Blog

The Zambia Industrial and Commercial Bank Limited (ZICB) has appointed Mr. Ngenda Nyambe as the new Chief Executive Officer (CEO) of the institution.  Mr. Ngenda, a seasoned and experienced banker with over 20 years of experience, began his banking career in 1996 with the University Graduate Management Trainee program at Stanbic Bank. He rose through the ranks, eventually working as a Director and Senior Executive at Standard Chartered Bank Zambia Plc, Barclays Bank Zambia Plc (now Absa Bank Zambia) and Zambia National Commercial Bank Plc. He has served in different roles in global markets, financial institutions, the public sector, development organisations and commercial banking institutions. He has also served in corporate governance positions as a non-executive director at Ecobank Zambia Limited, Indo Zambia Bank Limited, including other private and public sector institutions. Mr. Ngenda is a result-oriented person with a proven track record of exceeding targets in all organisations he has worked for and successfully contributing to the attainment of each organisation’s objectives. As the new CEO of ZICB, Mr. Ngenda will bring his wealth of experience and expertise to guide the Bank to new heights. His vision for ZICB’s future is growth, innovation, and excellence in customer service. The Board of Directors is confident that under his leadership, ZICB will continue to grow and be a leading financial institution in Zambia. We are excited to welcome Ngenda Nyambe as the new CEO of ZICB and look forward to working with him to achieve our goals and objectives.

The Zambia Industrial Commercial Bank (ZICB) has taken a step towards boosting financial literacy in small businesses through the launch, at an event in Lusaka, of a Financial Literacy Cashbook tailored for the dynamic informal sector. This initiative is a partnership with the National Pension Scheme Authority (NAPSA), and the Zambia National Marketeers Credit Association (ZANAMACA), an institution that caters to over 800,000 marketeers nationwide. Speaking at the media breakfast event, ZICB Acting Chief Executive Officer, Dr. Louis Kabula said the financial literacy cashbook is an important tool to facilitate the growth of the informal sector, ensuring that marketeers under ZANAMACA can now aspire to greater economic security and social protection. “By maintaining accurate financial records, marketeers will be better positioned to access loans and other financial services from ZICB that can propel their businesses forward”, he explained. Dr. Kabula further urged all marketeers, traders, cooperatives, bus and taxi drivers, small-scale farmers and MSMEs to embrace this tool and the financial literacy training that accompanies it. Meanwhile, NAPSA’s Head of Customer Service, Ason Banda mentioned that the institution is dedicated to extending social security services to marketeers in the informal sector, who have historically been excluded from these benefits.  “Social Security is a human right, and most of us only concentrate of the employer and employee relationship while forgetting the fact that entrepreneurs also need that protection because someday, they will not have the energy to do their business due to old age and/or sickness”, he said. ZANAMACA President, Mupila Kameya explained that, by taking advantage of the recently launched National Strategy on Extension of Social Security Coverage to the Informal Economy Workers (2023- 2027), the institution will conduct a national rollout to distribute the Financial Literacy Cash Books.  He further thanked ZICB for heeding their call to help ZANAMACA publish the Financial Literacy Cash Book, which is one of the initiatives of ZANAMACA to support the Government of His Excellency Mr. Hakainde Hichilema, President of the Republic of Zambia on the need to include everyone in the development of the country.  This endeavour is a result of the robust partnership between ZICB and NAPSA that is formalized through a Memorandum of Understanding (MOU), under the Extension of Coverage to Informal Sector (ECIS) project. The purpose of this MOU is to facilitate the provision of short-term credit products and services to the informal sector in line with the Bank’s strategic position as the MSME partner of choice for entrepreneurs who may currently be excluded from social security services.

