There is more than 20 top legally registered banks in Zambia but in case you have been asking which is the best bank in Zambia. This article shows you not only to find the best banks in Zambia but also to learn more about money, the banking industry Banks in Zambia(Overview), and where you should open your bank account.
Banks in Zambia operate nationwide and offer the best financial services to their customers. Management can be effective in one bank and sometimes swift in another, but at the expense of high-interest rates.
READ: Banks in Zambia(Overview)
Another function they perform is the deposit for major industries including agriculture, mining, and commerce. Zambian banks pay depositors interest at a lower rate and receive interest from them on loans and advances at a higher rate.
What are the best banks in Zambia?
The following are the best banking institutions in Zambia today:
- Zambia National Commercial Bank (Zanaco)
- Absa Bank (formerly Barclays Bank)
- First National Bank (FNB)
- Indo Zambia Bank
- Atlas Mara
- Standard Chartered Zambia
- Stanbic Bank Zambia
- Investrust Bank
- Access Bank
- Cavmont Bank
Reasons why Zanaco is one of the best banks in Zambia
The best commercial bank in Zambia is Zanaco. It was voted the best bank during the Awards for Excellence in 2021. Zanaco continues striving to discover new paths to shine in a bid to retain its status as the best banking institution in Zambia. In 2020 alone, Zanaco’s Small and Medium Enterprise (SME) loan portfolio grew to a whopping 85% amounting to a total of $24.5 million.
It is the only bank in Zambia that can boast to be present in every part of the country. It is a parastatal company, it is not surprising that it has to cover every part of the country.
The bank has enormous financial resources that enable it to find it easier to operate and set up branches in other places where its services are needed. As a result, these resources make it possible for Zanaco to plant an ATM in almost every district.
Being a national bank entails that most people trust the bank because it is not going anywhere as may be the case with other banks that may just wake up one day and decide to close for whatever reason they might have.
Some people, just take pride in banking with a bank that is 100% Zambian for pride’s sake without any consideration whatsoever whether or not it is the best bank in the land. This is common to freedom fighters and elderly people who are fond of anything that is Zambian.
Moreover, in terms of assets, Zambia National Commercial Bank (Zanaco) is arguably the largest and biggest financial services provider. The bank was founded in the year 1969, and now, it serves more than one million customers from the individual, government, corporate, small and medium entrepreneurs, and the farming sectors.
ZANACO is the best bank in Zambia
Which are the best banks in Zambia? [Anwer] the best bank in Zambia is ZANACO which is an abbreviation for Zambia National Commercial Bank. The Bank was voted top leading among the best financial institutions in the country. ZANACO is the award-winning for the year 2022 due to its good customer relations and market customers, including trust, internet banking, and security.
It boasts of having more customers than any other bank in Zambia and part of the reason for this is because it is a Zambian. Further, it has about 60 branches and agencies with about 200 Automated Teller Machines (ATMs) nationwide. There are about 4,000 Point of Sale (POS) machines and close to a thousand employees. Zanaco Bank has a net income of over K200 million and total assets amounting to over K20 billion.
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