Financial Insight

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[Financial Insight @FinInsightZam]

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[Financial Insight @FinInsightZam]

𝟐𝟎𝟐𝟕 𝐁𝐮𝐝𝐠𝐞𝐭 𝐑𝐞𝐟𝐨𝐜𝐮𝐬 | 𝐄𝐘 𝐙𝐚𝐦𝐛𝐢𝐚

A 100% penalty waiver today, or a blocked Tax Clearance Certificate on 1st January, the choice for businesses is clear.

During the EY Zambia Budget Analysis Dinner at InterContinental Lusaka, Zambia Revenue Authority Commissioner of Domestic Taxes Mr. Richard Kapasa delivered an urgent compliance roadmap ahead of the new fiscal cycle.

He highlighted the complete data migration to TaxOnline and tightened Tax Clearance Certificate (TCC) rules taking effect on 1st January, among other issues. Mr. Kapasa urged enterprises to capitalise immediately on the Extended Voluntary Disclosure Scheme, settling principal liabilities with zero penalties before strict enforcement begins.

"Before planting a new crop, you must weed the field. Take advantage of this amnesty to clear legacy liabilities and enter the new year on a clean slate."

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[Financial Insight @FinInsightZam]

𝟐𝟎𝟐𝟕 𝐁𝐮𝐝𝐠𝐞𝐭 𝐑𝐞𝐟𝐨𝐜𝐮𝐬 | 𝐄𝐘 𝐙𝐚𝐦𝐛𝐢𝐚

"A good policy that is poorly implemented will not deliver development: the real test of the national budget is execution."

Representing the Guest of Honour, Deputy Secretary to the Cabinet Mr. Siazongo Siakalenge, Ms. Mable Bauleni Nawa (Permanent Secretary - Special Duties, Office of the President) delivered a direct charge to industry leaders during the EY Zambia Budget Analysis Dinner at InterContinental Lusaka.

She emphasised that macroeconomic stability must now translate into tangible private-sector investment across energy, mining value addition, and commercial agriculture, among other issues. Highlighting that economic partnership works both ways, Ms. Nawa affirmed Government’s commitment to addressing regulatory bottlenecks while urging businesses to scale and invest locally.

"Government can set policy, but government cannot deliver growth alone. The true measure of success is moving from announcements to completed projects: that is how policy becomes development."

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[Financial Insight @FinInsightZam]

𝟐𝟎𝟐𝟕 𝐁𝐮𝐝𝐠𝐞𝐭 𝐑𝐞𝐟𝐨𝐜𝐮𝐬 | 𝐄𝐘 𝐙𝐚𝐦𝐛𝐢𝐚

"The question is not only how much revenue we can raise today, but how we grow the economy from which tomorrow's revenues must come."

Addressing delegates during the EY Zambia Budget Analysis Dinner at InterContinental Lusaka, EY Zambia Country Managing Partner Mr. Mark Libakeni examined the delicate balance between state revenue targets and private-sector momentum.

He noted that while the 2027 budget sets an ambitious direction for growth across mining, renewable energy, and commercial agriculture, fiscal costs inevitably arrive faster than productivity gains. To safeguard business confidence, Mr. Libakeni underscored the need to resolve power deficits, delayed VAT refunds, and high borrowing costs, among other issues.

"Every measure that increases the cost of doing business or living should be matched by an accelerated measure that reduces the cost of producing, financing, or moving goods. That is how we protect confidence during the transition from stabilisation to growth."

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[Financial Insight @FinInsightZam]

𝐃𝐚𝐯𝐢𝐬 & 𝐒𝐡𝐢𝐫𝐭𝐥𝐢𝐟𝐟 𝐌𝐚𝐫𝐤𝐬 𝟐𝟓 𝐘𝐞𝐚𝐫𝐬 𝐨𝐟 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐙𝐚𝐦𝐛𝐢𝐚, 𝐑𝐨𝐥𝐥𝐬 𝐎𝐮𝐭 𝐏𝐥𝐚𝐧𝐬 𝐭𝐨 𝐌𝐚𝐤𝐞 𝐭𝐡𝐞 𝐂𝐨𝐮𝐧𝐭𝐫𝐲 𝐚 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐇𝐮𝐛

Davis & Shirtliff marks 25 years of operations in Zambia, celebrating its growth from a small Lusaka-based operation in 2001 to a workforce of 150 employees and a presence in 12 locations across the country.

Speaking on the milestone, Group Chairman Alec Davis said, “Although Davis & Shirtliff is a Kenyan company, our operations in Zambia are very much Zambian. We are proud of our contribution to the country’s economy and the position we have established as market leaders in our field.”

