Zambia Industrial Commercial Bank

What Zambia Industrial Commercial Bank does

Zambia Industrial Commercial Bank Limited (ZICB) is a privately held, wholly Zambian-owned commercial bank incorporated on 31 August 2017 and operational since 1 August 2018. The bank is anchored by two major Zambian institutional shareholders — National Pension Scheme Authority (NAPSA) holding 64.27% and Industrial Development Corporation (IDC) holding 30.21%, with the Workers Compensation Fund Control Board (WCFCB) at 4.74% — giving it strong government-linked capital backing and a stated mandate to support industrial and commercial activity in Zambia. ZICB operates a digital-first banking model combined with physical branch infrastructure, currently running 22 branches across 6 of Zambia's 10 provinces with stated plans to expand to the remaining four provinces.

ZICB's product portfolio spans three customer segments: Personal (Easy Kwacha, Nkwazi Gold, Mukula Platinum current accounts; Cool Save, Personal Savings, Village Banking savings; Fixed Deposits; Personal Loans), Business/SME (SME Current Account, Fixed Term Loans, Operating Capital Finance, Overdrafts, Employee Scheme Loans, Call Accounts, Cash Management, Forex, Trade Finance), and Corporate/Commercial (Corporate Current Accounts including Agribusiness and NGO variants, Corporate Financing, Treasury Bills, Government Bonds, Primary/Secondary Market access, CSD Accounts). Its digital channel ecosystem includes the BankOn ZICB mobile app (iOS and Android), USSD, Retail and Corporate Internet Banking, SmartPay merchant payments, ZICB Wallet, and specialized e-services for statutory payments (eTax, iCARE/eNapsa, eNhima, eWorkers). Technology integrations include Mastercard (debit card issuance), SWIFT (international wire transfers), Mobile Network Operators (USSD and mobile banking), and payment aggregators.

ZICB's revenue model is built on standard commercial banking mechanics: net interest income from lending products (personal loans, SME and corporate term loans, overdrafts, operating capital finance) and fee/commission income from transactional accounts, digital channel services, trade finance, forex, cash management, and treasury operations. Distribution is hybrid — digital self-serve channels for retail and SME, direct sales coverage for corporate and commercial accounts, channel partnerships (agents, MNOs, payment aggregators, ZAMPOST), and a 22-branch physical network. Marketing leverages digital platforms, social media (YouTube, Facebook, LinkedIn), trade fair participation, and community/cultural sponsorships. No public revenue or financial data is disclosed, and no external funding rounds, acquisitions, or IPO activity are noted.

Name

Zambia Industrial Commercial Bank

Legal name

Zambia Industrial Commercial Bank Limited

Website

https://zicb.co.zm

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Zambia Industrial Commercial Bank (ZICB) is a wholly Zambian-owned, digital-first commercial bank operating 22 branches across 6 of Zambia's 10 provinces, serving Personal, SME, and Corporate customers with current accounts, savings, lending, treasury, trade finance, and digital banking services.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

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

SIC

National Commercial Banks (6021)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), SME Cash Management & Payments (Merchant, ACH/Wires, Payroll) (FSABABAD), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Customer Experience & Engagement (CRM, Support, Rewards, Loyalty) (FSAGAAAM)

Keywords

• Commercial banking services
• Corporate banking
• Retail banking
• Trade finance
• Digital banking

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices2 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. Personal Banking Services: Transactional accounts (Easy Kwacha, Nkwazi Gold, Mukula Platinum), savings accounts (Cool Save, Personal Savings, Village Banking), fixed deposits, and personal loans
2. Business/SME Banking Services: SME Current Accounts, Fixed Term Loans, Operating Capital Finance, Overdrafts, Employee Scheme Loans, Call Accounts, Cash Management, Forex, Trade Finance services
3. Corporate/Commercial Banking Services: Corporate Current Accounts including Agribusiness and NGO accounts, corporate financing products, treasury products (T-Bills, Government Bonds), CSD accounts, investment products
4. Digital Channel Services: Fees debited from billing accounts for digital banking services including mobile app, USSD, internet banking, and POS services as per tariff guide

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Zambia Industrial Commercial Bank (ZICB) provides a full suite of commercial banking services spanning personal, SME, and corporate segments. Offerings include transactional current accounts (Easy Kwacha, Nkwazi Gold, Mukula Platinum for personal; SME Current Account; Corporate Current Accounts including Agribusiness and NGO variants), savings accounts (Cool Save, Personal Savings, Village Banking), fixed deposit accounts, personal and business loans, trade finance, forex, treasury products (T-Bills, Government Bonds), CSD accounts, and cash management. Banking is delivered through 22 physical branches and a digital ecosystem comprising the BankOn ZICB mobile app, USSD, Retail and Corporate Internet Banking, SmartPay, eTax, iCARE/eNapsa, eNhima, and eWorkers.

