Rabobank Group

Zambia National Commercial Bank, commonly known as Zanaco, serves retail customers, large corporations, agri-business and public sector clients.

Founded by the Zambian Government in 1969, Zanaco has always been perceived as ‘the people’s bank’. This important aspect was carefully addressed when Rabobank started partnering with Zanaco in 2007 and when the bank listed on the Lusaka Stock Exchange in 2009, completing one of Zambia’s largest privatisations. Rabobank currently owns a 45 percent stake.

With the aid of Rabobank’s management services and technical assistance, Zanaco is trying to reach more Zambians. In 2008, we helped it successfully launch Zambia’s first mobile telephone banking service, ‘Xapit’. With some 250,000 clients since its introduction and over 500 new accounts a day, Xapit is accessing markets previously untouched by Zambian banks. Mobile banking is welcome in
rural areas, where some people walk for days to reach the nearest bank.

In line with Zanaco’s aim to make banking accessible, it is partnering with the Zambian postal service provider, Zampost. In 2010, 24 pilot branches were opened that enable Zanaco customers to access their funds at Zampost offices. A full rollout for all 111 joint outlets is planned for 2011, expanding Zanaco’s reach into remote regions.

Agriculture plays an important role in Zambia’s economy but is as yet barely addressed by the financial sector. Zanaco has set clear goals to develop financial products suited to the various types of farmers. It has created support networks providing seasonal and term financing at special conditions to smaller farmers. Over 3,500 farmers have benefited from these schemes, boosting wealth creation in the Zambian agricultural sector. As well as reaching ever larger customer groups, the bank has opted to play an active role in the community, supporting Zambians with both special products and knowledgebuilding. Its Corporate Social Responsibility programme, Financial Fitness, promotes financial literacy among children, adults and SMEs. The project has already reached over 150 schools, 5,000 students and 750 SMEs. 

Website Zanaco