As the company looks ahead, it is positioning Zambia as a regional distribution hub, with continued investment in infrastructure, technology and sustainable water and energy solutions.

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[Financial Insight @FinInsightZam]

More than ZMW2.6 million has been invested in ecosystem restoration. The programme has supported the planting of 45,000 indigenous trees, with a further 30,000 seedlings being nurtured in community-managed nurseries.

To strengthen livelihoods and reduce pressure on forest resources, 200 beehives have also been distributed to local cooperatives, creating alternative income opportunities. The initiative is expected to contribute to the long-term wellbeing of approximately 154,000 people in the Ikelenge District.

The programme demonstrates how environmental conservation can be combined with economic empowerment, community participation and sustainable land management to create lasting impact.

Translating global ambition into local impact

Stanbic Bank Zambia believes financial institutions have a critical role in mobilising capital and helping turn climate and development ambitions into practical action.

Participation at COP31 provides an opportunity to engage with global leaders, investors and policymakers, explore new approaches to sustainable finance and strengthen partnerships that can accelerate progress in Zambia.

From financing renewable energy infrastructure and strengthening energy security to restoring critical ecosystems and supporting resilient communities, Stanbic Bank Zambia is demonstrating how investment, innovation and collaboration can contribute to a more sustainable, inclusive and prosperous future for Zambia.

In Picture: Representing Stanbic Bank Zambia at COP31 are Emmanuel Imbula, Head of Strategy, and Sonke Soko, Sustainability Specialist, as the Bank joins global leaders in advancing climate action, strengthening resilience and promoting sustainable finance.

ENDS

[Financial Insight @FinInsightZam]

𝐒𝐭𝐚𝐧𝐛𝐢𝐜 𝐁𝐚𝐧𝐤 𝐙𝐚𝐦𝐛𝐢𝐚 𝐭𝐚𝐤𝐞𝐬 𝐙𝐚𝐦𝐛𝐢𝐚’𝐬 𝐜𝐥𝐢𝐦𝐚𝐭𝐞 𝐚𝐜𝐭𝐢𝐨𝐧 𝐬𝐮𝐜𝐜𝐞𝐬𝐬 𝐬𝐭𝐨𝐫𝐢𝐞𝐬 𝐭𝐨 𝐂𝐎𝐏𝟑𝟏

11th November 2026, Antalya, Türkiye: As the world gathers for COP31 to accelerate the shift from climate commitments to implementation, @StanbicBankZM is showcasing how sustainable finance, renewable energy investment and environmental stewardship are delivering tangible results in Zambia.

Through more than US$223.7 million in energy sector financing, support for Zambia’s largest grid-connected solar development and a flagship ecosystem restoration programme protecting the source of the Zambezi River, the Bank is demonstrating how climate ambition can translate into measurable impact for businesses, communities and the environment.

Participation at COP31 reflects Stanbic Bank Zambia’s commitment to Zambia’s sustainable development agenda while providing an opportunity to bring global insights, partnerships and best practice back to the country. It also highlights how sustainability is embedded across the Bank’s strategy, governance, operations, risk management and financing activities.

“As the global conversation shifts from ambition to implementation, Zambia has powerful examples of what is possible when finance, partnerships and innovation come together,” said Stanbic Bank’s Eric Ngondo Head: Brand, Marketing and PR.

“Our participation at COP31 is an opportunity to share lessons from Zambia, engage with global leaders and identify new opportunities to accelerate sustainable development. Most importantly, it allows us to demonstrate how financial institutions can help translate climate commitments into practical outcomes that improve lives, strengthen businesses and build resilience.”

Powering Zambia’s energy transition

Access to reliable, affordable and sustainable energy remains a critical enabler of economic growth and climate resilience. Through innovative financing structures and strategic partnerships, Stanbic Bank Zambia is supporting the country’s energy security while helping accelerate its transition to cleaner power.

A key example is the Bank’s role in financing the 100MW Chisamba Solar Power Plant, which doubled the site’s generation capacity to 200MW, making it Zambia’s largest grid-connected solar complex. Stanbic Bank arranged US$71.5 million in commercial debt financing, helping enable the project without sovereign guarantees or additional public debt obligations.

The project’s commercial structure enables renewable energy generated at Chisamba to support industrial demand, including the mining sector, while freeing equivalent grid capacity for households and businesses. The transaction forms part of a broader portfolio that has increased the Bank’s cumulative energy sector financing to approximately US$223.7 million.

