Company: Zambia National Commercial Bank
Country: Zambia
Sector: Regional Banks
CEO: Mukwandi Chibesakunda
Website: Not publicly listed
Careers Page: Not publicly listed
LinkedIn: Not publicly listed
Email: Not publicly listed
Headquarters: Lusaka, Zambia
Founded: 1969
Valuation/Revenue: $334.3m market value, rank #296 (African Business Top 250, 2025); total assets ZMW 35.97bn / ~$1.97bn (Dec 2022, Wikipedia sourced to company financials)
Zambia National Commercial Bank, widely known as Zanaco, is one of Zambia’s largest commercial banks, headquartered in Lusaka and licensed by the Bank of Zambia, offering retail, corporate and SME banking services nationwide.
What Does Zanaco Do?
Zanaco is a full-service commercial bank providing personal banking (savings and current accounts, loans, mortgages, cards), business and corporate banking (trade finance, working capital, treasury services), and agricultural lending, reflecting Zambia’s agriculture-heavy economy. As one of the country’s oldest and largest banks, it maintains an extensive branch and ATM network that gives it broad reach into both urban and rural markets, competing with banks such as Stanbic Bank Zambia, Absa Bank Zambia, and Standard Chartered Zambia.
How Old Is Zanaco?
Zanaco was established in 1969 by the Government of Zambia, making it more than five decades old and one of the country’s longest-standing financial institutions, founded shortly after Zambian independence as part of the government’s push to build domestic banking capacity.
Who Owns Zanaco?
Zanaco’s ownership shifted substantially in 2007 when the Zambian government sold a 49% stake to Rabobank Group’s African investment vehicle. As of December 2022, Arise B.V. — a joint investment platform backed by Rabobank, the Netherlands Development Finance Company (FMO), and Norfund (Norway’s development finance institution) — held approximately 45.59% of the bank, with the Government of Zambia and public shareholders holding the remainder. Zanaco has been listed on the Lusaka Stock Exchange since 2008, giving Zambian retail and institutional investors direct access to its shares. Prior to the 2007 partial privatization, the bank was 100% government-owned.
Who Is the CEO of Zanaco?
Mukwandi Chibesakunda serves as Chief Executive Officer of Zambia National Commercial Bank, leading the institution through a period of record profitability and continued digital-banking expansion.
How Big Is Zanaco?
As of December 2022, Zanaco reported total assets of ZMW 35.97 billion (approximately $1.97 billion) and shareholders’ equity of ZMW 2.98 billion (approximately $163.1 million). The bank posted profit after tax of ZMW 1.203 billion in 2022, representing an 11% increase in revenue and marking the second consecutive year the bank crossed the ZMW 1 billion profit-after-tax threshold, having first achieved that milestone in 2021 — the first Zambian bank to do so. African Business magazine’s Top 250 Companies in Africa (2025) lists Zanaco with a market value of $334.3 million, ranking it #296 among Africa’s largest listed and state-owned companies.
Is Zanaco Publicly Traded?
Yes. Zanaco has traded on the Lusaka Stock Exchange (LuSE) since 2008, making it one of the exchange’s most prominent banking listings and a bellwether stock for Zambia’s financial sector.
What Has Zanaco Been in the News For Recently?
Zanaco has received multiple industry accolades in recent years, including being named Best Bank in Zambia by Euromoney in its 2022 awards. The bank has continued to post record profitability, crossing the ZMW 1 billion profit-after-tax mark in both 2021 and 2022, while expanding its digital banking and agricultural finance offerings to reach underserved rural segments of the Zambian economy.
How Does Zanaco Compare to Its Competitors?
Zanaco competes with a mix of foreign-owned and regional banks operating in Zambia, including Stanbic Bank Zambia (part of South Africa’s Standard Bank Group), Absa Bank Zambia, Standard Chartered Bank Zambia, and First National Bank Zambia (part of South Africa’s FirstRand). Zanaco’s key advantage over several of these international-parent banks is its domestic heritage, extensive rural and agricultural-sector branch presence, and status as one of the few Zambian banks with meaningful government-linked history combined with a private-sector strategic partner in Arise B.V. This hybrid ownership model — part legacy state bank, part internationally backed development-finance investment — is relatively distinctive among its peer set.
Is Zanaco Legit?
Yes. Zanaco is a licensed, Bank of Zambia-regulated commercial bank, listed on the Lusaka Stock Exchange since 2008, with more than five decades of continuous operating history and internationally recognized development-finance shareholders. It is not a scam or informal lender; it is one of Zambia’s largest and most established financial institutions.
Links
Website: Not publicly listed
Careers Page: Not found
LinkedIn: Not found
Email: Not publicly listed
FAQ
What does Zanaco do?
Zanaco is a full-service commercial bank in Zambia offering retail, corporate, SME and agricultural banking services.
Who is the CEO of Zanaco?
Mukwandi Chibesakunda is the Chief Executive Officer.
Who owns Zanaco?
Arise B.V. (backed by Rabobank, FMO and Norfund) holds about 45.59%, with the Government of Zambia and public shareholders holding the rest.
Is Zanaco publicly traded?
Yes, Zanaco has been listed on the Lusaka Stock Exchange since 2008.
How old is Zanaco?
Zanaco was founded in 1969 by the Government of Zambia.
Where is Zanaco headquartered?
Zanaco is headquartered in Lusaka, Zambia.