USD business account in Zambia
A Zambian company can hold US dollars in a foreign currency account at a Zambian bank, since Zambia repealed its exchange monitoring and foreign currency regulations in March 2014 and foreign currency banking products regulated by the Bank of Zambia are exempt from the 2025 kwacha rules. Two Bank of Zambia (BoZ) rules shape how the account is used: export earnings must reach a Zambian bank account within 90 days, and since 26 December 2025 domestic transactions must be settled in kwacha. This guide covers both, foreign providers, the US company route, documents and the position of stablecoins.
- Zambia's exchange monitoring regulations and foreign currency regulations were repealed in March 2014, according to PwC's Worldwide Tax Summaries.
- Under the BoZ Export Proceeds Tracking Framework Directives, effective 1 January 2024, export earnings from goods and services must be reflected in a Zambian bank account within 90 days of export.
- The Bank of Zambia Currency Directives, 2025, effective 26 December 2025, require payment for domestic transactions to be settled only in kwacha, unless an exemption applies.
- Imports and exports, and foreign currency financial products regulated by the Bank of Zambia, the Securities and Exchange Commission or the Pensions and Insurance Authority, are on the Directives' schedule of exemptions.
- Wise and Airwallex do not list Zambia among their supported countries, WorldFirst does not name Zambia for its Africa offering, and Mercury accepts only companies formed in the United States.
- The Bank of Zambia required all virtual asset and stablecoin service providers to register by 27 March 2026 and barred regulated institutions from dealing with unregistered providers from 30 March 2026.
USD business account options in Zambia: the short answer
A Zambian business can hold and receive US dollars in three main ways: a foreign currency account at a Zambian bank in its own name, a USD account with a provider outside Zambia, or a separate US company with its own US account. A foreign currency account is a bank account held in a currency other than the kwacha, usually US dollars, and Zambian banks offer them to companies.
Zambia has no general exchange controls. PwC's Worldwide Tax Summaries state that the exchange monitoring regulations and foreign currency regulations were repealed in March 2014. What the Bank of Zambia (BoZ), the central bank, does regulate is where export earnings land and which currency is used to settle transactions inside Zambia.
Two sets of directives matter. The Export Proceeds Tracking Framework Directives, effective 1 January 2024, require export earnings to be reflected in a Zambian bank account within 90 days. The Bank of Zambia Currency Directives, 2025, effective 26 December 2025, require domestic transactions to be settled in kwacha, with a schedule of exemptions that includes imports and exports. This guide covers both, which foreign providers state that they accept Zambian businesses, the US company route, documents, the legal position of stablecoins such as USDC and USDT, and where a Helm account fits.
The options compared
The table compares the option types. It is not a ranking: most Zambian trading companies use a local foreign currency account plus one other route.
| Option | Account name and location | How US payers pay it | Main rules and limits |
|---|---|---|---|
| Foreign currency account at a Zambian bank | Company's own name, bank in Zambia | International wire (SWIFT) through the bank's correspondent | Receives export earnings within the 90-day rule; banks report receipts to the BoZ |
| Kwacha account receiving dollars | Company's own name, bank in Zambia | SWIFT wire, converted on arrival | Conversion at the bank's rate; no dollar balance kept |
| USD account with a foreign provider | Company's own name or a pooled account, held abroad | ACH, Fedwire or SWIFT, depending on the provider | Provider's country list decides eligibility; export earnings must still reach a Zambian bank within 90 days |
| US company with a US account | A new US company's name, US bank or fintech | ACH and Fedwire as a US business | Separate company, US tax number and filings |
| Stablecoin wallet | Wallet address, not a bank account | USDC or USDT on a blockchain | Service providers must register with the BoZ; full framework pending |
Sources: PwC Worldwide Tax Summaries, Zambia (last reviewed 24 July 2026); Bank of Zambia Currency Directives, 2025, as summarized by TMI Associates and IFLR1000; Zambia Monitor (16 March 2026). As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system that US companies use for routine supplier payments. Fedwire is the Federal Reserve's same-day system for large US dollar payments.
