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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......

Regina Mulenga

Interim 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).


Cecilia Zimba

Non-Executive Director

Mrs. Zimba has extensive professional experience and significant executive leadership accomplishments in business. She has served as Independent non-Executive Director on various Boards in both Public and Private Sector. She is the immediate past President of the Zambia Institute of Chartered Accountants (ZICA) the first female to hold this position since ZICA’s establishment in 1982. Prior to this, she served as the First female Vice President of ZICA. Her previous Board appointments include the Zambia Revenue Authority (ZRA) where she served as Vice Chairperson, Zambia Industrial Commercial Bank (ZICB) where she served as Audit Committee Chairperson. Other Public institution Boards she served include ZESCO and the Financial Intelligence Center (FIC). She was one of the first commissioned Board members of the FIC and she chaired the Finance and Administration Committee. She is past Board member of ABSA Life and former Chairperson of the ABSA Staff Pension Scheme.

Mrs. Zimba is a Chartered Accountant, a Fellow member of both the Zambia Institute of Chartered Accountants (ZICA) and the Association of Chartered Certified Accountants (ACCA). She holds a Master’s Degree in Business Administration obtained from the Heriot Watt University. She is an Alumni of various Universities and has undertaken several Post graduate studies in Business Leadership which include Massachusetts Institute of Technology (MIT) GABV Leadership program, the Swedish Institute of Management Leadership Program, Cambridge University Institute for Sustainability Leadership and the Presencing Institute Impact Hub Leadership

Robin Miller

Non-Executive Director

Mr. Miller is Director of a number of Zambian institutions, including City Investments Limited (Lilayi Farm & Lilayi Lodge) and Lilayi Development Company Limited. He served as Managing Director of Real Estate Investments Zambia Plc (Farmers House), Chairman of Madison General Insurance Company Limited, and Director of Standard Chartered Bank Zambia Plc, amongst others.

He worked at Coopers and Lybrand, as well as the Virgin Group of Companies in the United Kingdom. Upon his return to Zambia he took up the positions of Managing Director of City Investments Limited, as well as that of Managing Director of Farmers House, which was renamed to Real Estate Investments Zambia PLC. He has also served as a member of the Board of the Zambian Wildlife Authority, Chairman of “The Post” newspaper, a member of the Government of the Republic of Zambia/European Union Trade Enterprise Support Facility. He is the founding Chairman of the Tourism Council of Zambia and the Zambian Property Owners Association.

Mr Miller holds an BA (Hons) in Accounting and International Finance from the International Centre for Accounting Research at Lancaster University (UK).

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, Denmark, 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. He is also a Non-Executive Chairman of a fintech based in Norway.

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:

• 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.

• 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.

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

Musata Ndhlovu

Non-Executive Director

Mrs. Ndhlovu is an experienced non-executive director with a background in law, insurance and risk management. She has a proven track record of improving governance structures, introducing innovative strategies, and enhancing overall organisational performance. She is currently serving on the Board of Phoenix of Zambia Assurance (2009) Limited and is the chairperson of the Audit and Risk Committee. She has previously served on the Finance, Human Resource and Administration Committee of the Energy Regulations Board, served as a non- executive director and vice chairperson of the National Savings and Credit Bank (NATSAVE) Board of Directors and was a Board Member at the Ministry of Tourism Hostels Board of Management (HBOM) where she chaired the Audit, Risk, Compliance and Corporate Governance Committee. She is currently a practicing Lawyer and was previously the Head of the Legal Department at Professional Life Assurance Limited and Company Secretary of the PLA Pension Trust Fund.

Mrs. Ndhlovu holds a Bachelor of Laws Degree from University of Essex (UK) and a Master of Science (MSc) Insurance and Risk Management from Cass Business School (UK). She is a member of Law Association Zambia, the Chartered Insurance Institute and the Institute of Directors of Zambia.