Mukwandi Chibesakunda is driving change in Zambia’s banking through innovation and inclusive leadership.
Mukwandi Walusiku Chibesakunda is a leader in Zambia’s financial services sector. In October 2020, she was appointed as the Managing Director and Chief Executive Officer (MD/CEO) of Zambia National Commercial Bank (Zanaco), making her the first woman to occupy the role at the country’s largest bank by asset base and customer volume.
Born in Lusaka, Zambia, into a family with a strong tradition of public service, her father, Walusiku Kamutumwa, was a senior government official, and his influence shaped her early interest in leadership and governance.
Mukwandi Chibesakunda leads Zambia’s financial sector
Chibesakunda’s banking career spans more than two decades, beginning as a graduate trainee at Standard Chartered Bank. Over the years, she held several senior roles, including Executive Director for Consumer Banking at Standard Chartered, Head of Personal and Business Banking at Stanbic Bank Zambia, and Managing Director at Access Bank Zambia. Before her current role, she served as CEO of the National Savings and Credit Bank (NATSAVE), where she was responsible for driving the bank’s financial inclusion agenda.
Zanaco, established in 1969 and partially privatised in 2007, serves over two million customers across the country. Its operations span public sector banking, corporate finance, SME support, agriculture, and consumer banking.
Since assuming leadership, Chibesakunda has overseen several initiatives focused on expanding Zanaco’s digital banking capabilities. These efforts gained traction during the COVID-19 pandemic, as the bank introduced more remote banking solutions to meet changing customer needs.
One of the notable developments during her tenure has been Zanaco’s increased involvement in sustainable finance. The bank partnered with the European Investment Bank (EIB) to launch a €30 million (about $35 million) facility aimed at supporting Zambia’s agricultural sector, a critical component of the national economy. In 2021, Zanaco was the only Zambian bank represented at the COP26 climate conference in Glasgow, and it has since explored additional green financing opportunities.
Mukwandi Chibesakunda has emphasised the importance of aligning banking services with broader environmental and social goals. In an interview with CIO Views, she noted that Zanaco’s critical plans are not only “to enhance innovation processes, grow a quality digital footprint, optimise costs and grow profitability, but to become the bank that supports sustainable businesses for the preservation of our environment.”
Awards and recognition
Chibesakunda’s work has earned her both local and continental recognition. She was named Zambia’s CEO of the Year by CEO Monthly in 2021 and again in 2023. In the same year, she received the Inclusive Leader for Zambia award from the Gender Mainstream Awards. She was also recognised by Africa Leadership Magazine as African Female Leader of the Year in 2021.
As the banking industry continues to evolve, particularly with the rise of digital financial services and climate-linked finance, Mukwandi Chibesakunda’s role at Zanaco remains pivotal.
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