Zambia Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in zambia, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Methods of Payment

Credit is the most common method of payment used for Zambian imports. In general, Zambian companies find it difficult to finance their own imports and seek credit arrangements, but businesses that offer to export on credit should carefully check the bona fides and finances of Zambian companies before doing so. Delinquent payments, especially from government ministries or government parastatal companies to suppliers, are a common problem in Zambia. Requiring cash-in-advance payments is advisable, especially when dealing with small companies. 

Visa and MasterCard are widely accepted in most hotels, major restaurants, travel agencies, and stores. Most banks have automated teller machines (ATM) that accept Visa and MasterCard, and to a considerably lesser extent American Express. For more information about the methods of payment or trade finance options, please read the Trade Finance Guide. 

Banking System

Zambia’s commercial banking sector is comprised of 19 international and local banks. All banks operating in Zambia must incorporate locally. As a result, there are no local retail branches of foreign (including U.S.) banks or financial institutions. Citibank Zambia Limited, a wholly owned subsidiary of Citicorp NY, provides correspondent banking services in Zambia. The banking sector is supervised by the Bank of Zambia (BoZ), which reports to the Ministry of Finance. The sector is governed by the Banking and Financial Services Act of 1994. 

For more information on the banking system please read the section Capital Markets and Portfolio Investment of the Investment Climate Statement.

Foreign Exchange Controls

Bank accounts may be held in local or foreign currency, and funds are easily transferred out of the country or held offshore. Amounts over $5,000, carried in or out in cash or travelers’ checks, must be declared. Commercial banks and bureau de change operators restrict issuance of over-the-counter cash to $5,000 per transaction.

U.S. Banks and Local Correspondent Banks:  

Zambia has one U.S.-owned bank, with locations in Lusaka and Ndola: 

Citibank Zambia Limited | Lusaka
Citibank House
Stand 4646, Corner Chikwa/Nasser Road
Addis Ababa Roundabout
Lusaka, Zambia
Tel: +260 211 444 492 | +260 211 444 493
Fax: +260 211 258 911
citiservice.zambia@citi.com

Citibank | Ndola
Atlas Copco Building, Industrial Area 
Zambia Way 
Ndola, Zambia
Tel: +260 212 651434 | +260 212 651436
Fax: +260 212 651 43

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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