Product overview

Zambia Industrial Commercial Bank (ZICB) operates as a digital-first commercial bank offering a comprehensive portfolio of banking products across Personal, Business (SME), and Corporate segments. The bank provides transactional accounts (Easy Kwacha, Nkwazi Gold, Mukula Platinum for personal; SME Current Account for business; Corporate Current Accounts including Agribusiness and NGO variants for corporate), savings products (Cool Save, Personal Savings, Village Banking accounts), fixed deposit/investment accounts, and diverse lending solutions (Personal Loans, Fixed Term Loans, Operating Capital Finance, Overdrafts, Employee Scheme Loans). For corporate and business clients, ZICB offers specialized services including Cash Management, Forex, Trade Finance, Treasury Bills, Government Bonds, Primary/Secondary Market access, and CSD Account services. The bank's digital banking ecosystem comprises Internet Banking (Retail and Corporate variants), Mobile Banking App, SmartPay merchant payments, and specialized e-services including eTax (tax payments), eNapsa/iCARE (pension services), eNhima (insurance), and eWorkers. This multi-channel, multi-segment architecture positions ZICB as a full-service commercial bank with particular focus on industrial and commercial sector support.

Differentiator

Problem solved

Functional benefit

Brands

• BankOn ZICB App: Mobile banking application for iOS and Android devices

Products and services

• Easy Kwacha Account A personal current account offering basic transactional banking services for everyday banking needs, targeted at individual customers.
• Nkwazi Gold Account A premium personal current account with enhanced features and benefits targeting individual customers seeking premium banking services.
• Mukula Platinum Account Premium-tier personal current account offering the highest tier of benefits and services for individual customers.
• Cool Save Account A personal savings account designed to help individual customers accumulate funds for future needs.
• ZICB Personal Savings Account A personal savings account offering interest on deposits and flexible access to funds for individual customers.
• Village Banking Account A group savings account designed for community-based savings groups and village banking arrangements.
• Personal Fixed Deposit Account An investment account offering fixed-term deposits with competitive interest rates for personal customers.
• Personal Loan Credit facilities for personal financial needs including home improvements, education, and other personal expenses.
• SME Current Account A business current account designed for small and medium enterprises to manage their transactional banking needs.
• Business Fixed Term Loan Business financing with fixed repayment terms for capital investments and long-term business needs of SMEs.
• Operating Capital Finance Working capital financing to support business operations and short-term liquidity needs for SMEs.
• Business Overdrafts Short-term credit facilities allowing businesses to overdraw up to an approved limit for cash flow management.
• Employee Scheme Loans Credit products designed for employer-sponsored employee lending schemes.
• Business Call Account A flexible deposit account allowing businesses to earn interest on excess cash with varying access terms.
• Business Fixed Deposit Account Fixed-term deposit account offering competitive interest rates for business customers seeking to earn on surplus cash.
• Cash Management Digital solutions for corporate and business clients to collect and manage the movement of bulk cash using digital channels and correspondent banking network.
• Forex Services Foreign exchange services enabling businesses to manage currency exposure and conduct international transactions.
• Trade Finance Financial products and services facilitating international trade including letters of credit, documentary collections, and supply chain financing.
• Corporate Current Account A current account for corporate entities to manage daily banking transactions and operations.
• Agribusiness Corporate Current Account A specialized current account tailored for agribusinesses and agricultural enterprises.
• NGO Corporate Account A current account designed for non-governmental organizations with features suitable for the NGO sector.
• Corporate Fixed Term Loan Long-term fixed repayment financing for corporate capital investments and major projects.
• Corporate Operating Capital Finance Working capital solutions for corporate entities to support business operations and liquidity.
• Corporate Overdrafts Short-term credit lines for corporate customers to manage cash flow fluctuations.
• Corporate Employee Scheme Loans Credit facilities structured for corporate employee benefit programs.
• Corporate Call Account A flexible corporate deposit account with interest earnings and variable access.
• Corporate Fixed Deposit Account Fixed-term deposit account for corporate customers seeking to earn interest on surplus cash.
• Treasury Bills (T-Bills) Government securities available for corporate investment with short-term maturities.
• Government Bonds Long-term government debt securities for corporate investment portfolios.
• Primary Market Access Access to primary market securities offerings and initial issuances for corporate clients.
• Secondary Market Access Trading platform for secondary market securities transactions for corporate clients.
• CSD Account (Central Securities Depository) Central Securities Depository account for holding and managing securities electronically for corporate clients.
• Internet Banking (Retail and Corporate) Online banking platform for both retail and corporate customers to access accounts, transfer funds, pay bills, and manage finances via web browser, available as Retail Internet Banking and Corporate Internet Banking variants.
• BankOn ZICB Mobile Banking App Smartphone application for Android and iOS enabling banking services anytime, anywhere, available on Google Play Store and Apple App Store.
• SmartPay Digital payment solution enabling merchant payments and online transactions, accessed via epayments.zicb.co.zm.
• eTax Digital tax payment and management service allowing taxpayers to fulfill tax obligations electronically.
• iCARE / eNapsa Electronic pension-related services enabling NAPSA pension contributions and inquiries through digital channels.
• eNhima Digital insurance services channel for policy management and claims processing.
• eWorkers Digital channel for worker-related financial services and payments, including Workers Compensation Fund Control Board interactions.

