The Bank of Zambia is Zambia's central bank and supervises licensing, financial soundness and market conduct in the banking sector. The current framework includes the Bank of Zambia Act 2022, the Banking and Financial Services Act 2017, the National Payment Systems Act 2007 and the Credit Reporting Act. The Banking and Financial Services Act 2026 and National Payment System Act 2026 were enacted on 31 March 2026 but have not commenced, so the existing framework and current Bank of Zambia directives continue to govern providers until the new laws take effect. The commercial-bank sector includes AB Bank Zambia, Absa Bank Zambia, Access Bank Zambia, Bank of China Zambia, Citibank Zambia, Ecobank Zambia, First Alliance Bank Zambia, First Capital Bank Zambia, First National Bank Zambia, Indo-Zambia Bank, Stanbic Bank Zambia, Standard Chartered Bank Zambia, United Bank for Africa Zambia, Zambia Industrial Commercial Bank and Zambia National Commercial Bank (Zanaco). Foreign-bank subsidiaries hold a large share of sector assets, deposits and profit. In 2025, the branch network had 303 branches, while registered payment systems numbered 89. A customer can reach banking services through a branch, ATM, point-of-sale terminal, bank website or mobile application, agency banking, a mobile-money agent or an electronic-money wallet. Mobile money and e-money provide functional alternatives to a traditional bank account and are especially relevant where branch access is limited. Chilimba and village banking are mainly informal community savings arrangements; their rules, safeguards and legal force differ from those of a regulated bank or licensed e-money provider. Banks commonly offer current or transaction accounts, savings accounts, fixed-term deposits, foreign-currency accounts where available, debit cards, credit cards and digital accounts. Interest, minimum balances, eligibility, withdrawal access, dormancy treatment and provider fees vary by product and institution. A deposit product is not an investment product and should be compared on access, return, term, risk and withdrawal conditions rather than by interest alone. Account opening normally involves customer identification and verification. A Zambian individual may be asked for a National Registration Card, valid passport or valid driving licence, a photograph and proof of residence. The provider may also request a source-of-funds explanation, employer or reference details and a TPIN. A noncitizen or refugee may use a passport, Refugee ID or Alien National Registration Card, subject to the provider's requirements. A business normally supplies PACRA or incorporation documents, a board mandate, identification and addresses for authorised signatories, and its TPIN. Online onboarding is available in some cases, but there is no single nationwide opening deadline proved for every provider. Zambia's payment infrastructure includes ZIPSS or RTGS for high-value, real-time and final interbank settlement; DDACC and EFT for retail direct debits and credits; CIC for cheque-image clearing; and NFS for interoperable retail and card transactions. Customers also use ATM, point-of-sale, card, instant-payment, mobile-money and electronic-money services. Domestic and international remittances are available through different providers. SADC-RTGS supports regional settlement in South African rand, while COMESA REPSS supports regional settlement in United States dollars and euros. Banks issue debit and credit cards for ATM, point-of-sale and online use, with security, renewal and replacement controls set by each provider. Under the 2018 Bank of Zambia directive on unwarranted fees, the directive's scope prohibits charges for initial debit-card issuance, card maintenance or renewal, balance enquiries, one monthly statement, inward local transfers, account reactivation and account closure after more than six months. Customers should still check the current tariff for other services and confirm how the directive applies to the specific account and provider. Electronic-money issuers and banks follow the E-money Issuance Directives 2023. Customer verification uses minimum, medium and enhanced tiers, with higher tiers allowing higher transaction and documentation limits. E-wallets also have prescribed aggregate limits. A failed local electronic-money transaction should be resolved within a maximum of 48 hours under the applicable process. If a SIM card is compromised, the customer should notify the provider immediately so it can check the wallet and suspend outgoing transactions while verifying identity. Cross-border electronic-money transactions require a TPIN and purpose or business-sector information. The Zambia Deposit Insurance Scheme was established in 2025 and has 24 members: 15 banks and 9 deposit-taking non-bank financial institutions. It covers principal and interest up to a limit determined by the Bank of Zambia for each depositor and institution. The available public notice does not state the current limit. Deposits held at separate institutions are not automatically combined for coverage, and the scheme does not guarantee every balance in full. Fees for accounts, transfers, ATMs, point-of-sale transactions and mobile services vary by provider. The Bank of Zambia publishes quarterly interest-rate and bank-charge information, and unwarranted charges are prohibited. A customer should compare the tariff, minimum balance, withdrawal and access conditions, dormancy terms and any account-specific charges. A charge paid by a bank for participation in ZIPSS is not necessarily the same as a fee charged to its customer. Customers have rights to choose freely among available providers, receive clear product and cost information before using a service, receive fair and equal treatment, expect privacy and confidentiality, obtain fraud protection and complain through a redress process. Each regulated entity must maintain a complaint-handling unit, trained staff, records and a fair, timely resolution process. E-money providers must display their complaint channels and applicable response times. If a provider does not resolve the matter, the customer can escalate it within the institution and use the Bank of Zambia supervisory complaint channel. Customers must provide truthful and current identification information, explain the source or purpose of funds when requested, follow account terms, protect cards, PINs, one-time passwords and other credentials, and report fraud, incorrect transactions or SIM compromise promptly. Banks apply customer identification, anti-money-laundering and counter-terrorist-financing controls, including enhanced checks for politically exposed or otherwise high-risk customers. The Financial Intelligence Centre receives and analyses suspicious transaction reports. Cyber risks include ransomware, database breaches, social engineering and digital fraud, so customers should use official bank and Bank of Zambia contact details and never disclose security credentials.
Banks in Zambia
Banks in Zambia are licensed and supervised by the Bank of Zambia (BoZ) to hold deposits, provide accounts, process payments and offer related services. The country has 15 commercial banks and 9 deposit-taking non-bank financial institutions, with access through branches, ATMs, point-of-sale terminals, agents, internet and mobile banking, and mobile-money or e-money channels. Accounts may be transaction, savings, fixed-term, foreign-currency, card-linked or digital, and fees, minimum balances and access conditions differ by provider. Formal bank services sit alongside mobile money and mainly informal Chilimba or village banking, which do not have the same regulatory and deposit-protection position.
Tip
Choose a regulated Zambian provider by matching its access channels, account purpose and total charges to how you will use the money. Confirm the current tariff, minimum balance, withdrawal access, dormancy terms, deposit-insurance position and complaint channel before funding the account. Do not assume that a mobile wallet, informal Chilimba arrangement or bank account offers the same safeguards.