The Zambia State Insurance Corporation (ZSIC) says it has paid out K850 million in insurance and pension benefits in the last 18 months.

ZSIC Chief Executive Officer (CEO) Collins Hamusonde says the payments include claims arising from funerals, education policies, pensions and medical expenses.

Mr Hamusonde further says ZSIC has reduced the turnaround period of paying claims from 300 days to 31 days, while customer complaint resolution time has been reduced from 45 days to three days.

The ZSIC CEO said this in Lusaka today during an induction meeting for 280 Members of Parliament (MPs).

Mr Hamusonde said the Corporation has further strengthened its financial position, with its capital adequacy ratio improving from six percent to 130 percent but targeting it to 150 percent.

He called for stronger support for Zambian institutions to enable them to compete, grow and contribute to national economic development.

And National Savings and Credit Bank (NATSAVE) Chief Executive Officer Gladys Chiwele disclosed that through the Bank’s Sustainable Agriculture Financing Facility, it disbursed K500 million to farmers during the 2024/2025 farming season, reaching more than 90 percent of beneficiaries.

Ms Chiwele further revealed that the bank paid out more than K1.9 billion to the farmers through Food Reserve Agency payments in 2025.

She said the bank’s role is to work with local authorities to support Constituency Development Fund (CDF) programmes in devolution exercise through accessible financial services, efficient payments, responsible credit administration and banking infrastructure.

She explained that NATSAVE also supports Government empowerment and social protection programmes, including Cash for Work and the Social Cash Transfer Programme.

She said the bank is expanding support to cooperatives, micro, small and medium enterprises, agriculture and value-chain businesses.

And Zambia National Commercial Bank (ZANACO) says since 2022, it has disbursed more than K560 million in CDF loans to entrepreneurs, cooperatives and small businesses.

Acting Managing Director Kalaluka Itwi says the bank manages CDF facilities in 48 local authorities across the country.

He stated that ZANACO’s support to CDF is one of the ways the bank is demonstrating its commitment to customers and communities.

Meanwhile, the three banks pledged to assist the government achieve the targets requiring a strong partnership among government, parliament, financial institutions and the private sector.

The CEOs added that access to finance and financial inclusion are critical to investment in productive sectors of the economy.

The financial leading institutions say their core business aligns with the Government’s Grow Zambia agenda which seeks to accelerate economic growth and position Zambia as a productive, prosperous and competitive economy.

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