Zanaco extends over $60m credit
OVER US$60 million worth of credit facilities have been extended to large corporates by Zanaco bank plc over the years, as it scoops the best trade finance provider in Zambia.
In addition, the bank had provided US$7 million to Small and Medium Enterprises (SMEs), and was a partner in trade financing to 54 cooperates and 25 SME businesses.
Zanaco has continued to be recognised on the global front as demonstrated by the ‘Best Trade Finance Provider in Zambia for the year 2022 Awards,’ according to the institutions Chief Executive Officer, Mukwandi Chibesakunda.
Ms Chibesakunda indicated that the bank was a two time recipient of this award having won the award for 2020.
“We are pleased to be recognised once again as the best trade finance provider for the second time. This award solidifies our aspirations of becoming a top transactional bank
by 2025 and affirms our commitment to growing businesses through the various trade finance solutions that we offer.
“The development also demonstrates Zanaco’ s preparedness in facilitating cross-border payments in the wake of the African Continental Free Trade Area (AfCFTA) that seeks to accelerate intra-African Trade by ensuring the free movement of goods, services and people on the continent,” he said.
Commenting on the award, Global Finance publisher and editorial director Joseph Giarraputo said the trade finance sector continues to be hit hard by the fallout from the Covid-19 pandemic, and providers are still adapting to the challenges it presents.
Mr Gupta said the winners of the annual trade finance awards are institutions that have best responded to these challenges and have served their clients most successfully.
Zanaco Plc was among the financial institutions in 102 countries that have been awarded by international financial publisher, Global Finance, for being instrumental in trade finance.
The editorial review board of Global Finance selected the best trade finance providers based on entries from banks and other providers, as well as input from industry analysts, corporate executives and technology experts.