in the country.
