Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 11/21/2017

Zambia’s commercial banking sector is composed of 19 international and local banks.  All banks operating in Zambia must incorporate locally.  As a result, there are no local branches of foreign (including U.S.) banks or financial institutions.  Citibank Zambia Limited, a wholly-owned subsidiary of Citicorp NY, provides corporate banking services in Zambia.
The banking sector is supervised by the Bank of Zambia (BoZ) which reports to the Ministry of Finance.  The sector is governed by the Banking and Financial Services Act of 1994.  Industry observers generally credit the BoZ with making large strides in improving bank oversight over the past several years.  The Financial Intelligence Center was established in 2010 through an Act of Parliament to combat money laundering and terrorist financing but this anti-money laundering regime is yet to meet international standards.
The banking sector has continued to expand and has led to a number of entities operating in multiple sectors such as banking, insurance, and the capital market.  The regulatory environment is still fragmented with multiple regulators such as the Pensions Insurance Authority, BoZ, and SEC.
 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.



Zambia Market Access Banks