How to choose: an exporter of copper, gemstones, agricultural produce or services needs a Zambian bank account to receive export earnings within the 90-day window, so that account comes first. A software firm, agency or consultancy paid by US clients gains from US account details, so a client pays by ACH, but the earnings still have to reach a Zambian account in time. An importer can pay suppliers abroad in dollars, since imports are exempt from the kwacha settlement rule.
Export proceeds: the 90-day tracking rule
The BoZ issued the Export Proceeds Tracking Framework Directives in 2023 as subsidiary legislation, and they took effect on 1 January 2024. PwC describes the framework as intended to allow real-time monitoring and reporting between the regulatory authorities. The requirements, as PwC summarizes them, concern where the earnings land and how they are reported: they must appear in a Zambian bank account and be traceable to the export. PwC lists no requirement to convert them into kwacha.
| Step | What the framework requires |
|---|---|
| Bank account | Exporters open and maintain accounts with commercial banks or financial institutions domiciled in Zambia |
| Customs declaration | Exporters file export declaration Form CE 20 with the Zambia Revenue Authority (ZRA) and obtain a Unique Consignment Reference (UCR) |
| Deadline | Export earnings reflected in a Zambian bank account within 90 days of export |
| Scope | All earnings from the export of goods and services |
| Bank reporting | Banks report all money and remittances received to the BoZ, with taxpayer identification numbers, use of funds and the UCR |
| Reconciliation | The BoZ reconciles UCRs against bank returns and follows up on unreconciled UCRs |
Source: PwC Worldwide Tax Summaries, Zambia, Corporate, Other issues (last reviewed 24 July 2026). As published on 29 October 2026. Confirm current requirements with your bank.
The UCR is the reference number that links a shipment's customs declaration to the money received for it. Give it to your buyer and ask them to quote it with the invoice number on every payment, so your bank can report the receipt correctly. For payment terms that protect the seller, see our guide on receiving USD from overseas buyers.
The 2025 Currency Directives: kwacha for domestic transactions
The Bank of Zambia Currency Directives, 2025, were issued under sections 18 and 73 of the Bank of Zambia Act, 2022, and took effect on 26 December 2025. Directive 4(1) states that settlement of payment for domestic transactions shall only be in domestic currency, unless the transaction is on the schedule of exemptions. A domestic transaction is a payment to a Zambian resident within Zambia.
Contracts may still be written in dollars. Under Directive 4(2), a domestic transaction under a foreign currency contract is paid in kwacha at the market exchange rate. If the parties cannot agree which rate applies, the Bank of Zambia mid-rate is used; IFLR1000 reports this as the 09:30 kwacha to US dollar mid-rate. When the government is a party, neither side may quote, invoice or settle in foreign currency unless an exemption applies.
| Exempt from kwacha settlement | Note |
|---|---|
| Exports and imports | Cross-border trade may be paid in foreign currency |
| Foreign currency financial products | Regulated by the BoZ, the Securities and Exchange Commission or the Pensions and Insurance Authority, including dividends, principal and interest |
| Mining transactions | Tolling, mineral sales between and within groups, specialized equipment and related engineering services, where a party remits taxes through foreign currency sales to the BoZ |
| Tourism | Payments by non-residents to registered tourism enterprises, air tickets and tour packages |
| Electricity | Production, transmission, distribution and trading |
| Agricultural and gemstone exports | Through registered aggregators or regulated auctions |
| Farm inputs on trade credit | Farmers paying input suppliers under foreign currency trade credit |
| Diplomatic and international bodies | Foreign government enclaves and international or regional organizations |
Sources: TMI Associates memo on the Bank of Zambia Currency Directives, 2025 (February 2026); IFLR1000, Zambia: the Bank of Zambia mandates kwacha settlement for domestic transactions. As published on 29 October 2026.
Breaches carry a fine of up to 2,500 penalty units or up to two years in prison, or both, and directors and managers who knowingly permitted a breach are liable too. IFLR1000 reports that the BoZ may also impose administrative penalties of up to one million penalty units. A penalty unit is a fixed monetary amount set by Zambian law and used to express fines. In practice, a Zambian company can hold dollars and use them for imports and exports, but pays local suppliers, landlords and staff in kwacha.
