The People’s Bank

In one of the world’s most rapidly expanding economies, Zambia National Commercial Bank works to support the country’s largest commercial entities while staying true to its image as ‘The People’s Bank’. Known to most as Zanaco, the bank has worked to increase the viability of financial services to all of Zambia, develop strong international and domestic relationships, and expand the bank’s footprint in public and private partnerships.

Zanaco’s CEO Martyn Schouten’s twenty-eight years of experience in international finance contributes to his ability to run the nation’s most profitable indigenous bank. Zanaco’s Primary objective now is to expand the amount of Zambians that use financial services. “We have taught over 35 000 Zambians in our financial literacy course ranging from those who have been farming for decades to lawyers and schoolchildren. We show them the benefits of planning for their futures.”

Whereas Zambia’s agriculture sector has the most potential for growth, Zanaco’s international partnership with Rabobank, the world’s largest agricultural financier, encompasses the Zambian Government’s mantra of ‘Value addition through Global Partnerships’. The bank derives its strength from a strong relationship with the Government (25%), involvement with Zambian Citizens (29.41%), and its Largest Shareholder being the Dutch International Financial Institution, Rabobank (45.59%).

Zambia National Commercial Bank’s combination of local involvement and international expertise yield excellent results. Over the past five years, the bank has more than tripled the net profit. Martyn Schouten attributes this growth to overall economic development and credit becoming more available to throughout Zambian. “The growth in the Zambian Economy is the primary driver; there is no indication that growth will slow any time soon. With more Zambians accessing affordable finance, the bank has become more profitable while we work to lower interest rates across the board; a rising tide floats all boats.”

As Zambia’s middle class grows, demand for food products and consumer goods will continue, boosting Zanaco’s primary corporate customers in the retail and agriculture sectors of the Zambian economy. In addition, Zanaco’s goal is to increase from approximately 670,000 to one million customers in 2014. “We are growing our consumer base by banking the unbanked in rural areas where no other banks have branches”, CEO Schouten says. When asked why potential investors should look to Zanaco as their financier, Martyn Schouten quotes the company motto ‘Big. Strong. Reliable’. With Zambia National Commercial Bank’s ambitious growth strategy, local involvement, and International rapport, the company motto resonates stronger every day.