Zambia Industrial Commercial Bank Limited (ZICB) has entered into a Purchase and Assumption (P&A) Transaction with the Bank of Zambia as part of the resolution of Investrust Bank Plc (In Possession). As has been announced by the Bank of Zambia, customers who has outstanding deposit balances at Investrust Bank Plc (In Possession) will have new accounts opened and will be able to access banking services as new customers of ZICB. To ensure seamless service delivery to the new customers, ZICB has acquired 16 branch locations of Investrust Bank Plc (In Possession). These include seven (07) branches and agencies in Lusaka, an agency in Lumwana, as well as branches in Livingstone, Choma, Luangwa, Chipata, Kabwe, Ndola, Kitwe, and Chililabombwe. With its existing six (06) locations, plus a new branch to be opened in Solwezi before the end of July 2024, ZICB will now be operating a total of 23 branch and agency locations across the country after this transaction. All these locations will be available to provide convenient banking services to both new and existing customers of the Bank. Speaking after the announcement of the P&A Transaction, Zambia Industrial Commercial Bank Limited (ZICB) Acting Chief Executive Officer (CEO) Dr. Louis Kabula said the Bank is pleased to have concluded the transaction with the Central Bank in record time as it will ensure that the former customers of Investrust Bank Plc (In Possession) are able to continue their lives as customers of ZICB with as little disturbance banking needs as possible. “ZICB exists to provide solutions to the banking problems that Zambians are facing on a daily basis. Being a 100% local bank, we always look for the silverlining in the challenges that confront our fellow citizens. In the case of our new customers from Investrust Bank Plc (In Possession), I extend a warm welcome to them. We are thrilled that we have been able to create a new home for them at ZICB and we want to assure them of our dedication to a high standard of service delivery”, Dr. Kabula said. He advised that, while the new customers are free to start engaging with ZICB, they should allow the Bank to put in place operational processes in readiness for opening of the branch locations on 15th July 2024. He indicated that, before that date, the Bank will share as much information as possible with the customers to ensure a smooth transition process. Further, Dr. Kabula commended the government, through the Bank of Zambia, for providing funding support to primarily safeguard financial system stability and protect banking sector depositors. He also thanked ZICB’s shareholders for supporting the Bank’s strategic objectives through this transaction.

Lusaka, Zambia – Zambia Industrial Commercial Bank (ZICB) has today signed an agreement with Airtel Business to provide digital connectivity via 4G and 5G internet devices to the bank’s SME customers. Speaking at the partnership signing in Lusaka today at Airtel Head Office, Zambia Industrial Commercial Bank Limited (ZICB) Acting Chief Executive Officer (CEO) Dr. Louis Kabula said the Bank supports the growth of local wealth by offering an innovative digital value proposition to Small and Medium Enterprises (SMEs) and corporate clients. “Through various collaborations and partnerships, ZICB has developed a comprehensive digital banking platform that promotes capital management efficiency and business convenience for our clients. One of our core values is to lower the cost of doing business in Zambia, particularly for SMEs who, by their nature, handle the largest number of low-margin commercial transactions in our economy. Therefore, we are excited to partner with Airtel Business to provide digital connectivity that will allow our customers to conduct their business more efficiently” Dr. Kabula said. Adding: “We appeal to our customers to take advantage of our partnership with Airtel Business so they can enjoy the full range of ZICB’s digital banking products and services.” And speaking on behalf of Airtel Networks Zambia Plc, Airtel Business Director, Ms Lindiwe Banda said the World had gone digital more especially after the Covid pandemic where small and medium businesses had to look at other ways to still do their business and still connect with their banks. “We are firm believers that when great companies come together, great things happen. And this is testament of our memorandum of understanding that we have signed today with ZICB as this agreement will enable SMEs banking with ZICB to easily access internet banking services in the comfort of their business premises or even home. This is a significant milestone for us as we witness the evolution of technology and how it is now helping us create strategic partnerships.,” Ms Banda said. Adding: “What is important to note is that the Airtel devices will come at no cost to the SME as they will only need to sign a contract of activating monthly bundles thus empowering the businesses and making it easy for them to do any online invoicing and keep record of their transactions.” The partnership aims to continuously support the digital transformation of SMEs in Zambia. Airtel and ZICB plan to explore further collaborative opportunities to introduce innovative solutions and drive sustained economic growth.