Stanbic Bank has also deepened its partnership with Africa GreenCo Group through a US$55.5 million facilities agreement supporting more than 130MW of cross-border electricity imports. Together with ZESCO and GreenCo, the Bank is advancing the #ZamWatt initiative, aimed at supporting renewable energy deployment and strengthening power supply for Zambia’s commercial and industrial sectors.

These initiatives demonstrate how private capital, regional collaboration and innovative financing can help strengthen energy security while supporting low-carbon economic growth.

Protecting natural resources and strengthening resilience

Alongside its energy investments, Stanbic Bank Zambia is supporting nature-based solutions that strengthen climate resilience, biodiversity and sustainable livelihoods.

Through its flagship Let’s Secure the Zambezi initiative, implemented with WWF Zambia, the National Heritage Conservation Commission, government stakeholders and local communities, the Bank is helping restore and protect the source of the Zambezi River in the Ikelenge District.

[Financial Insight @FinInsightZam]

𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄

𝐃𝐚𝐯𝐢𝐬 & 𝐒𝐡𝐢𝐫𝐭𝐥𝐢𝐟𝐟 𝐌𝐚𝐫𝐤𝐬 𝟐𝟓 𝐘𝐞𝐚𝐫𝐬 𝐨𝐟 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐙𝐚𝐦𝐛𝐢𝐚, 𝐑𝐨𝐥𝐥𝐬 𝐎𝐮𝐭 𝐏𝐥𝐚𝐧𝐬 𝐭𝐨 𝐌𝐚𝐤𝐞 𝐭𝐡𝐞 𝐂𝐨𝐮𝐧𝐭𝐫𝐲 𝐚 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐇𝐮𝐛

Lusaka, Zambia – 11th November 2026,
Davis & Shirtliff, East Africa’s leading water and energy solutions provider, is positioning its Zambian operations as a regional distribution hub as it marks 25 years in the country, supported by investments in infrastructure, technology and an expanding branch network.

The company, which entered Zambia in 2001 with three employees operating from a small shop along Freedom Way in Lusaka, has grown to a workforce of 150 people and a presence in 12 locations across the country.

Its expansion has included opening branches in Kitwe in 2004, Ndola in 2009, Livingstone in 2011 and Solwezi in 2015, followed by further growth into other parts of the country. In 2022, the company moved into its current distribution centre along Luanshya Road in Lusaka, which has strengthened its capacity to hold and distribute stock locally and to neighbouring markets.

“Although Davis & Shirtliff is a Kenyan company, our operations in Zambia are very much Zambian. We are proud of our contribution to the country’s economy and the position we have established as market leaders in our field,” said Group Chairman Alec Davis.

“The decision to enter Zambia in 2001 was driven by the country’s growth potential, despite limited commercial ties between East and Central Africa at the time. The company’s growth to product quality, a strong distribution network, support from its regional headquarters and, most importantly, investment in its people.”

The company plans to strengthen its position in Zambia through expanded product distribution, entry into new market segments and investment in technologies that improve the efficiency of water and energy systems.

Key areas of focus include solar-powered water pumping, smart pumping systems and energy-efficient technologies, particularly those that improve water access in rural communities and support agricultural production.

“Technology is going to be a major part of our future. We are particularly focused on smart pumping, efficiencies and solar, which has transformed water supply in rural areas. The company’s focus on water and energy aligns with Zambia’s infrastructure development and economic diversification priorities, as reliable water supplies and affordable energy remain essential to agriculture, industry and household livelihoods,” added Davis.

Solar-powered pumping systems are providing an alternative to hand pumps and fuel-powered generators, making it increasingly practical for farms, villages and individual households to access reliable water supplies.

The business plans to continue investing in the technical expertise, infrastructure and operational capacity needed to support the country’s development while strengthening Zambia’s role in the group’s wider African network. Its regional operating model combines shared technical and operational resources with local market expertise, enabling the Zambian business to respond to domestic demand while supporting distribution to neighbouring markets.

The 25th anniversary comes as the wider Davis & Shirtliff Group marked 80 years early this year since its establishment in Nairobi in 1946. Founded as an engineering partnership supplying water pumps and borehole equipment, the group has expanded into a regional provider of water and energy solutions, operating in 11 African countries.

“The future is very bright. We are proud of what has been achieved in Zambia, and we intend to continue playing an important role in the development of water, solar and energy solutions in the country and across Africa,” he said.

– ENDS –

[Financial Insight @FinInsightZam]

2027 Budget Refocus | EY Zambia

At the EY Zambia Budget Analysis Dinner at InterContinental Lusaka, EY Senior Tax Manager Mr. Everisto Mwalubulo evaluated the strategic implications of the proposed Corporate Income Tax (CIT) adjustments.

