⛽ 𝐅𝐔𝐄𝐋 𝐏𝐑𝐈𝐂𝐄𝐒 𝐈𝐍𝐂𝐑𝐄𝐀𝐒𝐄 𝐀𝐂𝐑𝐎𝐒𝐒 𝐀𝐋𝐋 𝐏𝐑𝐎𝐃𝐔𝐂𝐓𝐒 𝐈𝐍 𝐍𝐎𝐕𝐄𝐌𝐁𝐄𝐑 The Energy Regulation Board (ERB) has announced higher pump prices for all petroleum products, effective midnight on 31 October 2026. The revisions come amid rising international oil prices and a weakening Kwacha, which depreciated by more than 3% against the US dollar during the review period. NOVEMBER 2026 FUEL PRICES ▪️ Petrol: K33.06/litre, up from K31.46 (+K1.60) ▪️ Diesel: K34.45/litre, up from K33.27 (+K1.18) ▪️ Kerosene: K32.08/litre, up from K29.76 (+K2.32) ▪️ Jet A-1: K34.51/litre, up from K31.85 (+K2.66) Internationally, average Brent crude prices increased from US$121.58/barrel to US$125.84/barrel, while the average price of Jet A-1 rose from US$144.00/barrel to US$153.22/barrel. The revised prices will remain in force until the next monthly review. Source: Energy Regulation Board (ERB), 31 October 2026. #FuelPrices #FinancialInsight #Get2Know

📰 𝗖𝗢𝗠𝗜𝗡𝗚 𝗦𝗢𝗢𝗡: 𝗙𝗜 𝗣𝗨𝗟𝗦𝗘 𝗜𝗦𝗦𝗨𝗘 𝟬𝟳 | 𝟲𝗧𝗛 𝗡𝗢𝗩𝗘𝗠𝗕𝗘𝗥 𝟮𝟬𝟮𝟲 The next edition of FI Pulse is almost here! Financial Insight Zambia is pleased to announce the upcoming release of FI Pulse Issue 07 on Friday, 6th November 2026, bringing readers another edition of in-depth business journalism, economic intelligence and analysis of developments shaping Zambia’s economy. From the evolution of Zambia’s capital markets to sustainable financing, technological innovation and enterprise development, this edition explores the institutions, businesses and investment decisions driving economic transformation. 𝗜𝗻𝘀𝗶𝗱𝗲 𝗜𝘀𝘀𝘂𝗲 𝟬𝟳: ▪️ Capital Markets: The journey of Zambia’s securities market from its early beginnings to a growing investment platform. ▪️ Sustainable Finance: How Zanaco’s US$50 million sustainability bond is opening new financing opportunities. ▪️ Infrastructure Investment: The role of Public Private Partnerships in financing major infrastructure projects across Africa. ▪️ Technology & Innovation: How Zambian technology companies are developing solutions for banks, businesses and other institutions. ▪️ SME Development: How financial institutions are helping entrepreneurs navigate regulatory requirements and access new business opportunities. ▪️ Corporate Governance & Business Growth: Insights into the organisations and initiatives shaping Zambia’s corporate landscape. Whether you’re a business executive, investor, entrepreneur or policymaker, FI Pulse brings you closer to the stories and perspectives that matter. 📅 Release Date: Friday, 6th November 2026 🌐 Visit: lnkd.in/efmnWZZe FI Pulse | Zambia’s Leading Business Journal #FIPulse #ComingSoon #ZambiaEconomy #CapitalMarkets #MediaMachine #FinancialInsight #Get2Know

PUBLIC NOTICE | @BankofZambia CLARIFICATION ON THE POSITION OF SECURITY THREADS ON ZAMBIAN BANKNOTES The Bank of Zambia wishes to inform the general public that security threads on genuine banknotes of the same denomination may appear in slightly different positions by design. The variation is neither a defect nor, on its own, an indication that a banknote is counterfeit. During production, the security thread’s position is allowed to vary slightly within a defined area known as the “wandering zone”. This controlled variation distributes the additional thickness created by the thread, helping to prevent a ridge from forming when banknote paper is rolled or stacked. Consequently, security threads on genuine banknotes of the same denomination do not always align exactly, and the eagle may also appear in slightly different positions. These variations are a normal feature of banknote production. Members of the public are encouraged to use the TILT, LOOK, FEEL and CHECK approach to examine several security features rather than rely solely on the position of the security thread. These Level 1 security features can be checked without specialised equipment and include colour-shifting features, the watermark, see-through register, raised printing and tactile marks. Further guidance is available on the Bank of Zambia website. To assist with these checks, the Bank encourages the public to download the free Zambian Banknotes app from Google Play Store for Android devices, or the Apple App Store for iPhones. Search for “Zambian Banknotes”, select the Bank of Zambia’s app, and download it. Once downloaded and installed, open the Security Features section and select a denomination to view interactive guidance on checking its Level 1 security features. Please note that the app is an educational guide to examining the level 1 security on physical banknotes, not a tool that automatically authenticates them. Issued by Besnat Mwanza (Ms) ASSISTANT DIRECTOR – COMMUNICATIONS October 29, 2026 #FinancialStability #FinancialMarkets #MediaMachine #FinancialInsight #Get2Know

