Banks in Zambia have advanced with the coming of internet and mobile banking enabling customers manage local and international transactions easily without moving to the branches. Most banks in Zambia are allows their clients open accounts online.
Here’s a clear and up-to-date overview of banks in Zambia, grouped by type:
Commercial Banks in Zambia
These are the main banks offering retail and corporate banking services:
1. Zanaco (Zambia National Commercial Bank)
- One of the largest and oldest banks in Zambia.
- Partly government-owned.
2. Standard Chartered Bank Zambia
- Global bank with a long presence in Zambia.
- Strong in corporate banking.
- Great in digital banking and excellent customer care
3. ABSA Bank Zambia (formerly Barclays Bank)
- Offers a full range of personal, business, and corporate banking.
4. Stanbic Bank Zambia
- Subsidiary of Standard Bank Group (South Africa).
- Known for business and investment banking.
5. First National Bank Zambia (FNB)
- Tech-driven bank.
- Strong digital and mobile offerings.
6. Access Bank Zambia
- Part of Access Bank Group (Nigeria).
- Recently expanded through acquisitions (e.g., Cavmont Bank, Atlas Mara).
7. Ecobank Zambia
- One of the international owned banks in Zambia.
- Known for strict security when accessing funds
8. Pan-African bank.
- Focus on trade, SMEs, and mobile banking.
9. Indo-Zambia Bank
- Joint venture between Indian banks and the Zambian government.
10. Bank of China Zambia
- Supports Chinese-Zambian trade and investment.
- Offers services in RMB.
11. United Bank for Africa (UBA) Zambia
12. Pan-African bank.
- Corporate and retail services
13. First Capital Bank
- Regional bank also operating in Malawi, Zimbabwe, Botswana, and Mozambique.
Central Bank
Bank of Zambia (BoZ)- Regulates all financial institutions.
- Manages monetary policy, currency, and financial stability.
Other Financial Institutions (Selected)
1. Development Bank of Zambia (DBZ)
- Provides medium- to long-term financing for development projects.
2. National Savings and Credit Bank (NATSAVE)
- State-owned.
- Serves rural and underserved communities.
Best 5 banks in Zambia
Here are the 5 best banks in Zambia right now, based on size, reliability, innovation, and customer satisfaction:
1. Zanaco (Zambia National Commercial Bank)
Why it stands out:
- Largest customer base in Zambia.
- Strong local roots and branch network.
- Focused on inclusive banking and digital transformation.
- Offers robust mobile banking (Xapit app).
Best for: General banking, government payments, rural access.
2. ABSA Bank Zambia
Why it stands out:
- Modern banking services with strong digital tools.
- Trusted legacy from Barclays.
- Good for personal loans, credit cards, and investment services.
Best for: Middle-to-high income individuals, professionals, and SMEs.
3. FNB Zambia (First National Bank)
Why it stands out:
- Best-in-class digital banking experience.
- Competitive loan rates and innovative products.
- Excellent customer service reputation.
Best for: Tech-savvy users, entrepreneurs, and mobile-first customers.
4. Stanbic Bank Zambia
Why it stands out:
- Part of Standard Bank Group (South Africa).
- Strong in corporate, investment, and business banking.
- Supports large infrastructure and energy projects.
Best for: Corporate clients, high-net-worth individuals, and large businesses.
5. Standard Chartered Bank Zambia
Why it stands out:
- Global presence and international banking expertise.
- Premium banking services.
- Strong in trade finance and foreign currency accounts.
Best for: Multinational businesses, expatriates, and global transactions.
Bes internet and mobile banking (Ranked)
Here are the top banks in Zambia for internet and mobile banking, based on user experience, features, reliability, and tech innovation:
1. FNB Zambia (First National Bank)
Why it’s #1:
- Best digital experience in the market.
- Fully integrated online and mobile platforms.
- Real-time transfers, bill payments, account management, and card control.
Standout feature:
- Smart banking app with customizable dashboard and biometric login.
2. Standard Chartered Bank Zambia
Why it’s reliable:
- Simple, effective mobile and online banking platform.
- Strong international transfer features.
- Secure, with virtual card support.
Standout feature:
- International account access with global login for clients with multi-country accounts.
3. ABSA Bank Zambia
Why it's great:
- Modern, stable internet banking platform.
- ABSA app is well-rated for security and functionality.
- Offers biometric login, FX transfers, investment tracking, and secure card management.
Standout feature:
- Ability to open savings accounts or apply for loans straight from the app.
4. Zanaco (Zambia National Commercial Bank)
Why it’s solid:
- Xapit mobile app covers essential features like transfers, airtime, and bill payments.
- Strong push into digital banking with local accessibility.
Standout feature:
- Supports both smartphone and USSD (*444#) options for rural users.
5. Stanbic Bank Zambia
Why it works:
- Clean mobile interface and real-time banking tools.
- Great for business users needing secure digital access.
Standout feature:
- Enhanced security (One-Time Pins, biometric login) and multiple user roles for business banking.
