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Bank Governance

The Board of Directors retains full and effective control of the bank and monitors the Executive Management Team. The Board is also responsible for direction, policies and strategies and all investment and divestment decisions. It also ensures that the bank meets its responsibilities towards all its stakeholders and that the bank is prudently managed against the major risks inherent in business and banking......

Patrick Wanjelani

Board Chairman

Mr. Wanjelani is the Chief Executive Officer of Newgen Holdings Limited, a financial consultancy, risk management and construction company. Mr. Wanjelani has extensive experience in Banking, Auditing and Finance accumulated over 30 years. He also has considerable experience in Organisational Change and Transformation, Finance and Financial Planning and Corporate Governance. Mr. Wanjelani is currently the Board Chairman for Kenya Reinsurance Zambia Limited and is a director of Kumil Energy Limited and Newgen Construction Limited. He is a non-executive director of the Center for Infectious Disease Research (CIDRZ) Board and Blue Light Risk Management Limited. He has held positions of Head of Assets Liability Management (ALM) at Barclays Africa Group Treasury in Johannesburg South Africa and Chief Financial Officer and Executive Director at Barclays Bank Zambia Plc. He has also been Board Chairman of the Rural Electrification Authority (REA) and a Board Member of ZESCO Limited, Real Estate Investments Zambia Plc (REIZ) and the Lusaka Water Supply & Sanitation Company, where he was Chairman of the Audit Committee. Mr. Wanjelani has also held a position of Technical Advisor on the International Federation of Accountants Ethics Committee based in the United States of America. Mr. Wanjelani is a Fellow of the Association of Chartered and Certified Accountants (FCCA) and the Zambia Institute of Certified Accountants (FZICA). He holds an MBA from Oxford Brookes University, UK, and has a Diploma in Business Administration from West London College and Professional Accounting Diploma from Thames Valley University, Berkshire, UK. He has also trained in Leadership for the Cutting Edge from GIBS University, South Africa

Regina Mulenga

Vice Board Chairman

Regina is a seasoned banker with more than 28 years’ experience in global financial institutions such as Barclays Bank, Citi bank, HSBC and Standard Chartered Bank.

Her diverse experience and expertise in banking include Strategic business transformation, Credit Risk Management, Transactional banking, Corporate finance, Operational process and Risk management, Regulatory and Governance management.

Regina’s wide work experience has given her the opportunity to provide strategic thought leadership in the establishment of viable inclusive financial services for SMEs, development of Trade Finance solutions and products, establishment of bank operational processes and system efficiencies among other achievements. In her last role as Consumer and Business Banking Director at Barclays Bank Zambia PLC she was responsible for leading and establishing the strategic direction for one of the largest consumer and business banking businesses in the Zambian banking industry.

Regina was appointed as Zanaco Board Member in March 2021.  She currently also serves as a member on the Bank of Zambia - Kwacha Pension Trust Fund’s Board of Trustees and board member on the National Advisory Board for Impact Investment where she earlier served as Co-ordinator for the establishment of the Advisory Board in Zambia.

In the past, she has served as Board member and Vice-Chairperson at the National Institute for Scientific & Industrial Research  (NISIR) and Microfinance Zambia Limited and as  a board committee member on the ZSIC Life Finance and Investment Board Committee.

Regina is a graduate of Lincolnshire & Humberside University,England with a Masters Degree in Business Administration (MBA).


Mukuli Chikuba

Non-Executive Director

Mr. Mukuli S. Chikuba has extensive experience in macro-economic policy management, commerce and debt management. Additionally, he has considerable experience in the Banking sector emanating from the portfolios he has held in the public sector. He is currently serving as Permanent Secretary at the Ministry of Finance and National Planning in charge of Budget and Economic Affairs. His role involves interactions with the Zambia Revenue Authority, Bank of Zambia and other economic players such as think tanks, regulators of capital markets, pensions and insurance. He has also served on a number of Boards among them those in the mining sector, pensions and boards of other State-Owned Companies and grant aided institutions. He holds a Bachelor’s degree in Economics from the University of Zambia, a Masters of Business Administration (Finance) from Oxford Brookes University, (UK), and a Masters of Arts Degree in Development Studies from the National Graduate Institute for Policy Studies – Tokyo. He is currently pursuing a Doctorate in Business Administration

Yamfwa Chinyanta

Non-Executive Director

Mr. Yamfwa Chinyanta is an Executive Coach, Human Resources and Development Professional and a People and Technology Champion whose current role is The Director for Human Resources and Administration at AGRA, a non-Profit Organisation headquartered in Nairobi, Kenya, that aims to catalyse and sustain inclusive agriculture transformation in Africa. As a member of the leadership team, Mr. Chinyanta oversees the full HR and Admin suite including talent acquisition, management and development, total rewards, HR operations, strategy and analytics, and a team of HR Business Partners and Admin Professionals. He is responsible for providing strategic HR leadership across an organisation that is spread across 14 African countries and has 28 different Nationalities. Mr. Chinyanta has 19 years’ experience as both an HR Professional and Technology Expert across diverse industries such as Manufacturing, Non-Profit, Telecoms and Agriculture and has extensive local and multi-regional experience. He has held various positions as Head of HR at Cargill and Zamanita where he also served as Executive Director of the Board; Anglophone Head for Shared Services at Airtel Africa; Head of HR Operations Analysis; Talent Development, Management and Engagement Manager at both Airtel Zambia and Airtel DRC, and as an Information Technology Specialist for John Snow Incorporated under the USAID|DELIVER PROJECT. He also currently serves as a non-Executive Director at Digital Shared Services Limited. Mr. Chinyanta holds a Master’s in Business Administration in Strategic Planning; a Senior Professional for Human Resources International (SPHRI) certification; is a SAQA Certified Occupationally Directed Education and Training Development Practitioner Certificate (OD-ETDP); has a Bachelor’s Degree in Computer Science; is a Microsoft Certified Professional (MCP); and has a Practitioner’s Diploma in Executive Coaching.

