12 °c
London
Monday, May 16, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Banking

Zambia’s ZANACO posts 100% dividend increase

Staff by Staff
June 26, 2020
in Banking, Capital Markets, Finance, Press Release, Report, Zambia
Reading Time: 2 mins read
976 62
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Over the last three years, the Zambian National Commercial Bank (ZANACO) has recorded a continued positive growth. According to the press release and virtual media briefing hosted on June 25th 2020 at the ZANACO innovation lab, ZANACO managed to post a respectable profit because of the measures taken to expand the product offering which resulted in an 11% year on year (YoY) growth in revenue and all this was despite the current weak macroeconomic fundamentals. A 100% dividend increase was declared and a dividend of K75M was stated representing a year on year (YoY) growth of over 100% and a profit after tax of K200M.

Technological developments and digitalization of the bank were some of the milestones that were achieved by the bank with the launch of the ZeeWallet product making headlines. ZANACO’s ZeeWallet is a mobile solution that allows customers to access banking services through their mobile phones and this product was launched in 2019.

As the first bank to have obtained the ISO27001 Certification – an international standard that recognizes the effective management of the security of information risks, ZANACO is keen on ensuring that it adequately supports the growth of its customers, the communities it operates in and most of all the country as a whole. ZANACO is on a journey about delivering the future of banking today and that means being smarter, leaner, and more efficient.

Also read: Zambia approves US$438M economic stimulus package

After recording excellent performance in 2019, the prognosis for the performance of ZANACO bank in 2020 in light of the COVID-19 looks good, as the first quarter(Q1) of the year was strong despite an economic slowdown. The impact that COVID-19 has had on the bank itself and how it carries out its business has been minimal because the bank has been pursuing its digital transformation strategy the last three years; pushing more customers on a noncash transaction strategy thus the pandemic helped it and it is expected that within a year, they will be in the range of what they had initially planned.

There has also been an increase in transactions via digital platforms during the COVID-19 pandemic in the second quarter(Q2). Cashless solutions like ZANACO Xpress and XAPAY – which is a relatively new technology on the market – launched by ZANACO as well, have seen an uptrend in some daily businesses like bus drivers and marketeers using it and there has been tremendous growth in the usage of digital transactions by the Zambians. Furthermore, ZANACO has been very proactive during the pandemic and has helped its clients with where loan restructuring is necessary.

The words “Big, Strong and Reliable” are indeed a true reference to the Zambian financial institution. Achievements mentioned above and much more have named ZANACO as the best bank in Zambia in 2020 according to Global Finance. Furthermore, as one of the top-performing banks in the country, ZANACO bank has continued to strengthen its proposition for quality savings and current account deposits. Mr Mulder, the CEO of ZANACO, stated in a comment that the future outlook of the bank is focused on being the most efficient and financially sustainable top transactional financial institution by 2025 with a focus on driving transactions through the use of digital platforms and provision of the best in value customer service proposition.

Source: Financial Insight Zambia

Related

Tags: African banking marketBankingdividendsfinancial growthFinancial ResultsISO27001shareholdersZambiaZambia's ZANACO posts 100% dividend increaseZambian National Commercial BankZANACOZeeWalletзамбияزامبياザンビア赞比亚
ScanSendShare415Tweet260Share73Pin93Send
Staff

Staff

Related Posts

Business

Africa GreenCo receives US$15.5M to expand its operations

by TechGist Africa
May 14, 2022
Nigeria needs currency reform for US$1.5B World Bank loan, country director says
Economy

World Bank committed to Mozambique budget support

by Emmanuel Chilamphuma
May 11, 2022
Banking

Afreximbank “Best Multilateral Bank” at Trade Finance Global awards 2022

by FurtherAfrica
May 11, 2022
Agriculture

5000 Zambian farmers benefit from climate smart agriculture

by Farmers Review Africa
May 10, 2022
Economy

Zambia finance minister says IMF programme needed for orderly debt restructuring

by FurtherAfrica
May 10, 2022
Great Limpopo Transfrontier Park
 
AFSIC 2022
 
MozParks

Translate this page

Read the Latest

Agriculture

Swiss company sets up US$27M medicinal cannabis farm in Zimbabwe

by Farmers Review Africa
May 16, 2022
0

Zimbabwe’s President Emmerson Mnangagwa has commissioned a US$27 million Swiss Bioceuticals Limited Medicinal Cannabis Farm and Processing Plant in Mount...

Read more

6 African startups at WEF’s top 100 global tech pioneers

May 16, 2022

Ghana to increase coffee production by 300% to ramp up exports

May 16, 2022

MRG applies for rare earth and uranium exploration in Mozambique

May 16, 2022
BP production in Angola is in decline since 2017

SOMOIL’s defies predictions and contributes to Angola’s oil growth

May 16, 2022

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
 

Loading Comments...