LUSAKA, Zambia, 22, April 2024: In conformity with its corporate governance ethos, Zambia Industrial Commercial Bank (ZICB) Limited has announced the election of Mr. Danny Luswili as the Bank’s Board Chairman. This follows the retirement of the Board’s previous Chairman, Mr. Musonda Cheta, in compliance with the 2016 Bank of Zambia Corporate Governance Directives. Mr. Danny Luswili was elected to be the Chairman of the Board of Directors of the Bank at an elective Board Meeting on 21st March 2024. He has been a non-executive Director on the ZICB Board of Directors since February 2022, and, until recently, was Chairman of the Risk Committee of the Bank. Mr Luswili has over thirty years of experience in banking and also worked for various companies in the agriculture, research and manufacturing sectors of the economy at senior positions. He is an expert in corporate governance, risk management and business restructuring and has successfully turned around organisations to better performance. He holds a Bachelor’s Degree in Accounting and Finance (B.Acc), and a Master of Science in Strategic Business Management (M.Sc), Fellow of the Chartered  Institute of Management Accountants (FCMA), Fellow of the Zambia Institute of Chartered Accountants(FZICA), Fellow of the Zambia Institute of Directors (FIoDZ) , member of the Chartered Institute of Public Finance Accountants (CIPFA), Chartered Global Management Accountant (CGMA) and is a member of the Association of Compliance Professionals in Africa (ACCPA). He is also a Council member on the board of the Chartered Institute of Management Accountants (CIMA) in London, UK and sits on the Board Audit & Risk Committee of a medical organisation and another in the Insurance industry. Speaking after his election as ZICB Board Chairman, Mr Luswili thanked his fellow Directors for entrusting him with the responsibility to lead the ZICB Board. He indicated that he will be relying on their support in guiding the Bank to deliver shareholder value and achieve its mandate. He further paid tribute to previous board members for their exemplary leadership during their tenure of office.

Zambia Industrial Commercial Bank (ZICB) partnered with Thy Word Network (TWN) in donatingChristmas hampers and various other items to mothers at the Neonatal ward of the University TeachingHospital (UTH) in Lusaka. The partnership has seen the bank providing K20,000 funding for the purchase of the assorted items,which in included diapers, baby milk, baby soap, baby oil, baby wipes, and washing detergents. Speaking during the event ZICB Corporate Affairs Manager, Luke Njovu said that the bank is happy topartner with TWN in making the donation and supporting the mothers at UTH. “ZICB recognizes that there are people in our communities that need to be supported as they facevarious challenges in their lives. ZICB appreciates that Christmas a season for celebrating the birth ofJesus and we have taken this occasion to give back to the community through this donation. Our hope isthat this will help our mothers in experiencing the love of God.” Mr. Njovu added that the donation to UTH is part of ZICB’s CSR program that is premised on the fact thatthere are underprivileged people in our society who needs the support of anyone who can lend a helpinghand. “Though ZICB is a relatively young bank, it has been supporting several causes and programs since itsinception. The bank currently supports WONS orphanage in Chunga in Lusaka and has recentlysponsored clinic outreach by Bethel Christian Centre to Mulungwe chiefdom in Mkushi rural. Speaking at the same event, Pastor Anthony Katongo of TWN said that the TWN Ministry delighted to beproviding support to mothers of babies under neonatal care through the Making a Child Smileprogramme . “This Christmas TWN has decided to bring a smile to these mothers who will be spending the festiveseason here to care for their little ones. We extend our love to them and pray that may God continue togive them strength as they go through period.” “ We would also commend ZICB for partnering with TWN in the Making a Child Smile Christmasprogram,” he added.

The Zambia Industrial Commercial Bank (ZICB) has continued to play its role as a responsible corporate citizen through its active, effective and efficient engagement in community activities. In one of our recent engagement, ZICB facilitated the sponsorship to procure various medical supplies and medicines worth K97,150, to Bethel Christian Centre outreach programme in Mulungwe Chiefdom, Mkushi rural area, Central Province. The Bethel Christian Centre, through its missions and outreach programme, sets up a monthly medical clinic, in Mulungwe Chiefdom, to provide medical services, health talks and counselling sessions to promote health living to the community that has a population of over 30,000 people. Speaking during the handover ceremony held on 21st October, 2022, ZICB’s acting CEO and Chief Financial Officer, Louis Kabula, commended Bethel church for their work of taking healthcare services closer to rural communities and pledged the bank’s commitment to partnering with the church to complete projects in Mulungwe Chiefdom area. “We are fully alive to the fact that a more permanent solution to the limited access to healthcare services in Mulungwe will be the completion of the health centre that Bethel Christian centre is constructing in the chiefdom, it is therefore our hope that the partnership we are consummating today will allow us to further collaborate in actualising the completion of the health centre project.” Meanwhile, Bethel Christian Centre’s Director of Missions, Pastor Mwansa Mulamasa said that the partnership between the church and ZICB, is a prayer answered by God. “We are grateful for your contribution and the difference this sponsorship will make towards purchasing medicines, upkeep of medical personnels and volunteers in the next clinic and contingency funds for the trip.” This is the first corporate social responsibility (CSR) project that ZICB has facilitated outside Lusaka province, since it officially started operating on 2018,