He examined the balance between revenue mobilisation and business reinvestment, highlighting proposed rate increases from 10% to 15% for agro-processing, from 15% to 20% for fertiliser producers, and up to 25% for non-traditional exports, among other issues.

"To achieve ambitious national production targets, fiscal policy must carefully preserve the capital enterprises need to reinvest, produce, and scale."

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𝐂𝐚𝐧𝐚𝐝𝐚 𝐚𝐧𝐝 𝐋𝐮𝐒𝐄 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐭𝐨 𝐀𝐝𝐯𝐚𝐧𝐜𝐞 𝐙𝐚𝐦𝐛𝐢𝐚’𝐬 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭𝐬

The Lusaka Securities Exchange (LuSE) this morning hosted the Honourable Randeep Sarai, Secretary of State (International Development) for the Government of Canada, alongside Her Excellency Corry Van Gaal, High Commissioner of Canada to Zambia, and a Canadian delegation, for discussions centred on strengthening Zambia’s capital markets.

The visit commenced with a closed-door roundtable focused on mobilising capital through Zambia’s capital market. The engagement brought together Mr Jito Kayumba, Special Assistant and Advisor to the President for Finance and Investments at State House, representatives from the Securities and Exchange Commission, Toronto Centre, and the LuSE Board and Management.

During the engagement, Hon. Sarai announced an additional US$2 million towards the Strengthening Financial Sector Supervision and Regulation project, implemented by Toronto Centre. The funding will support efforts to modernise Zambia’s financial sector regulatory framework and strengthen the development of its capital markets.

Hon. Sarai highlighted the importance of stronger capital markets in addressing illicit financial flows, retaining African wealth within the continent, supporting businesses and accelerating economic growth.

The continued partnership between the Government of Canada, Toronto Centre and LuSE underscores the importance of international collaboration in building a deeper, more inclusive and resilient capital market that supports investment and Zambia’s economic development agenda.

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[Financial Insight @FinInsightZam]

"No one escapes the budget. There are always winners and losers"

Speaking at the EY Zambia Budget Analysis Dinner at InterContinental Lusaka, Prof. Lubinda Haabazoka (Director, UNZA Graduate School of Business) explains why fiscal policy affects everyone:

We live in one economic ecosystem. When taxes change at the top, spending drops everywhere, from corporate investments to local grocers and households.

Stay tuned for the full presentation

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[Financial Insight @FinInsightZam]

𝐏𝐇𝐎𝐓𝐎 𝐒𝐓𝐎𝐑𝐘: 𝐔𝐧𝐩𝐚𝐜𝐤𝐢𝐧𝐠 𝐙𝐚𝐦𝐛𝐢𝐚’𝐬 𝟐𝟎𝟐𝟕 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐁𝐮𝐝𝐠𝐞𝐭 𝐰𝐢𝐭𝐡 𝐄𝐘 𝐙𝐚𝐦𝐛𝐢𝐚

Yesterday evening, EY Zambia hosted an insightful Budget Analysis Dinner at the InterContinental Hotel in Lusaka, bringing together industry captains, policymakers, and economic experts to unpack the 2027 National Budget recently presented by the Minister of Finance and National Planning, Dr. Situmbeko Musokotwane. The evening provided a dynamic platform for high-level dialogue on macroeconomic trends, business competitiveness, and the fiscal policy shifts shaping the nation's financial outlook for the coming year.

The gathering was graced by Ms. Mable Bauleni Nawa, Permanent Secretary (Special Duties) at the Office of the President, who represented the Guest of Honour, Deputy Secretary to the Cabinet Mr. Siazongo Siakalenge. Welcoming delegates and setting the tone for the evening was EY Zambia Country Managing Partner Mr. Mark Libakeni, followed by Senior Tax Manager Mr. Everisto Mwalubulo, who broke down the technical tax proposals, examining their implications for corporate Zambia and the nexus with the government's broader ambitions outlined in the Grow Zambia Agenda.

Adding depth to the dialogue, Prof. Lubinda Haabazoka, Director at the University of Zambia’s Graduate School of Business, explored the profound direct and indirect impacts of the proposed budget measures across various economic players, highlighting the wider economic impact on Zambian citizens, enterprise growth, and long-term fiscal sustainability. Lending crucial regulatory perspective, Zambia Revenue Authority Commissioner of Domestic Taxes Mr. Richard Kapasa shared key insights into domestic revenue mobilisation and tax administration priorities.

Here is a visual recap capturing the key moments and vibrant networking from a productive evening of economic discourse.

Stay tuned for more.

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