Foreign USD account providers and Zambia
Many Zambian businesses look for US account details so that US clients can pay by ACH. Eligibility is set by each provider, and Zambia is missing from several well-known lists. The table records what each provider states on its own pages.
| Provider | What its own pages state |
|---|---|
| Wise | Zambia is not on its list of countries where customers can hold money |
| Airwallex | Zambia is not on its list of supported registration locations; unlisted locations cannot be processed |
| WorldFirst | Its Africa offering is available across Nigeria, Ghana, Kenya and Morocco; Zambia is not named |
| Mercury | Accepts only companies formed and registered in the United States or a US territory; Zambia is not on its prohibited countries list for founders |
Sources: the providers' own pages, linked below. As published on 29 October 2026.
Before you apply, check three points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name. Second, which rails the details accept: ACH only, or also Fedwire and SWIFT. Third, how export earnings will reach your Zambian bank account within 90 days and carry the right UCR.
Provider pages used: Wise country list, Airwallex eligible countries, WorldFirst Africa and Mercury prohibited countries. Our page on USD business accounts for non-US companies covers the wider market.
The US company route
Some Zambian founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, and states that founders do not need to be US citizens or residents. Zambia is not on Mercury's prohibited countries list as published on 29 October 2026, but check it before forming the company.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no legal residence, principal place of business or principal office in the US may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
The US company is a separate legal entity with its own tax filings, and money it earns belongs to it, not to the Zambian company. Goods and services exported from Zambia remain subject to the 90-day export proceeds rule whichever entity invoices the buyer. Take Zambian and US tax advice, including on transfer pricing, before choosing this route.
Documents you need
Banks and providers ask for broadly the same company file. The list below is a typical checklist; each bank sets its own.
| Document | Foreign currency account at a Zambian bank | USD account with a foreign provider |
|---|---|---|
| Certificate of incorporation from the Patents and Companies Registration Agency (PACRA) | Yes | Yes |
| Articles of association | Yes | Usually |
| Board resolution to open the account and name signatories | Yes | Usually |
| Identity documents of directors and signatories | Yes, national registration card or passport | Yes, passport or national ID |
| Details of beneficial owners | Yes | Yes |
| Taxpayer Identification Number (TPIN) from the ZRA | Yes | Often |
| Proof of business address | Yes | Yes |
| Description of trade, counterparties and expected volumes | Sometimes | Yes |
| Export declarations (Form CE 20) and UCRs | For export receipts | Often, for the first large payments |
Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.
Keep the same company name on every document. A trading name on one form and the registered name on another is a common cause of delay. Exporters should keep the CE 20, the UCR and the invoice together for each shipment, because the bank reports the receipt against the UCR.
Stablecoins in Zambia: USDC and USDT
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the two most widely used. Zambia is building its rules through the Bank of Zambia.
- Mandatory registration. In a public notice reported on 16 March 2026, the BoZ required all entities and individuals offering virtual or crypto asset services, resident or not, to register with it by 27 March 2026. RegAlert reports that the notice also names stablecoin service providers.
- Banks may not deal with unregistered providers. From 30 March 2026, BoZ-regulated financial institutions may not process transactions to or from unregistered virtual asset service providers.
- Registration is not a license. The BoZ said registration is a preliminary step and does not constitute a license or approval to operate. A full regulatory framework will follow after consultation.
| Question | What the sources say |
|---|---|
| Is there a full crypto framework? | Not yet; the BoZ said it will be released in due course |
| Must providers register? | Yes, with the BoZ, by 27 March 2026 for existing providers |
| Can banks deal with unregistered providers? | No, from 30 March 2026 |
| Can domestic transactions be settled in stablecoins? | The Currency Directives require domestic transactions to be settled in kwacha unless exempt |
Sources: Zambia Monitor (16 March 2026); RegAlert, Zambia crypto and digital assets regulation (updated 1 October 2026); Bank of Zambia Currency Directives, 2025. As published on 29 October 2026.
A Zambian company paid in USDC or USDT by a buyer abroad should convert only through a provider registered with the BoZ, and should remember that export earnings must still be reflected in a Zambian bank account within 90 days.
