Four (4) years after launching a Corporate and investment Banking (CIB) unit in Zambia, First National Bank Zambia’s (FNBZ) Head of Corporate and Investment Banking, Mrs. Kapumpe Kaunda reflects upon the unit’s steady contribution to Zambia’s business financing activities.
Supporting the Zambian Central Bank’s efforts to develop a cash light economy and promote financial inclusion, FNBZ CIB successfully introduced Point of Sale
(POS) at key fuel forecourts which subsequently maximised revenue generation for their oil marketing clients (OMC). This market breakthrough earned the Bank the Visa Warrior award in recognition of developing new merchant categories.
Innovative structures provided from FNBZ CIB have further supported the management of business relationships between large suppliers and the key procurement agencies in the national oil eco-system. During this period, CIB has now become a lead banker for the industry, cementing business relationships with three of the top four OMCs in Zambia.
Benefitting from its affiliation to Rand Merchant Bank (RMB), also part of the First Rand Group and Africa’s leading corporate and investment Bank, FNBZ CIB were the initial financiers to a large edible oil plant in the Northern region of Zambia. The successful commissioning of the plant led to the creation of job opportunities in Ndola, supporting the resurgence of the once-highly industrialised city.
This cross pollination of ideas between the group’s affiliations further enabled FNB CIB to coordinate a financing facility of some K900 million to a leading telecommunications player in the market.
“Challenges in the local economy over the past few years have required us to be creative and nimble in seeking opportunities to provide banking solutions and responsive service to existing corporates and new entrants in the market such as retail providers which the bank successfully targeted and won,” adds Mrs Kaunda.
FNB Zambia is now the 7th largest bank by Balance sheet in Zambia, is 5th in terms of total assets, and 5th in terms of loans and advances as at 31st December 2018 It is fully capitalized in compliance with the Bank of Zambia’s minimum capital requirements and its total invested capital to date in Zambia amounts to USD114.5 million (K1.4 billion).
“I believe that FNB CIB’s ability to bank clients and facilitate trade across the ecosystem of bank’s affiliates will continue to generate growth in other segments of the economy. This will ultimately support the Zambian Government’s development and strategic priorities, intended to transform and contribute to the growth of private and public sector to the benefit of Zambians,” she concludes.