Indo Zambia Bank

What Indo Zambia Bank does

Indo Zambia Bank Limited (IZB) is a Zambian commercial bank incorporated on 19 October 1984 as a bilateral joint venture between the Government of the Republic of Zambia (through the Industrial Development Corporation) and the Government of India (through Bank of India). The bank operates 40 branches across all 10 provinces of Zambia, complemented by an agency banking network (Indo Fast Serve), a national POS terminal estate, and a multi-channel digital platform built around the Indo NXT mobile app, Indo NXT Corporate Banking, Indo Wallet (USSD *232#), Indo EEZY digital onboarding, and VISA-branded contactless debit cards spanning Classic, Gold, Platinum, and Infinite tiers. Its technology stack is a conventional core-banking-plus-digital-channels architecture with biometric authentication, QR payments, and mobile money interoperability integrations, including a March 2026 strategic partnership with MTN MoMo Zambia.

IZB's revenue model is a diversified commercial banking franchise spanning net interest income on a K10.19 billion loan book, fee and commission income, deposit float from K21.47 billion in customer deposits, and trade finance and foreign exchange services. The customer base covers retail (Save Plus, Classic, Privilege, Tisunge, Tonse, and Salary accounts; Premier Banking for HNW with a K200,000 minimum), SMEs (SME current account, MSME loans, Indo Ka Sumfin up to ZMW 10,000, Indo Women Power Loan ZMW 500K-10M), and corporate/government (term loans, agro finance, dairy schemes, MoU-backed lending to parastatals including ZESCO and ZAFFICO). Pricing is tiered by account type and segment, with services recently revised effective March 2026.

As of December 2025, the bank reported total assets of K27.0 billion (30% growth), Profit Before Tax of K1.35 billion (up from K1.04 billion in 2024), Profit After Tax of K932.8 million, customer deposits of K21.47 billion, and declared a K160 million dividend. It holds an AA credit rating from Premier Credit Rating Agency and has been recognized with regional awards including Best Customer Service Organisation 2024 and the Governor's Award at the 2025 Financial Literacy Awards. The bank employs 501-1,000 staff, is led by Managing Director Brajesh Kumar Singh (appointed October 2024) and Board Chair Dr. Michael Gondwe, and is positioned as a financially inclusive, agriculture-focused commercial bank supporting Zambian economic development across retail, SME, agricultural, energy, and government sectors.

Name

Indo Zambia Bank

Legal name

Indo Zambia Bank Limited

Website

https://izb.co.zm

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Indo Zambia Bank is a Zambian commercial bank jointly owned by the Governments of Zambia and India, operating 40 branches nationwide. It serves retail, SME, corporate, and government clients with deposits, loans, agricultural finance, forex, and digital banking services.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Commercial banking services
• Retail banking products
• Agricultural finance lending
• Digital mobile banking
• Foreign exchange treasury

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Core revenue from lending activities including personal loans, home loans, vehicle loans, business loans, term loans, agro finance, and overdraft facilities. The bank generates interest income from its loan portfolio of K10.19 billion.
2. Fee and Commission Income: Account maintenance fees, transaction fees, service charges on various banking products, forex transaction fees, and digital banking transaction fees.
3. Deposit Taking: Interest-bearing and non-interest-bearing deposit accounts including savings accounts, current accounts, fixed deposits, and forex savings generating float income.
4. Trade Finance and Foreign Exchange: Foreign exchange services, letters of credit, bank guarantees, and international banking services for business customers.

Pricing tiers

Go-to-market motion3 records

Distribution channels9 records

Marketing channels7 records

Core offering

Indo Zambia Bank is a commercial bank providing deposit-taking, lending, payment, foreign exchange, trade finance, and insurance services to retail consumers, SMEs, corporates, and government clients across Zambia. Its offering spans personal savings accounts, salary accounts, current accounts, term and vehicle loans, MSME/agricultural/dairy financing, forex accounts, and digital channels including mobile banking, USSD, internet banking, agency banking, and VISA card products.

