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Annex Iv: Banking in the Republic of Zambia

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Annex Iv: Banking in the Republic of Zambia © Shutterstock.com ANNEX IV: BANKING IN THE REPUBLIC OF ZAMBIA Issuing authority: Bank of Zambia The Bank of Zambia Bank Square, Cairo Road P.O. Box 30080 Lusaka http://www.boz.zm a) Foreign exchange control processes b) Banking The Zambian currency is the Kwacha. The Kwacha rates The Bank of Zambia aims to provide excellent banking can fluctuate significantly. The Republic of Zambia has a services to its clients. It fulfils the following functions free market economy with no exchange controls. Major through the banking division: currencies can be bought and sold over the counter at I. Banker to the government bureau de change companies and banks in the country. II. Banker to commercial banks Money exchange services are available in cities and towns across the country and most will publish their Kwacha III. Settlement agent. exchange rates in-store. c) Currency management Exchange rates will vary from day to day, so ensure that you use a credible service provider; select the type of The Bank of Zambia has the sole right to issue bank notes service you are looking for and relevant companies will be and coins in the country. Its key role is to gain and main- presented. Bank accounts may be held in local or foreign tain public confidence in the currency. Subsequently, the currency, and funds are easily transferred out of the currency division is responsible for the designing and country or held offshore. Amounts of more than $5,000, ordering of banknotes and coins to meet the country’s carried in or out in cash or traveller’s cheques, must be demand. The bank has an objective to ensure that there is declared. Commercial banks and bureau de change only clean money in circulation. Further, it is the responsi- operators restrict issuance of over-the-counter cash to bility of the currency division to ensure that there is always $5,000 per transaction. an adequate stock of banknotes and coins available in all denominations and that there is a good distribution The Bank of Zambia (BoZ) is the central bank of the system to reach the various sectors of the economy. This Republic of Zambia and derives its functions and powers is achieved by making sure that all regions are supplied from the Bank of Zambia Act No. 43 of 1996 and the with clean banknotes and coins. The bank has several Banking and Financial Services Act, Chapter 387 of the cash centres around the country for timely and efficient Laws of Zambia. The bank’s mission statement is to currency distribution and collection of unfit banknotes. achieve and maintain price and financial system stability to foster sustainable economic development. The BoZ is responsible for the management of the coun- try’s foreign exchange reserves and participates in open market operations to either build up reserves or to smooth exchange rate volatility. INVESTMENT GUIDE FOR ZAMBIA 37 © Shutterstock.com d) Lending facilities The Development Bank of Zambia (DBZ) offers lending facilities to local business enterprises. The lines of credit avail- able and key facility requirements are listed in the table below. Description Details i) Line of credit China Development Bank Industrial Development Africa Development Bank (CDB) Corporation (IDC) (AfDB) ii) Total facility amount $30 million $20 million $25 million ZMK 248 535 000 iii) Target companies SMEs SMEs SMEs iv) Key facility Twenty per cent of the Fifty per cent of capital Adherence to environmental requirement requested amount to be paid purchases should originate and social policies and into an Escrow account as from the Republic of South guidelines cash – collateral. Amount to be Africa reimbursed in line with the level of repayments The major banks invite applications from eligible Zambian businesses for these services and other details on the application requirements are available on various banking websites such as www.dbz.co.zm . Please take note that the minimum acceptable loan amount is $100,000 or ZMK 1 million. e) Services offered by banks TRANSACTIONAL ACCOUNTS SAVING AND INVESTING Banks offer a variety of transactional accounts. Banks offer a wide range of savings and investment I. Gold account accounts that earn attractive and competitive interest rates. II. Silver account I. Call account III. Private banking II. Bonus deposit IV. Offshore banking. III. Contract save IV. Fixed deposit. BORROWING SELF-SERVICE BANKING Banks offer a wide range of loan products to help There is a wide range of self-serving banking solutions to meet both your short- and long-term needs. meet your needs; bank wherever you are. I. Fixed-term loan I. ATMs II. Home loans II. Cell phone banking III. Revolving term loan III. Internet banking. IV. Guaranteed overdraft. 38 Partnership for Investment and Growth in Africa (PIGA) BANK ASSURANCE Business accounts I. Homeowner’s protection plan Requirements II. Home loan protection plan I. Application letter to the bank and application III. Personal loan protection plan. form from the bank (where applicable); II. Company documents (certificate of OPENING A BANK ACCOUNT incorporation; certificate of share capital); Issuing authority: Commercial banks in the Republic of III. Utility bills in confirmation of the address and Zambia business premises; I. AB Bank Zambia Limited IV. Recommendation letters from at least three companies banking with the bank of II. Atlas Mara (formerly BancABC and Finance your choice; Bank) V. List of directors such as Form 2 and Form 5 III. Bank of China (Zambia) Limited from PACRA; IV. Barclays Bank Zambia VI. ZRA TPIN and tax clearance certificate; V. Cavmont Bank Limited VII. Company board resolution; VI. Citibank Zambia Limited VIII. Mandatory Signature forms; VII. Ecobank Zambia Limited IX. Passport photos and copies of IDs for directors VIII. First Alliance Bank Zambia Limited and signatories if foreigners’ work permits are IX. First National Bank of Zambia Limited needed as well; X. Indo Zambia Bank Limited X. PACRA company printout (latest); XI. Intermarket Bank XI. Company profile and projected cash flow XII. International Commercial Bank (where applicable); XIII. Investrust Bank PLC XII. Articles of association; XIV. Stanbic Bank Zambia Limited XIII. Identify the type of account one intends to open by going to the bank and enquiring about the XV. Standard Chartered Bank Zambia Plc services being offered, account types and XVI. United Bank for Africa Zambia Limited charges; XVII. Zambia National Commercial Bank Plc XIV. Submit application for account opening. (ZANACO) The standard requirements for opening a bank account in the Republic of Zambia include: LIST OF COMMERCIAL BANKS WITH CHINESE DESKS Cost: Free I. Bank of China Duration: 1–5 working days II. Stanbic Bank Zambia Limited Document issued: Bank account number III. Standard Chartered Bank Zambia Plc IV. Barclays Bank Zambia Personal accounts V. Zambia National Commercial Bank Plc Requirements (ZANACO) I. Passport and identity cards NRC VI. Ecobank Zambia Limited II. Passport photo III. Taxpayer’s identification number (TPIN) certificate IV. Contact details V. Proof of physical address (utility bills or tenancy agreement) VI. Confirmation letter (where applicable). Cost: Free Duration: 1–5 working days Document issued: Bank account number, ATM card and cheque book INVESTMENT GUIDE FOR ZAMBIA 39.
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