Kapumpe Chola: Zambian banker who rose through African banking to lead FNB Zambia

Kapumpe Chola is a Zambian banking executive who has built a career spanning more than 26 years across commercial banking, corporate and investment banking, financial markets and business transformation. She is the chief executive officer of First National Bank (FNB) Zambia, where she became the first woman and second Zambian to lead the bank.

Kapumpe Chola was appointed CEO in 2024 after previously serving as country director for Rand Merchant Bank Botswana and head of corporate and investment banking at FNB Zambia. Her career has also included senior roles at Standard Chartered Bank and Barclays Bank Zambia, as well as leadership assignments across more than 15 markets in Africa and the United Kingdom.

From banking roles to FNB Zambia CEO

Kapumpe Chola began her banking career in Zambia before gaining experience at Barclays Bank Zambia and Standard Chartered Bank. She subsequently joined the FirstRand Group, where her career expanded into corporate and investment banking and broader financial-services leadership.

Her experience eventually took her to Botswana, where she became country director for Rand Merchant Bank Botswana. 

She later returned to Zambia to serve as head of corporate and investment banking at FNB Zambia, positioning her for the bank’s top leadership role.

When she assumed the CEO position in February 2024, Chola made history as FNB Zambia’s first female CEO. Her appointment also made her the second Zambian to occupy the position, marking a significant moment in the evolution of corporate leadership in Zambia.

Building FNB Zambia’s next phase of growth

As CEO, Chola has focused her leadership vision on expanding the value FNB Zambia delivers to individuals and businesses while supporting broader economic development.

She has placed particular emphasis on small and medium-sized enterprises, arguing that financial institutions can play a greater role in unlocking SMEs’ potential and strengthening their contribution to national economies.

Her vision also extends to Zambia’s critical growth sectors, including mining, energy and agriculture, where she sees opportunities for innovative and inclusive financial solutions to support long-term economic growth.

Kapumpe Chola has described one of her principal leadership goals as helping people reach their full potential, extending that philosophy to both employees and customers. She has also championed the bank’s shared-prosperity approach, linking financial-sector growth with the development of the communities and businesses it serves.

Her outlook reflects a banking sector being reshaped by technology, financial inclusion and changing customer expectations. Chola has argued that fintech companies should increasingly be viewed as partners by traditional banks, particularly as digital platforms expand access to financial services across Africa.

Education and leadership philosophy

Chola holds an MBA in Financial Studies from Nottingham University Business School in the United Kingdom, which she completed in 2003. She previously earned a Bachelor of Arts in Psychology and Public Administration from the University of Zambia and holds a Treasury Dealing Certificate from ACI – The Financial Markets Association.

She later completed the Leadership in the Digital Age: AI & Financial Inclusion executive programme at INSEAD Business School in Singapore.

Reflecting on her career, Kapumpe Chola has credited her postgraduate studies with giving her a broader understanding of business, leadership and financial services, while exposure to different nationalities and cultures helped prepare her to work across multiple African markets.

Her leadership philosophy is centred on humility, authenticity and a willingness to take on challenges. She has encouraged professionals, particularly women, to step forward, accept failure as part of learning and pursue leadership opportunities.

For Kapumpe Chola, becoming the first woman to lead FNB Zambia is less about the distinction itself than what it can represent for those coming behind her. She has expressed hope that her appointment will help create a path for more women to assume senior leadership positions across Zambia’s financial-services industry.