Product overview

Indo Zambia Bank (IZB) operates as a commercial bank in Zambia offering a comprehensive suite of financial products and services organized across personal banking, business banking, and specialized segments. The core digital banking platform consists of Indo NXT Mobile Banking (with USSD *232# access), Indo NXT Corporate Banking (internet-based platform), Indo Wallet Banking (digital wallet via USSD), and IZB Cards (contactless Visa debit cards across Classic, Gold, Platinum, and Infinite tiers). The bank also provides Indo EEZY for quick account opening and Indo Fast Serve for agency banking. Personal banking includes multiple savings accounts (Save Plus, Classic, Privilege, Tisunge, Tonse, Salary), credit products (Home Loan, Personal Loan, Vehicle Loan), and Bumi Fixed Deposit. Business banking offers current accounts (Privilege, Classic, SME), term loans, auto finance, agro finance, MSME loans, equity release, working capital finance, and specialized loans including Indo Ka Sumfin (up to ZMW 10,000 for micro-businesses) and Indo Women Power Loan (ZMW 500,000-10 million for women entrepreneurs). The bank also provides international banking services with forex accounts, insurance products (home, motor, devices, funeral), and agricultural schemes (Dairy Development, Dairy Production). The bank maintains 40 branches across Zambia's 10 provinces and serves as a joint venture between the Government of Zambia and Government of India.

Differentiator

Problem solved

Functional benefit

Brands

• Indo NXT Mobile Banking: Mobile banking application enabling customers to perform banking tasks from mobile/tab devices, accessible anytime and anywhere via USSD dial *232#.
• Indo NXT Corporate Banking
• IZB Indo Wallet Banking
• Indo Premier Banking
• Indo Fast Serve
• Indo Ka Sumfin Loan
• Indo Women Power Loan
• IZB Save Plus Account