FINANCIAL STABILITY STATEMENT | @BankofZambia At its October 2026 Meeting, the Financial Stability Committee ("FSC" or "Committee") assessed near- term risks to financial stability to have increased since the April 2026 Meeting, primarily reflecting the anticipated effects of the El Niño-induced drought and floods in some areas. Exposure to adverse weather conditions has potential to amplify systemic risk amid existing threats, especially from prolonged and worsening geopolitical tensions, resulting in higher energy and fertilizer prices, tighter global financial conditions, and persistent cybersecurity risk. The Committee notes that growth and fiscal risks have increased amidst adequate external buffers and low inflation. Economic growth prospects are being overshadowed by the anticipated drought. Subdued financial intermediation and weak private sector credit growth also continues to constrain the effective contribution of the financial sector to economic activity. Although the sovereign-bank nexus has moderated, the fiscal sector is vulnerable to climate-related spending pressures, exchange rate volatility, and refinancing risks. On the other hand, stress in the financial markets eased as yields on Government securities fell, liquidity improved, and exchange rate volatility of the Kwacha against major currencies declined. Commercial banks have maintained resilience, supported by strong capital, liquidity, and profitability. In addition, non-bank financial institutions have remained broadly sound with a notable reduction in non-performing loans associated with public workers, observed previously. Insurance companies, pension funds, and collective investment schemes (CIS) have also stayed broadly resilient. Further, payment and settlement systems continued to support financial stability. Nevertheless, vulnerabilities persisted from concentrated loans and deposits, a rising share of foreign-currency-denominated credit, and weak financial intermediation, as reflected in the persistently negative credit-to-GDP gap. Increased non-resident holdings of Government securities relative to international reserves also emerged as a vulnerability. In addition, the equity market continues to be structurally illiquid, while the corporate bond market remains shallow. Microfinance exposure to common shocks and liquidity pressures arising from concentrated lending to public services workers has increased. Insurance companies, pension funds, and CIS have continued to face market, liquidity, and climate-related risks. These include weak insurance underwriting performance and vulnerability to the imminent drought, pension funds and CIS' exposure to offshore markets and Government securities, and CIS' elevated concentration in illiquid assets. Persistent fraud and cyber threats, together with reliance on shared technologies and service providers, could also accelerate the transmission of operational shocks. Stress test results showed that a severe El Niño-induced drought could weaken economic activity, raise inflation, and tighten financing conditions, leading to slower deposit and credit growth, pick-up in non- performing loans, and weakening of profitability and capital buffers. However, even under stress, banking sector capitalisation would be maintained well above the 10 percent prudential requirement. Although near-term risks have increased, system-wide vulnerabilities are assessed to be manageable, and banks continue to hold adequate capital and liquidity buffers. In view of this, the Committee decided to maintain the Countercyclical Capital Buffer at 0.00 percent. The Committee will continue to monitor developments and adjust the macroprudential policy stance, if the risks to financial stability intensify. The next FSC Statement will be issued in April 2027. Denny H. Kalyalya (Dr.) GOVERNOR Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia #FinancialStability #FinancialMarkets #MediaMachine #FinancialInsight #Get2Know

𝐙𝐚𝐦𝐛𝐢𝐚 𝐑𝐞𝐜𝐨𝐫𝐝𝐬 𝐔𝐒$𝟏𝟖𝟔.𝟒 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐓𝐫𝐚𝐝𝐞 𝐃𝐞𝐟𝐢𝐜𝐢𝐭 𝐢𝐧 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 Zambia recorded a trade deficit of US$186.4 million in September 2026, reversing the US$48.0 million surplus recorded in August, as imports rose while export earnings declined. The figures were presented by Zambia Statistics Agency (ZamStats) Statistician-General, Ms Sheila Mudenda, at the Agency’s offices in Lusaka. EXPORTS AND IMPORTS ▪️ Total exports declined by 8.1% to US$1.606 billion in September from US$1.748 billion in August. ▪️ Imports increased by 5.4% to US$1.793 billion, from US$1.700 billion in the previous month. ▪️ The trade balance consequently shifted from a surplus of US$48.0 million in August to a deficit of US$186.4 million in September. REFINED COPPER: EARNINGS, VOLUME AND LME PRICE ▪️ Export earnings from refined copper fell by 14.9% to US$934.7 million in September from US$1.098 billion in August. ▪️ Export volume declined by 15.3% to 64,900 metric tonnes, from 76,700 tonnes in August. ▪️ London Metal Exchange (LME) copper price increased by 0.9% to US$14,483.40 per metric tonne, from US$14,353.40 in August. Despite the monthly decline, cumulative refined copper export volumes reached 663,000 metric tonnes in January to September 2026, up 6.3% from 623,800 tonnes over the same period in 2025. GOLD AND OTHER EXPORTS ▪️ Gold-related exports included US$2.1 million in semi-manufactured bullion and US$0.3 million in other semi-manufactured gold forms exported to the United Arab Emirates in September. ▪️ The United Arab Emirates accounted for 5.6% of Zambia’s total export earnings, equivalent to US$90.6 million, during the month. EXPORT COMPOSITION Traditional exports, largely driven by the mining sector, generated US$1.060 billion in September, down 10.0% from August. Non-traditional exports declined by 4.2% to US$546.7 million. #ZamStats #InternationalTrade #FinancialInsight #Get2Know

