The purpose of the Banking and Currency department is to manage the banking, currency and payment systems operations of the Bank of Zambia to ensure the provision of efficient and effective service to commercial banks, Government and other users.
In line with Part IX, Section 55 of the Bank of Zambia Act No. 43 of 1996 and Section 78 of the Banking and Financial Services Act of 1994, as amended in 2000, Bank Supervision Department is responsible for licensing, undertaking prudential supervision and regulation of banks, so as to promote safe, sound and efficient operation and development of the financial system.
The key role of Bank Secretariat Department is to support the Bank' s mission by providing excellent Board secretariat, legal, records, archives, protocol and hospitality services. The Board Secretariat encompasses the following three related yet distinct sets of functions: Secretariat Function; The Secretariat manages the Bank' s corporate secretarial functions and oversees corporate governance practices and practices are in compliance with the Bank of Zambia Act. Communications Function; and Records and Archives Management Function; The Records and Archives Management function oversees the management of records in the Bank in order to support business operations and ensure compliance with legal and business requirements. It also manages Bank of Zambia Archives which is the official repository for the institution' s corporate memory.
The objective of the Economics Department is to provide economic information and advisory services to the Bank and the Government of the Republic of Zambia (GRZ) for purposes of formulating and implementing appropriate monetary policy.
Finance Department's main objective is to establish and maintain an effective Accounting and Financial Management service to the Bank of Zambia. The main functions include: (a) To ensure proper maintenance of books of accounts and production of financial statements; (b) To ensure proper budget process and control for the Bank; (c) To ensure maintenance of an efficient payment system for suppliers of goods and services; (d) To provide a back office for Financial Markets Department; (e) To handle foreign exchange receipts and payments on behalf of Government; (f) To ensure maintenance of a proper Payroll System; and (g) To provide Financial advisory services as and when required by the Bank.
The principal purpose of the Financial Market department is to implement the monetary policy of the Bank of Zambia, manage foreign exchange reserves and exchange rates, and to act as a fiscal agent of the Government of the Republic of Zambia through issuance of Government Securities.
The Human Resource Department is responsible for ensuring that the Bank is, at all times, supplied with employees who share the Bank's vision, and are competent, versatile, and innovative with commitment to delivering quality service to the Bank and other stakeholders. The Department is also responsible for the formulation and implementation of policies and procedures aimed at creating and sustaining a work environment, which attracts, develops and retains a motivated and committed workforce. In line with the new developments in the management of human capital, the Department has over the years, evolved from one that was primarily associated with the traditional practices of hiring and firing to the one whose activities are eligible to the strategic core business of the Bank. To this end, the Department has facilitated the Bank's adoption of a learning culture by supporting continuous professional development through in-house and external training and personal development programmes. In addition, the Department has introduced innovative policies and operational procedures in order to keep abreast with current and future market-best practices by embracing good corporate governance principles in most areas of human resources management, including the issues of HIV/AIDS and gender. In the area of HIV/AIDS, the Bank has introduced one of the most advanced and cost effective workplace HIV/AIDS intervention programmes, which has become a model, both locally and in the region. Furthermore, the Department is actively working on new policies, which will consolidate the paradigm shift from the traditional human resources stance to a strategic one in line with the changing objectives and needs of the Bank.
The Information and Communication Technology Department is responsible for providing a reliable and quality information systems support service to the Bank of Zambia. This in order to enable the Bank meet its mission, objectives and responsibilities. The departments three major functional areas are: (a) Infrastructure Operations and Support (IOS), covering Network Operations and Data Centre Operations; (b) Application Development and Support (ADS), covering Administrative Systems, Operational Systems and Business Architecture & Development; and (c) ICT Governance and Compliance (IGC) covering ICT Security & Compliance,ICT Service Management and ICT Service Continuity
The purpose of Internal Audit Department is to provide an independent and objective assurance and consulting activity that is designed to add value and improve the Bank' s operations. It helps the Bank accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The Non-Bank Financial Institutions Supervision Department's roles is to 'license, regulate and supervise non-bank financial institutions registered under the Banking and Financial Services Act, of 1994 as amended in 2000, in order to promote a competitive, safe and sound financial system'
The Payment Systems Department
The role of the Procurement & Maintenance Services (PMS) Department is to provide efficient and effective corporate services through timely procurement of works, goods and services, for continued support to business operations and maintenance of Bank facilities to ensure a conducive working environment for staff to contribute to the attainment of the Banks strategic objectives and goals.
The Risk and Compliance Department
The Strategy and Change management
The role of the Bank of Zambia Security Division is to: provide security cover to protect the Bank's properties; manage all security operations on currency consignments; undertake internal investigations into cases of theft, fraud and other vices for administrative action and/or referral to the relevant arms of the State for criminal litigation