Products and services

• Indo NXT Mobile Banking Mobile banking application enabling account access via smartphone/tablet with USSD fallback (*232#). Features include domestic/international remittances, bank-to-wallet transfers, QR payments, cardless withdrawals, bill payments, and biometric authentication. Available on Android and iOS.
• Indo NXT Corporate Banking Internet-based corporate banking platform for business account management with real-time account details, transaction monitoring, forex rates inquiry, electronic statement access, ZRA/NAPSA/NHIMA payments, debit card management, and bank to wallet transfers.
• Indo Wallet Banking Digital wallet accessible via USSD (*232#) and mobile app enabling funds transfers, bank-to-mobile money transfers, airtime/data purchases, and bill payments for ZESCO, DSTV, GOTV, TOPSTAR. Self-onboarding via USSD.
• IZB VISA Debit Cards Suite of contactless Visa debit cards including Classic, Gold, Platinum, and Infinite tiers with varying transaction limits and benefits such as travel discounts through Agoda.com, luxury hotel collections, buyer protection, and extended warranty. International acceptance.
• Indo EEZY Quick digital account opening solution accessible via mobile app with streamlined onboarding process for new and existing customers, no initial deposit required.
• Indo Fast Serve Agency Banking Agency banking network enabling cash withdrawals, deposits, balance enquiries, and school payments through authorized agents using mobile phones with OTP verification.
• Indo Premier Banking Premium banking suite with exclusive services including dedicated private banker, unlimited free ATM withdrawals, personalized VISA Infinite Debit Card, access to Indo Premier Banking Suite locations in Lusaka and Kitwe, overdraft facilities, and credit facilities. Minimum deposit K200,000.
• Save Plus Account Savings account designed for parents/guardians to save for children's future, offering attractive interest rates, IZB Contactless Visa Card, SMS alerts, and mobile/internet banking facilities.
• Classic Saving Account Interest-bearing savings account with IZB Contactless Visa Cards, internet and mobile banking, access to credit facilities such as home and vehicle loans, and e-services. Initial deposit K250, minimum K1000/month.
• Privilege Savings Account Higher-tier savings account with cheque book facility, free e-statement, access to credit facilities, attractive interest rates payable twice yearly. Initial deposit K500.
• Tisunge Savings Account Entry-level affordable savings account providing basic banking services with IZB Visa Contactless Debit Card, SMS alerts, free e-statements, no maintenance charges, and mobile banking. Initial deposit K100.
• Tonse Savings Account Starter savings account with IZB Visa Chip & Pin Debit Card, designed for customers to operate at minimum levels.
• Salary Account Interest-based account for salaried employees with tiered interest rates (4%-6% per annum), no minimum balance, access to IZB Visa debit cards, SMS alerts, hospital cash plan (K500/day for up to 10 days/year), funeral cover, and loan access. K50 monthly maintenance fee.
• Bumi Fixed Deposit Account Fixed deposit account paying interest upfront upon opening/placement of deposit with attractive interest rates.
• Privilege Current Account Premier business current account for individuals, businesses, parastatals, limited companies, trusts, and associations with internet banking, foreign exchange services, overdraft, bank guarantee, lease rentals discounting, asset financing, term loans, letters of credit, remittances, and investment in securities.
• Classic Current Account Standard business current account designed to support business banking needs with foreign exchange services, overdraft facilities, asset financing, and term loans.
• SME Current Account Current account specifically designed for small and medium scale enterprises with asset financing options.
• Indo Home Loan Mortgage financing for outright purchase of ready-made homes, home improvements including repairs, renovation, alteration, and extension of existing properties.
• Personal Loan Unsecured personal credit facility for purchasing furniture/equipment, meeting social obligations, and house repairs.
• Indo Vehicle Loan Financing for purchase of water vehicles including motorboats, sports boats, and other watercraft for personal use.
• MSME Loan Credit facility supporting micro, small, and medium enterprises as a cornerstone of economic development, aligning with the bank's mission to act as catalyst for Zambia's economic development.
• IZB Auto Finance Vehicle financing for purchase of brand new and second-hand utility vehicles with second-hand vehicle age not exceeding 5 years.
• IZB Agro Finance Agricultural financing products supporting food security and national development goals through tailor-made agro financing for farm business.
• Indo Vehicle Finance Business vehicle financing for brand new and second-hand utility vehicles with age limit of 5 years for second-hand vehicles.
• Equity Release Quick finance solution backed by immovable assets, unlocking funds against property holdings.
• Business Finance Specialized overdraft facility for quick working capital solutions backed by security.
• Working Capital Finance Overdraft facility improving working capital by unlocking funds in the supply chain and managing cash flows.
• Lease Rental Discounting Financing against future receivables from lease rentals.
• Indo Ka Sumfin Loan Working capital term loan for businesses up to ZMW 10,000 with flexible repayment options and no collateral requirement, promoting digital transactions.
• Indo Women Power Loan Tailored financing for women entrepreneurs with composite funding between ZMW 500,000 and ZMW 10 million, flexible repayment terms up to 18 months, and moratorium up to 18 months.
• Indo Dairy Development Scheme Financing scheme for smallholder farmers facilitating development of dairy farms through expansion financing.
• Indo Dairy Production Scheme Short-term financing for smallholder dairy farmers covering animal feeding and veterinary costs to maintain and increase milk production.
• Indo Green Asset Finance Scheme Green asset financing scheme supporting sustainable/environmentally-friendly assets with available products under the scheme.
• Forex Services Foreign exchange services including indicative forex rates for USD, ZAR, INR, GBP, EUR pairs, forex savings accounts in USD/Pound Sterling/South African Rand/Euro, and forex current accounts for business and individuals.
• International Banking and Foreign Business International banking facilities leveraging global presence of shareholding banks to facilitate foreign business operations.
• Forex Savings Account Savings accounts in US Dollar, Pound Sterling, South African Rand, Euro with optional cheque book facility and VISA Chip & Pin Debit Card for international use.
• Forex Current Account Business and individual current accounts in USD, GBP, ZAR, EUR with cheque book facility, free FCY cheque clearing within Zambia, and VISA Chip & Pin Debit Card for international transactions.
• Household Contents Insurance Insurance coverage for household contents including furniture and appliances (excluding laptops, phones, digital cameras, tablets, and mobile devices).
• House Owners Insurance Insurance for residential properties used for domestic purposes, excluding contents coverage.
• Smart Devices Insurance Insurance coverage for portable smart devices including laptops, mobile phones, tablets, and cameras.
• Private Motor Comprehensive Insurance Comprehensive insurance for small private vehicles excluding those used for hire and reward such as taxis or Yango business.
• Commercial Motor Comprehensive Insurance Comprehensive insurance for light trucks, trailers, agricultural and forestry vehicles excluding those used for hire and reward.
• IZB Smart Child Education Plan Savings/insurance plan designed to secure a child's future education with specific features and conditions.
• IZB Flexi Farewell Funeral Plan Funeral insurance plan providing financial protection for policyholder and dependents.

