Zambian economist Saviour Chibiya takes home $1.35 million from Absa Group

Zambian economist Saviour Chibiya received total remuneration of R22.17 million ($1.35 million) in 2025 from Absa Group, up from R20.11 million ($1.22 million) a year earlier, according to the bank’s latest pay disclosures. The increase was driven mainly by higher performance-linked awards during a year that also saw changes in his responsibilities.

Chibiya served as Group Executive for Absa Regional Operations (ARO) before stepping down after ceasing to be a prescribed officer on Aug. 31, 2025. He later moved into a new role as Regional Executive for East Africa, effective Jan. 1, 2026, marking a shift in how his responsibilities are structured within the bank.

Short-term incentives drive pay surge

A large part of his 2025 package came from short-term incentives, which rose to R9 million ($550,000) from R5.5 million ($336,000) in 2024. This included a R5 million ($305,000) cash payout and a deferred share award valued at R4 million ($244,000), compared with a smaller mix of cash and share-based awards the previous year.

Long-term incentives were set at an on-target face value of R8.2 million, slightly lower than the R8.5 million ($520,000) awarded in 2024. Fixed remuneration declined to R4.97 million ($304,000) from R6.11 million ($373,000), reflecting adjustments tied to his change in status during the year.

Basic salary payments fell to R2.75 million ($168,000) from R3.4 million ($208,000). Retirement contributions also eased to R440,176 ($27,000), compared with R486,264 ($29,700) a year earlier. Other benefits declined to R1.43 million ($87,210), while medical aid contributions rose to R133,538 ($8,150) from R36,585 ($2,250).

Chibiya: Three decades in corporate banking

Chibiya, who holds a Bachelor of Arts degree in Economics and is a Fellow of the Zambia Institute of Banking and Financial Services, has spent over three decades in banking. His career includes 18 years at Citibank, where he rose from an executive trainee in 1993 to country rep. for Citibank in Ghana in 2003 and later MD and CEO of Citibank Zambia in 2006.

He later chaired the Bankers Association of Zambia between 2008 and 2011 before joining Barclays Africa Group in 2010 as chief executive of Barclays Bank Zambia, now Absa Bank Zambia. He went on to serve as regional managing director for Barclays Africa Group, overseeing operations outside South Africa between 2017 and 2019.