Zanaco Bank of Zambia Double Win at International Banker’s Annual Awards

Zambia National Commercial Bank (Zanaco) Wins Awards for Providing Exemplary Customer Service and for Superior Commercial Banking Offering

International Banker held its annual awards acknowledging top Middle Eastern and African banking institutions and individuals. Zambia National Commercial Bank Plc (Zanaco) received awards in two categories: Best Customer Service Provider Africa and Best Commercial Bank Zambia 2015.

International Banker offers a global view of banking and finance. Each year through the Banking Awards, it recognises the leading banking institutions (and individuals), which have set the bar for industry excellence.

Honoured with double awards to acknowledge and celebrate its innovation and leadership in the areas of customer service in Africa and commercial banking in Zambia, Zanaco has achieved a prominent position on the 2015 International Banker Middle Eastern and African Banking Awards list.

The first award, for Best Customer Service Provider Africa, has been awarded to Zanaco based on its commitment to serving Zambia’s existing and future customers—on its vision of “banking the unbanked”, comprising approximately 66 percent of the population. The Zambian government established Zanaco in 1969 to stimulate national development and provide economic empowerment. The bank has grown to become the nation’s leading bank. Out of 19 banks with capital of more than 580,000 billion, Zanaco has grown at a cumulative annual rate of 30 percent over the last seven years, cementing its “Top 3” position. Applying expert knowledge of local markets through its wide-spanning network of branches, Zanaco boasts the largest customer base of any bank nationwide, providing access to effective banking services to the mainstream public and especially to the historically underserviced rural households. The bank is known as the “People’s Bank” and “Citizens’ Owned”, with more than 5,000 Zambians as shareholders and more than 850,000 as customers. Its success and popularity is due in large measure to its stated commitment to customer service. Zanaco uses customer orientation as its focus in service and product provision. As part of its ongoing efforts to improve in customer service, the bank conducts staff training targeted at developing the ability to identify the best products and services for given client needs. Zanaco identifies failings in customer-service delivery and implements strategies to correct these areas. The bank also invested sizeably during 2014 in its core banking system to improve the quality of customer-service delivery. In response to customer feedback, the bank extended working hours to allow more time, convenience and accessibility, and older ATMs were replaced. Zanaco provides innovative technological solutions; in particular the bank is actively developing its online banking operations. While striving to increase the number of automated processes to enhance service efficiency, Zanaco continues face-to-face interactions through its network of branches.

The second award, Best Commercial Bank Zambia 2015, acknowledges Zanaco’s unique approach to commercial banking. The bank prides itself on being a bank for all levels of society, serving the banking needs of businesses of all types. Based on its approach combining premier customer service, technological innovation and first-rate human-capital application, the bank has become a dominant player in the banking market when it comes to serving the needs of small-and-medium enterprises and small- and large-scale farmers. The bank works with the Government of the Republic of Zambia and corporate organizations to help unbanked communities across Zambia. By assisting businesses with banking needs, Zanaco empowers customers to be active players in the economy. The sectors identified to contribute most significantly to GDP growth are well supported by Zanaco—including construction, agriculture, SME and retail. Investor confidence and activity in Zanaco has reflected its strong financial performance.

As the economy of Zambia continues to strengthen, Zanaco will play a vital role, and for all of its many contributions, the bank has earned these awards.

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Organization: International Banker
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Release ID: 84560