David Musunga

Non-Executive Director

Mr. Musunga is a performance strategic leader and advisor with executive oversight experience gained over 25 years of working across banking, commercial and residential real estate sectors. He has a track record of leading and producing exceptional results across all aspects of Corporate Banking including Business Development, Risk Management and Banking Operations. He has over 15 years of Board level experience across public and private sector organisations. Mr. Musunga is currently a Principal Partner at Reit Limited. He has held the position of Director Head – International Corporates at Standard Chartered Bank Zambia PLC. He has also held the position of Senior Corporate Banking Manager- Copperbelt Region at Barclays Bank Zambia PLC and also held the position of Corporate Banking Manager. Mr. Musunga has held positions of Board member and Vice Chairman of the Finance Committee at Nkana Water and Sewerage Company. He has also held the position of Trustee at Samuel Matete’s Sports for Youth Programme, Chairman of the Finance Committee, Kitwe and District Chamber of Commerce and Industry, Board member at ZAMINEX, Board member at Mwembeshi Water Company Limited and Board member at Nkana Water and Sewerage Company. He is currently the Zanaco FC Board Chairman.


Non-Executive Director

Mr. Malik held the position of the Chief Executive Officer of Arise B.V a leading financial services sector minority investor holding investments  within the Sub-Saharan Africa Region, until 31st December 2021.

Mr Malik held a number of executive positions at Norfund, the Norwegian owned DFI . He is currently an adviser to them.

He was also the Managing Director of Development Bank of Zambia and held various senior positions in Zambia Consolidated Copper Mines.

Mr. Malik was the Regional Representative of Investment Funds for Developing Countries for Africa, based out of Johannesburg.


He is currently a Non-Executive Board Member on the Ecobank Transnational Incorporated (ETI) Group and a Member of the Independent Investment Committee of South Suez Capital, a Fund of Fund, investing in Africa. He is also the Non-Executive Chairman of a trade finance company based out of London and operating in Sub-Saharan Africa.


Mr. Malik holds a Bachelor of Commerce (Honours) from the University of Delhi and is a Fellow Member of the Institute of Chartered Accountants.



Non-Executive Director

Mr. Horne has a stable track record of achievements focused on financial services with experience in various countries including Australia, UK, USA, South Africa and various countries in Africa and Middle East.

He has experience on Boards and Management Excos. He is an experienced Chief Information Officer and Business Executive with experience as CEO and Partner in various global consulting organisations including IBM South Africa, KPMG United Arab Emirates and Standard Bank Africa.
Two of his greatest achievements was his involvement in the creation of a major consulting group and leading a banking transformation at major banking group’s operations across Africa.


Mr. Horne is currently a private consultant providing services to organisations in financial services industry.

Mr. Horne is a Chartered Accountant and a graduate of a Harvard Executive Management Program. He also holds a Bachelor of Accounts from the University of Witwatersrand


Non-Executive Director

Prof. Oliver Saasa is Professor of International Economic Relations and Managing Consultant/Proprietor of Premier Consult Limited in Lusaka. Prior to 2000, Prof. Saasa served for 12 years as the Director of the Institute of Economic and Social Research at the University of Zambia. Prior to that, he was the Head of the Development Studies Department at the same University. A Rhodes Scholar, Prof. Saasa obtained his doctorate in 1983 from Southampton University in the UK. His PhD thesis was on: The Control of transnational Corporations in Developing Countries: A Comparative Analysis of National Policy-making towards International Investment in Tanzania and Zambia.

Prof. Saasa has served and continues to serve on many financial sector boards at both national and international levels. These have included the Trade and Development Bank (TDB) -formerly the PTA Bank - of which he was Chairman; Stanbic Bank (Zambia); Trade and Development Fund (a subsidiary of TDB – of which he is currently the Chairman); Chairman of the TDB Academy (the advisory arm of the TDB); Public Service Pensions Fund (Zambia); and the Africa Economic Research Consortium (AERC). He is also Chancellor of Mulungushi University, one of the three main public universities in Zambia. He was recently appointed by the Zambian President as Chairman of the Presidential Advisory Council. He is also the Chairman of the Business Coalition Council Emergency Taskforce – BCCET (with over 180 large corporate members in Zambia).

Prof. Saasa has consulted widely with many governments, international and regional bodies that have included the World Bank, OECD, AfDB, and many other multilateral and bilateral institutions. He has published widely in the fields of trade, investment and international economic relations, concentrating in earlier years on regional integration and trade and investment promotion in Southern Africa. In the past 25 years, he has released several books on the relations between developed and developing countries, focusing primarily on aid and investment flows and donor-recipient structures and systems for aid management.

Prof. Saasa holds the following qualifications:

  1. Ph.D. in International Economic Studies Thesis title: The Control of Transnational Corporations in Developing Countries: A comparative analysis of national policy-making towards International Investment in Tanzania and Zambia, obtained from Southampton University, United Kingdom.

  2. M.Sc. in International Studies Thesis title: The impact of foreign investment on less; developed countries: A select analysis in the context of the New International Economic Order Proposals, with special reference to Zambia, Kenya and Tanzania, obtained from Southampton University, United Kingdom.

  3. Bachelor of Arts (Development Studies/Political Economy from the University of Zambia, Zambia.