Source: https://rivet.global/blog/zambia-companies-receiving-foreign-payments-kwacha
Published: 2026-10-31 · Updated: 2026-10-31 · By Rashidatou K.

# Zambian companies receiving foreign payments: a liberal regime and a volatile kwacha

Zambia allows companies to receive and hold foreign currency freely. How Zambian companies collect from clients abroad, hold dollars, and manage the kwacha's swings.

## Key takeaways

- Zambia has a liberal foreign exchange regime; companies can receive and hold foreign currency.
- The kwacha has been volatile, moving sharply with copper prices and debt developments.
- Many Zambian suppliers to the mining sector are paid in dollars.
- Converting dollars to kwacha on a schedule ahead of payroll limits the effect of swings.

A Kitwe engineering services firm maintains equipment for copper mines on the Copperbelt and does project work for a client in Johannesburg. The mines pay in dollars; the South African client pays in rand. Its staff and local suppliers are paid in kwacha. In one year the kwacha moved more than 20 percent against the dollar, in both directions.

## A liberal regime

Zambia's foreign exchange regime is open. Companies can hold dollar and other foreign currency accounts at Zambian banks and receive payments from abroad.

## A volatile currency

The kwacha is driven by copper prices, government debt and investment flows, and it moves a lot. A company with dollar revenue and kwacha costs gains when the kwacha weakens and loses when it strengthens.

## Hold and plan

1. Hold dollars as they arrive.
2. Pay dollar costs from the dollar balance: imported parts, equipment and services.
3. Convert a planned amount to kwacha ahead of payroll.

## Domestic pricing

Rules on pricing domestic transactions in foreign currency have changed over the years. Check the Bank of Zambia's current position before writing dollar prices into contracts with Zambian customers.

## Paying into Zambia: the local rail

| What | Detail |
|---|---|
| Local rail | National Financial Switch instant transfers |
| Run by | Zambia Electronic Clearing House Limited, under the Bank of Zambia |
| Settlement | Seconds between banks and mobile money |

Source: [Zambia Electronic Clearing House](https://www.zechl.co.zm/). Checked when this guide was last updated; the scheme's own page has the current figures.

## Where Rivet fits

A Rivet business account accepts registered companies after verification, including Zambian companies. Approved companies get US account details in their own name on every plan, euro and sterling details from the Growth plan, and payouts in 120+ countries. Dollars can be held or converted at a rate shown before you confirm. Rivet is not a bank; regulated partner institutions hold the funds.

## Questions

### Can Zambian companies hold dollars?

Yes. Zambia does not restrict companies from holding foreign currency accounts or receiving payments from abroad.

### Why is the kwacha volatile?

Zambia's economy depends heavily on copper exports, and copper prices, debt restructuring and inflows drive the currency.

### Are prices in Zambia allowed in dollars?

Rules on pricing domestic transactions have changed over time. Check the current Bank of Zambia position for domestic contracts.

### How should payroll conversions be timed?

Convert a planned amount ahead of each payroll rather than every receipt on arrival.