Where a Helm USD account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR and GBP details.
For a Zambian business, it fits beside the local foreign currency account, not instead of it:
- Service businesses can give US clients domestic US payment details, so a client pays by ACH as it would pay a US vendor, and then move the earnings to their Zambian account within the 90-day window.
- Importers can hold dollars and send international payments to suppliers by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending. Imports are exempt from the kwacha settlement rule.
- Companies paid in stablecoins by buyers abroad can receive USDC and USDT and convert them to USD inside the account, subject to the BoZ registration regime and the export proceeds rule.
- Exporters of goods must still have earnings reflected in a Zambian bank account within 90 days, against the UCR.
Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance, such as supplier finance, receivables finance and working capital, is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Freelancers and sole traders
Zambian freelancers face the same rules on a smaller scale: earnings from services exported are export earnings, and payments from Zambian clients are settled in kwacha. Online providers set their own country lists, so check each provider's page before sending a client your details. A freelancer who grows into an agency should open an account in the company's name once the business is incorporated, so client payments and personal funds stay separate.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Zambian company open a USD account?
Yes. Zambian banks offer foreign currency accounts to companies, and Zambia has had no exchange monitoring or foreign currency regulations since March 2014. Foreign currency banking products regulated by the Bank of Zambia are exempt from the 2025 kwacha settlement rules.
Does Zambia have exchange controls?
No general exchange controls. PwC's Worldwide Tax Summaries state that the exchange monitoring regulations and foreign currency regulations were repealed in March 2014. The BoZ does track export proceeds and requires domestic transactions to be settled in kwacha.
How long do Zambian exporters have to bring export earnings home?
Under the Export Proceeds Tracking Framework Directives, effective 1 January 2024, earnings from exports of goods and services must be reflected in a Zambian bank account within 90 days of export. Banks report receipts to the BoZ against the Unique Consignment Reference.
Can I be paid in US dollars by a Zambian customer?
Not for a domestic transaction unless an exemption applies. The Bank of Zambia Currency Directives, 2025, effective 26 December 2025, require domestic transactions to be settled only in kwacha, and a contract written in dollars is paid in kwacha at the market rate.
Which transactions are exempt from the kwacha rule?
The schedule of exemptions includes exports and imports, foreign currency financial products regulated by the BoZ, SEC or Pensions and Insurance Authority, certain mining transactions, payments by non-residents to registered tourism enterprises, electricity, diplomatic and international bodies, and agricultural and gemstone exports through registered aggregators or auctions.
What is the penalty for breaching the Zambian Currency Directives?
A fine of up to 2,500 penalty units or imprisonment of up to two years, or both. Directors and managers who knowingly permitted the breach are also liable, and IFLR1000 reports that the BoZ may impose administrative penalties of up to one million penalty units.
Can a business in Zambia open a Wise account?
Zambia is not on Wise's list of countries where customers can hold money. Check the page directly, because providers update their lists.
Is crypto legal in Zambia?
The Bank of Zambia required virtual asset and stablecoin service providers to register by 27 March 2026, and from 30 March 2026 regulated institutions may not deal with unregistered providers. The BoZ said registration is not a license and that a full framework will follow.
Can a Zambian get a US EIN for a US company?
Yes. The IRS instructions for Form SS-4 let international applicants call 267-941-1099 to obtain an EIN, and state that only international applicants can receive an EIN by telephone. Applicants can also fax Form SS-4 to 304-707-9471 from outside the US.
References
- PwC Worldwide Tax Summaries: Zambia, Corporate, Other issues (export proceeds tracking)
- Embassy of Japan in Zambia: TMI Associates memo on the Bank of Zambia Currency Directives, 2025
- IFLR1000: Zambia, the Bank of Zambia mandates kwacha settlement for domestic transactions
- Zambia Monitor: Bank of Zambia calls for registration of cryptocurrency service providers (16 March 2026)
- RegAlert: Zambia crypto and digital assets regulation
- Wise: Where do I need to live to hold money with Wise?
- Airwallex: Eligible countries and territories
- Internal Revenue Service: Instructions for Form SS-4
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.