Quantifiable outcome

• Profit Before Tax grew from K1.04 billion (2024) to K1.35 billion (2025) - 30% increase
• +5 more outcomes

Named customers17 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• MTN MoMo ZambiacoreTechnology or Integration · 20 March 2026Strategic partnership enabling MTN MoMo customers to make seamless payments across all IZB POS terminals nationwide. The collaboration significantly increases accessibility of mobile money transactions and advances Zambia's cashless economy. Builds on existing relationship where IZB provides liquidity and float management support for MTN MoMo.
• ZESCO LimitedmajorStrategic or Co-development PartnerSigned K66.5 million facility agreement under Bank of Zambia's Stability and Resilience Facility (SRF) for green energy initiative in Chadiza. Part of bank's support for renewable energy and national grid expansion.
• ZAFFICO (Zambia Forestry and Forest Industries Corporation)majorStrategic or Co-development PartnerSigned K200 million funding agreement under Bank of Zambia's Stability and Resilience Facility for forestry and forest industries development.
• Zambia AirwaysminorGTM or Marketing PartnerMoU signed for exclusive flight discounts for Premier Banking customers across all routes. Partnership aims to enhance premier banking customer experience.
• Southern Cross MotorsminorStrategic or Co-development PartnerPartnership for motor vehicle financing to the general public through Isuzu and other vehicle brands. Extends Indo Vehicle Finance program to customers.
• Action Auto Zambia LimitedminorStrategic or Co-development PartnerStrategic partnership with authorized Isuzu vehicles dealer extending Indo Vehicle Finance program to the general public.
• The Hills Property DevelopmentminorStrategic or Co-development PartnerMoU signed to revolutionise homeownership opportunities in Zambia by providing financing for prospective home buyers in The Hills Property Development projects.
• Dairy Association of Zambia (DAZ)minorStrategic or Co-development PartnerMoU signed for provision of loan facilities to DAZ members, supporting dairy farming development in Zambia.
• FrontclearminorStrategic or Co-development PartnerAgreement signed enabling the bank to participate in Money Markets, recognizing that money markets are central to functioning of financial systems.
• National Arts Council of ZambiaminorGTM or Marketing PartnerPartnership for IZB@40: CREATIVITY UNLEASHED social media competition to celebrate the bank's 40th anniversary.

Scale indicators23 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Standard Chartered Bank Zambia: International universal bank operating in Zambia with strong corporate, trade finance and FX capabilities — overlapping with IZB's forex, trade finance and premier banking offerings, though skewed to higher-end corporate and HNW clients.
• First National Bank (FNB) Zambia: Part of FirstRand Group, FNB Zambia offers retail, SME and corporate banking with a strong digital-first proposition. Directly comparable to IZB in retail and SME segments, often more advanced on app-led banking.
• Stanbic Bank Zambia: Subsidiary of Standard Bank Group offering full-service commercial, retail, corporate and agricultural banking across Zambia. Directly comparable in product breadth, digital platform maturity, and corporate-banking strength.
• Zanaco (Zambia National Commercial Bank): Zambia's largest domestically owned commercial bank, offering similar retail deposits, SME and corporate banking, agricultural lending and digital channels. Most directly comparable domestic peer in scale and product mix to IZB.
• Atlas Mara / Cavmont Bank: Zambian commercial bank focused on retail, SME and corporate banking. Smaller in scale but directly comparable to IZB in domestic product offering, branch footprint and target segments.
• Absa Bank Zambia: Universal bank (formerly Barclays) providing retail, business, corporate and digital banking in Zambia. Comparable to IZB across deposits, lending, cards, and digital channels, with stronger international backing.

Regional players

• Ecobank Zambia: Subsidiary of the Ecobank Group (pan-African) offering universal banking in Zambia. Overlaps with IZB on deposits, lending, FX and trade finance, with stronger regional integration.
• United Bank for Africa (UBA) Zambia: Pan-African banking group with Zambian subsidiary offering retail, corporate and trade finance. Comparable in product mix but with a broader African footprint than IZB's Zambia-only presence.
• Access Bank Zambia: Subsidiary of Access Holdings (Nigeria-headquartered), operating in Zambia with retail, SME and corporate banking. Comparable product set, with stronger African cross-border capabilities than IZB.

Broad incumbents

• Bank of Baroda Zambia: Indian state-owned bank with a Zambian subsidiary. Provides a direct institutional comparison to IZB given the similar Indian-government heritage, expatriate management model, and shared product DNA, though typically smaller in Zambian retail footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/indo-zambia-bank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indo Zambia Bank