If your goal is to create a bank account for your company or simply to increase your personal savings in Zambia, the ideal is to open a bank account in that jurisdiction. The experts at Foster Swiss will let you know how many advantages you can obtain by taking this big financial step, and in turn will manage all the necessary formalities to achieve it.

You should know that the Zambian government, through the central bank, has set itself the objective of creating a favorable macroeconomic environment that has led to a downward trend in the cost of borrowing to improve access to long-term financing at lower interest rates.

Who can open a bank account in Zambia?

Bank accounts in Zambia are aimed at individuals and companies with or without residence in the country.

Advantages of opening a bank account in Zambia

Banks in Zambia offer a variety of customized corporate services, such as current and savings accounts, excellent internet banking services, mobile banking services, corporate credit and debit cards and checkbook.

Local businesses and entrepreneurs can have bank accounts in local and foreign currencies. In addition, funds can be easily transferred out of the country without restrictions.

Although there are no exchange controls in Zambia, commercial banks and local bureau de change operators restrict cash transactions exceeding US$5,000.

What documents are required?

The following is a general outline of the requirements of banks in Zambia for opening a bank account, as it should be noted that each bank is different and documentation may vary according to the bank's requirements.

The procedures can be done online; however, a physical signature is mandatory to complete the transaction.

Identity document: Passport or a valid document from the country of origin. For companies, incorporation documents, tax identification number, powers of attorney of the persons opening the account and documents confirming their professional activity within the company are required.

Proof of the origin of the funds: Such as payroll receipts, invoices or account statements.

Some of the major international banks present in Zambia are Barclays Bank, Citibank Zambia and Standard Chartered Bank. Other recommended banks include Ecobank, Bank ABC, Stanbic Bank, among others.

For more information on this topic or any related questions about our services, you can contact us directly at: info@fosterswiss.com