Financial Data
Updated 16 Oct 2018


Zambia

Related sections

Transactional requirements

Opening a Business Account:

Documentary requirements and general information

Legal entities
Please note: The entity must be a registered entity in Zambia. Company can also be registered as a foreign company at Patents and Companies Registration Agency (PACRA). However, company must have a locally based agent.

  • Certificate of Incorporation
  • Certificate of Share Capital
  • Articles of Association
  • Declaration of Consent to act as Director or Secretary (Companies Form 5)
  • List of Particulars of Directors and Secretaries (Companies Form 2). All company directors can be foreigners and foreign based AND company secretary needs to be resident in Zambia for physical serving of notices etc.
  • Photocopies of identity documents (NRC or Passport) of the owner and signatories of the account
  • 2 Passport photos of the owners and signatories of the account
  • "Two (2) satisfactory reference letters/introductory letters both from person(s)/Businesses having business relations with the bank; or
  • Alternatively, one from person(s)/Businesses having business relations with the bank and one other from a recognised Legal Practitioner
  • Application letter to open an account
  • A Board Resolution without exception for a Limited Company to open and operate an account
  • Initial deposit of not less than the required of ZMK500 000.00 (KR500.00) for Kwacha account and USD2 500.00 for Dollar account. However, the minimum balance is Zero. There is a monthly management fee of KR108.00 and service fees are according to debit and credit transactions. Fees are reviewed annually.
  • Complete set of relevant account opening forms, which include Specimen Signature Pages
  • Proof of Registered Office and Place of Business (i.e. Tenancy Agreement, Utility Bills)
  • Most recent return to supervisory authority (PACRO)
  • Work Permits are required for non-residents.
Please note

All documents needs to either be originals or certified copies unless otherwise stated

Contact us

For further information or assistance, contact afri[email protected] or our in-country Banking Heads

In-country contact 
Business Banking Head: Mathys Buitendag
[email protected]

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