Opening a bank account online in Zambia is quick and easy. There is a variety of accounts you can open online including savings accounts, fixed deposit accounts, interest-checking accounts, student accounts, certificates of deposit, and checking accounts. The following are steps on how to open a bank account online in Zambia.
- 1 Choose a Bank of your Choice
- 2 Search for the Bank of your Choice Online
- 3 Choose the Type of Account you want
- 4 Fill in your Details
- 5 Wait for Approval
- 6 Deposit Money
- 7 Requirements for Opening a Bank Account Online in Zambia
- 8 How to Open a Foreign Currency Account Online in Zambia
- 9 Final Thoughts on Open a Bank Account Online in Zambia
Choose a Bank of your Choice
There are several banks in Zambia with which you can open a bank account online. All you need to do is conduct some research before choosing a bank that suits your banking needs. Banks to choose from include Indo Zambian Bank, First National Bank, Absa, Stanbic Bank Zambia, and Standard Chartered Bank.
Indo Zambia Bank (IZB Online)
The types of accounts you can open with Indo Bank are savings accounts (IZB Save Plus Account, IZB Privilege Savings, IZB Classic Savings, Tonse Savings, and Tisunge Savings), Fixed Deposit (IZB Kwacha Term Deposit Accounts), and Current Accounts (IZB Privilege Current Account, IZB SME Current, and IZB Classic Current Account).
Indo Zambia Bank Account Opening Online
It is possible to open IZB account online. You simply need to download IZB retail banking app and register as a new customer. IZB app is available for Android and iOS.
First National Bank (FNB)
It is not difficult to open FNB account online in Zambia. The First National Bank Zambia offers several types of accounts. The best personal banking and savings accounts available include the Copper Account, Smart Account, and Future Account. FNB Business Accounts include Business Cheque Account and the FNB Easy Account. On the other hand, FNB Investment accounts include Call Deposit Accounts and Fixed Deposit Accounts.
How to Open FNB Account in Zambia Online
Although it is possible to open FNB account online in Zambia, you can only do that for your second account. To open your first account, you must visit FNB branch. Once your first account is open, then you can open your second FNB account in Zambia online.
Zambia National Commercial (Zanaco) Bank is one of the most popular banks in Zambia. Unfortunately, at the moment it is not possible to open Zanaco account online.
Absa Bank Zambia, formerly Barclays Zambia, offers several types of accounts including Premier Current Accounts (Ultimate Plus Account, Ignition Account, Premier Bonus Savings Account, Ultimate Account, Premier Plus Current Account, Prestige Current Account, and Prestige Plus Current Account), and Business Accounts (Business Current Account).
Stanbic Bank offers several account types including Personal Accounts (Achiever Account, Executive Account, Hippo Account, PureSave Account, and Fixed Deposit Accounts) and Business Accounts (Business Current Accounts and Business Call Accounts).
How to Open Stanbic Bank Account Online
At the moment, it is not yet possible to open Stanbic online account for a totally new account unless it is an additional account. Therefore, to open your first account before you can be able to open FNB accounts online, you will have to visit your nearest Stanbic bank branch. You will need the following.
- Copy of ID (NRC), valid driving licence or passport. (attached work permit if foreign national)
- A passport size photo
- TPIN certificate copy or number
- Reference Letter from the employer stating your full names, residential address and ID number
Standard Chartered Bank
The Standard Chartered Bank Zambia allows you to open several types of accounts with them. These include Current Accounts (Foreign Currency Accounts, Smart Banking Current Account), Fixed Deposits (Fixed Deposit Account), and Savings Accounts (Diva Club Savings Account, Global Account, Marathon Savings Account, and Junior Millionaire Savings Account).
How to Open Standard Chartered Bank Online in Zambia
You can open a current or savings account using Standard Chartered app (Stanchart app) on Playstore or App Store). You will be require to take a selfie, capture your NRC (National Registration Card), upload your TPIN Certificate and utility bill or proof of residence. Once completed, your bank account will be opened immediately and debit card delivered within 48hrs to 72hrs.
Search for the Bank of your Choice Online
After conducting your research and making a choice, go to the bank’s official website and get started with the application.
Choose the Type of Account you want
After choosing a bank of your choice, you will be prompted with more account options to choose from (personal, business, and corporate accounts). Select your preferred account type and proceed to open your account.
Fill in your Details
You will need to enter your details on the form that pops up after choosing the type of account you want to open. You will need to provide details such as personal address, email, phone number, and upload copies of your identity documents.
Wait for Approval
Online bank account opening requires manual approval by Bank personnel. You will receive a call within 24 hours confirming your application success.
Following the successful opening of your account, you will be required to make your initial deposit on any branch near you or ATM to activate your bank account.
Requirements for Opening a Bank Account Online in Zambia
The requirements and steps followed when opening an account with any bank in Zambia depend on the type of account you intend to open. Business accounts have different procedures from personal accounts. The following are the basic requirements to open any account in Zambia:
- Must be 18 years and above. Account holders are required to provide a green national registration card. Those without can only apply through a relative or guardian who will open the account on their behalf.
- Identification Documents such as a Green National Registration Card (NRC), Driver’s License, Visa, or Passport. The NRC will help to prove your real identity. Non-Zambian residents will need to provide a travelling passport or foreign identity card.
- Work Permit or School Letter
- Two Passport Size Photos. These passport sized photos are needed for Bank profiling and they must be current.
- Proof of Address and Location. You will also need to provide a location, plot number, street name, and post address.
- Opening Account Balance. Every new bank account holder must pay a certain amount of money into their account to activate it. The deposit amount depends on the account type.
If you want to open a company bank account in Zambia (business bank account), you will need to provide your company’s profile, PACRA documents, ZRA Tax forms, identification documents for company owners, and your Company’s current address confirmation.
How to Open a Foreign Currency Account Online in Zambia
Foreign currency accounts protect you from unstable local currency and also facilitates international financial dealings at low conversion rates. Some Zambian banks such as the Indo-Zambian Bank, UBA Bank, Zambia National Commercial Bank, Absa Bank, First National Bank, AB Bank, and the Cavmont Bank offer foreign currency accounts. Foreign currency accounts are available in USD, EUR, GBP, or ZAR. With foreign currency accounts, you receive free e-Statements daily, weekly, or monthly depending on your preference. You can also open a fixed deposit account in foreign currency.
Requirements for Opening a Foreign Currency Account Online in Zambia
Some of the requirements for opening foreign currency accounts depending on the bank include the following:
- Application Letter
- A National Registration Card
- Tax Payer Identification Number (TPIN)
- Valid Driver’s License or valid passport
- Passport size photographs (two)
- Letter of Employment or Letter of Recommendation
- Proof of Address
- Residence Permit
- Visa (for non-Zambians)
Final Thoughts on Open a Bank Account Online in Zambia
Opening a bank account online in Zambia is straightforward and it takes little time if you have the necessary documents ready. You can choose to open your account online through the bank’s online platform or by downloading and installing the bank’s mobile banking app. Depending on your financial need, there is an account for just anything in Zambia.