Best bank: Zambia National Commercial Bank
AfE 2024
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,