As part of our continued partnership with the Zed Kidprenuer, we are happy to be the official bank partner of the 2022 Sunga Coin challenge. The Sunga Coin challenge is a savings competition for children below the age of 15 that is aimed at developing a savings culture in the future generation leading up to World Savings Day, which falls on 31st October 2022. Over 20 children have entered the competition and have since opened savings accounts with ZICB. The children have been allocated Saturday as their official Bank Day where a special counter is setup for them to come and deposit their savings. A Relationship manager has also been assigned to the children to provide financial literacy and investment advice at their convenience. A special event has been organized to reward the most consistent children in saving. This will be held after the close of the 2022 Sunga Coin challenge. ZICB Corporate Affairs Manager Luke Njovu says the Bank will continue to be part of projects and that are focused on improving financial literacy in the country. “As you may be aware, our tagline is making tomorrow possible. This project echoes our brand promise because it focuses on building a financially literate future generation. This project will not only benefit the children but also the future of our country”.

As the Bank with with most SME-friendly banking proposition in Zambia, ZICB is proud to have partnered with INFRATEL to make their MSME Open Day a great success. With a mandate to provide an enabling environment for digital transformation by accelerating the adoption of digital services and products in Zambia, INFRATEL organized the MSME Open Day to awareness of their digital services and increase the adoption rate of ICT services by MSMEs. In this era of Covid-19, ZICB believes that digital preparedness not only creates better opportunities for ease of doing business but also allows MSMEs to compete favourably with other businesses. The MSME Open Day attracted over 150 MSMEs from across the country and was graced by the Permanent Secretary at the Ministry of Technology & Science, Dr. Haabenzu. Lusaka, Zambia – 3 rd December 2021: About ZICBZambia Industrial Commercial Bank Limited (ZICB) was incorporated on the 31st of August Contact:Luke Njovu, Luke.Njovu@zicb.co.zm, +260 211 428 700, Ext : 2008

Lusaka, Zambia – 12 th October 2021: In continuing with its programme of supporting the growth of local micro, small and medium enterprises, the Zambia Industrial Commercial Bank (ZICB) Limited has announced a partnership with the DLN Entrepreneurship Institute through the Bank’s K100,000 sponsorship of the “Africa Must Think” Conference. According to the DLN Entrepreneurship Institute, the “Africa Must Think” Conference is the largest gathering of entrepreneurs on the African continent that aims to provoke and motivate young people into becoming successful business owners and leaders. The Conference will feature various speakers, including Mr. Vusi Tembekwayo; a Public Speaker, Author and the Managing Partner of Watermark Capital Partners from South Africa; Ms. Audrey Mwala, the CEO of Sycamori Consult from Malawi; and Mr. Chibamba Kanyama, the Founder and CEO of Bridges Limited from Zambia. Speaking at the unveiling of the partnership, ZICB CEO, Ignatius Mwanza, said that the Bank is excited to be supporting Zambian entrepreneurs through the sponsorship of the “Africa Must Think” Conference. “This is the second sponsorship under the “Africa Must Think” series that Zambia Industrial Commercial Bank is sponsoring having again been partners with the DLN Entrepreneurship Institute last year. We are sponsoring the “Africa Must Think” Conference because it speaks directly to what ZICB stands for, which is empowerment of local entrepreneurs and SMEs. Our mission is to support local wealth creation and growth that will lead to the commercialisation and industrialisation of the Zambian economy. It is through this deliberate support to local businesses that our economy will grow,” Mr. Mwanza said. And speaking at the same event, the DNL Entrepreneurship Institute CEO, Dumisani Ncube, said that his organisation is pleased to have ZICB on the list of sponsors for the Conference. Mr. Ncube, whose organisation is the brainchild and host of the “Africa Must Think” Conference, is convinced that the development of business and leadership skills will drive the transformational change that is needed for local entrepreneurs to grow their businesses. The “Africa Must Think” Conference will be held at the National Heroes stadium on the 31 st of October 2021 under the theme “Experience Greatness”. Apart from imparting business knowledge on participants, the Conference will also recognise successful entrepreneurs through the awarding of the Zambia Entrepreneurship Awards to deserving recipients.