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• ZAMPOSTminorStrategic or Co-development PartnerZICB has a strengthening partnership with ZAMPOST (Zambia Postal Services). CEO Ngenda Nyambe hosted Acting Postmaster General Mrs. Lydia Simakando Lubobya to discuss collaboration.
• Mobile Network Operators (MNOs)coreTechnology or IntegrationZICB has partnerships with Mobile Network Operators to deliver mobile banking services including USSD and mobile app-based banking.
• Payment AggregatorscoreTechnology or IntegrationZICB partners with payment aggregators to extend digital payment acceptance and processing capabilities.

Scale indicators3 records

Recent moves6 records

Expansion highlights10 records

Direct peers

• Standard Chartered Bank Zambia: International bank with strong corporate, trade finance, and FX capabilities in Zambia. Directly comparable to ZICB's corporate/commercial segment, particularly around cross-border payments and large-ticket financing.
• Stanbic Bank Zambia: Major Zambian commercial bank (part of Standard Bank Group) with full corporate, SME, personal, and investment banking capabilities including trade finance and treasury — directly competing with ZICB for corporate and SME wallet share.
• Ecobank Zambia: Pan-African commercial bank with presence in Zambia offering personal, SME, and corporate banking plus trade finance and digital channels. Direct competitor in the SME and corporate segments, particularly for cross-border trade.
• Absa Bank Zambia (formerly Barclays): Pan-African banking group with full retail, SME, and corporate offerings in Zambia. Direct peer competing for personal current accounts, SME lending, and digital banking customers.
• First National Bank Zambia (FNB): South African banking group subsidiary operating in Zambia with personal, business, and corporate banking plus a strong digital/app proposition. Direct peer competing for digital-first retail and SME customers.
• United Bank for Africa (UBA) Zambia: Pan-African commercial bank operating in Zambia with retail, SME, and corporate offerings; competes directly with ZICB on digital banking, SME accounts, and cross-border payments within the region.
• First Capital Bank Zambia (formerly FINBank): Zambian commercial bank offering personal, SME, and corporate banking services. Comparable mid-sized peer competing in the same retail, SME, and corporate customer segments.
• Indo-Zambia Bank (IZB): Mid-tier Zambian commercial bank offering personal, SME, and corporate banking products. Comparable in scale and segment focus to ZICB and competing for the same domestic SME and corporate customers.
• Atlas Mara Limited / BancABC Zambia: Regional commercial bank (part of Atlas Mara) operating in Zambia with retail and corporate banking, including trade finance and digital channels. Direct peer in SME, corporate, and digital banking segments.
• Zambia National Commercial Bank (ZANACO): One of the largest Zambian commercial banks, offering current accounts, SME lending, corporate banking, trade finance, and digital channels. Most direct head-to-head competitor to ZICB in the domestic SME and corporate segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@ZICB_Zambia
• Facebookfacebook.com/ZambiaIndustrialCommercialBank
• LinkedInlinkedin.com/company/zambia-industrial-commercial-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Zambia Industrial Commercial Bank