Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Zambia Zambia, officially the Republic of Zambia, is a landlocked country at the crossroads of Central Africa, Central, Southern Africa, Southern and East Africa. It is typically referred to being in South-Central Africa or Southern Africa. It is bor ...

. It is licensed by Bank of Zambia, the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

and national banking regulator. In 2021, Zanaco became the first bank in Zambia to register ZMW1bn in profit after tax.

Location

The bank's headquarters and main branch are located in Zanaco House, at the corner of Cairo Road and Chainda Place, in the

central business district A central business district (CBD) is the Commerce, commercial and business center of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides wit ...

Lusaka Lusaka ( ) is the Capital city, capital and largest city of Zambia. It is one of the fastest-developing cities in southern Africa. Lusaka is in the southern part of the central plateau at an elevation of about . , the city's population was abo ...

, the capital and largest city in Zambia. The address is 2118–2121 Cairo Road, Lusaka, Zambia. The

coordinates In geometry, a coordinate system is a system that uses one or more numbers, or coordinates, to uniquely determine and standardize the Position (geometry), position of the Point (geometry), points or other geometric elements on a manifold such as ...

of the bank's headquarters are: 15°25'25.0"S, 28°17'00.0"E (

Latitude In geography, latitude is a geographic coordinate system, geographic coordinate that specifies the north-south position of a point on the surface of the Earth or another celestial body. Latitude is given as an angle that ranges from −90° at t ...

:-15.423611;

Longitude Longitude (, ) is a geographic coordinate that specifies the east- west position of a point on the surface of the Earth, or another celestial body. It is an angular measurement, usually expressed in degrees and denoted by the Greek lett ...

:28.283333).

History

Zanaco was founded in 1969 by the

Government of Zambia The politics of Zambia takes place in a framework of a presidential representative democratic republic, whereby the president of Zambia is head of state, head of government and leader of a multi-party system. Executive power is exercised by th ...

. Prior to 2007, the bank was 100 percent owned by the government. In that year, 49 percent of its shares were sold to the Rabobank Group, a banking company from the

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

. In 2008, the shares of Zanaco were listed on the

Lusaka Stock Exchange The Lusaka Securities Exchange (abbreviated to LuSE) is the principal stock exchange of Zambia and Zambia's designated agency for issuing International Securities Identification Number, International Securities Identification Numbers (ISIN). Founde ...

(LUSE), where they trade under the symbol: (ZANACO). According to the bank's quarterly financial statements as at 30 June 2022, net income was ZMW29.42m. The current shareholding in the bank is detailed under ownership.

Overview

Zanaco is one of the largest financial services providers in Zambia. , the bank's total assets were valued at ZMW35.97 billion (US$1.97 billion) with shareholders' equity of ZMW2.980 billion (US$163.12 million). In 2021, the Bank attained a historical milestone when it became the first Zambian Bank to record ZMW1 billion in profit after tax. The achievement was mainly attributed to accelerated revenue from initiatives from both funded and non-funded opportunities coupled with a successful realization of a cost containment framework. The bank repeated the feat in 2022 when it registered PAT of ZMW1.203 billion after 11% growth in revenue following the implementation of various strategic initiatives such as embedding of sustainability into strategic plans and initiatives, expansion of product offering to match customer needs, improvement of customer touch points to enhance service delivery and expansion of the bank's digital footprint. In October 2022, the bank secured a US$ 50.0 million credit line with British International Investment Company for onward lending to the small and medium sized businesses and green financing.

Awards in 2022

The Bank received the following awards in 2022: * Best Private Bank in Zambia Award, by International Finance Awards * Best Bank in Zambia Award, by Euromoney * Best Retail Bank in Zambia, by Global Banking and Finance * Best Products of the Year for SME, Gender, and Children, at the Inaugural Banking & Finance Awards, by the Zambia Institute of Banking and Financial Services * Best Banking App Award, by Zambia E-Commerce Awards * Sustainability Award, Corporate Governance Award, by Lusaka Securities Exchange * Omni-Channel Excellence Award, by the Chartered Institute of Customer Management * Bank of the Year Award, by Kitwe and District Chamber of Commerce and Industry * Best Commercial Exhibit, Best Banking Exhibit, Second Place - Best LuSE Company Exhibit, at the Agricultural Commercial Show * Best Sponsorship Marketing Excellence of the Year, Most Creative Outdoor Advertisement, by the Zambia Institute of Marketing

Ownership

, the banks's

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

was owned by the following corporate entities and individuals: ∗Arise BV is an investment company co-owned by

Rabobank Rabobank (; full name: ''Coöperatieve Rabobank U.A.'') is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation (Raboban ...

, Netherlands Development Finance Company and Norfund.

Branch Network

Zanaco's main branch is located at the bank's

headquarters Headquarters (often referred to as HQ) notes the location where most or all of the important functions of an organization are coordinated. The term is used in a wide variety of situations, including private sector corporations, non-profits, mil ...

, Zambia's capital and largest city. , the bank had one of the largest distribution networks in the country with 62 branches and agencies and almost 200

automated teller machines Automation describes a wide range of technologies that reduce human intervention in processes, mainly by predetermining decision criteria, subprocess relationships, and related actions, as well as embodying those predeterminations in machine ...

, spread across the entire country. In addition, Zanaco has over 21,000 Zanaco Xpress agents, a partnership which allows Zanaco customers to deposit and withdraw funds from their accounts in both

rural In general, a rural area or a countryside is a geographic area that is located outside towns and cities. Typical rural areas have a low population density and small settlements. Agricultural areas and areas with forestry are typically desc ...

and urban locales.

Community service

Zanaco is the sponsor of Zanaco FC, a football club based in

, the

capital city A capital city, or just capital, is the municipality holding primary status in a country, state (polity), state, province, department (administrative division), department, or other administrative division, subnational division, usually as its ...

of Zambia.

References

External links

Website of Zambia National Commercial Bank
{{coord, 15, 25, 25, S, 28, 17, 00, E, display=title Banks of Zambia Companies based in Lusaka Banks established in 1969 1969 establishments in Zambia Companies listed on Lusaka Stock Exchange