FNB Zambia employees are set for an average salary increase of 11.4% following the successful conclusion of the bank’s 2026/2027 collective bargaining process with the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW).

The agreement was formally concluded during a signing ceremony, bringing to an end negotiations between the bank and the union over employee conditions for the 2026/2027 period. FNB Zambia Chief Executive Officer Kapumpe Chola described the conclusion of the process as an important milestone for the institution and its relationship with its employees.

While the headline figure is the 11.4% average salary increase, the development carries a wider significance for Zambia’s financial services industry. Salary negotiations have become an important part of the conversation around attracting and retaining skilled employees, particularly in a sector where banks compete heavily for talent in technology, risk management, digital banking, finance and customer experience.

For employees, the increase represents more than a change to monthly earnings. It comes at a time when household budgets remain sensitive to the cost of living, making wage adjustments an important component of employee welfare and financial security. For employers, however, salary increases also have to be balanced against productivity, operating costs and the need to remain competitive in an increasingly technology driven banking environment.

The agreement also highlights the continuing role of collective bargaining in Zambia’s formal economy. The partnership between FNB Zambia and ZUFIAW demonstrates how negotiations between employers and organised labour can provide a structured avenue for addressing employee expectations while giving businesses greater certainty around employment conditions.

For FNB Zambia, the focus now shifts from negotiation to implementation. The bank will have to translate the agreement into improved employee engagement and productivity while continuing to navigate a banking market increasingly shaped by digital competition, changing customer expectations and pressure on financial institutions to operate more efficiently.

The 11.4% agreement therefore represents both a pay adjustment and a test of the broader employer-employee relationship. If successfully implemented, it could reinforce the idea that stronger employee relations can form part of a bank’s competitive advantage, particularly in an industry where people remain central to delivering financial services even as technology transforms how customers interact with their banks.