𝐈𝐍𝐅𝐋𝐀𝐓𝐈𝐎𝐍 | Annual Inflation Rises to 6.3% in October Zambia’s annual inflation rate increased to 6.3% in October 2026, from 6.1% in September, marking a modest reversal after months of easing. Despite the increase, inflation remained significantly below the 11.9% recorded in October 2025, representing a decline of 5.6 percentage points over the 12-month period. The figures were presented today by Zambia Statistics Agency (ZamStats) Statistician-General, Ms Sheila Mudenda, at the Agency’s offices in Lusaka. FOOD AND NON-FOOD INFLATION ▪️ Food inflation eased to 5.7% in October from 5.8% in September, driven by price movements in cereals, including breakfast and roller mealie meal, maize grain and wheat flour, as well as vegetables and groundnuts. ▪️ Non-food inflation rose to 7.4% from 6.6% over the same period. The increase was mainly attributed to price movements in fuels, accommodation services and passenger transport by road. PROVINCIAL INFLATION ▪️ Highest: Lusaka recorded the highest annual inflation rate at 8.6%, up from 8.1% in September. ▪️ Lowest: Eastern Province recorded the lowest rate at 4.6%, down from 4.9% in September, matching Luapula Province at 4.6%. MONTHLY INFLATION: Monthly inflation increased to 0.7% in October from 0.4% in September. Food inflation rose to 0.3% from 0.2%, while non-food inflation accelerated to 1.2% from 0.5%. Although annual inflation remains well below last year’s level, the October figures point to renewed price pressures, particularly in non-food items. Source: ZamStats #ZamStats #CostOfLiving #FinancialInsight #Get2Know

ZamStats | PHOTO HIGHLIGHTS Annual inflation in October rose 20 basis points to 6.3% from 6.1% recorded in September. - Food inflation slowed slightly to 5.7% from 5.6% - Non-food inflation skipped to 80 basis points to 7.4% from 6.6% SEPTEMBER recorded at TRADE DEFICIT of $190 million compared to a $50 million SURPLUS in August. #EconomicNews #FinancialInsight #Get2Know

Customers rarely leave loudly. They just go quiet. For many Zambian businesses, the costliest losses never appear as a line item. A lead nobody followed up. A message buried under a hundred others. A loyal customer who simply stopped replying. Every one of them is acquisition spend that never paid back. In this film, Lombe Lusale , Chief Execution Officer at Ballo (named Best ICT Company 2025 at the Zambia Business Awards), explains what his team saw while running digital ecosystems for clients: Africa runs on a relationship economy, and one message on one channel rarely closes a sale. Ballo's own research with SMEs points to the gap. By its findings, 70% of African SMEs have no marketing automation, 78% say measurement is their biggest marketing challenge, and over 80% of internet access in Zambia happens on a mobile phone. His conclusion: this is not a people problem. It is an infrastructure problem. Ballo's answer, BalloAds, launches soon. Visit balloads.com to join the waitlist and receive a free strategy playbook for your business. In partnership with BalloAds #BalloAds #AfricaAtScale #SMEs #Zambia #DigitalEconomy

𝐇𝐨𝐰 𝐝𝐨 𝐰𝐞 𝐮𝐧𝐥𝐨𝐜𝐤 𝐚 𝐭𝐫𝐮𝐥𝐲 𝐛𝐨𝐫𝐝𝐞𝐫𝐥𝐞𝐬𝐬, 𝐢𝐧𝐭𝐞𝐫𝐜𝐨𝐧𝐧𝐞𝐜𝐭𝐞𝐝 𝐞𝐧𝐞𝐫𝐠𝐲 𝐟𝐮𝐭𝐮𝐫𝐞 𝐟𝐨𝐫 𝐀𝐟𝐫𝐢𝐜𝐚? Senior energy executives and power market leaders gathered for a panel titled “Regional Markets and Power Trading: Transmission Infrastructure, Pricing, and Private Sector Investment to Promote Trading” at the Energy Forum for Africa (EFFA) Conference. Ms. Ethel Sakala moderated, and the conversation was about how Southern Africa can move away from rigid bilateral contracts towards more liquid, competitive power pools. A few things stood out. Private traders and aggregators came up as important sources of liquidity, since they connect generators to industrial buyers through bankable PPAs and trade on platforms like the Southern African Power Pool (SAPP). The panel also said that while subsidies kept tariffs below 10¢/kWh in the past, the real cost of regional supply, once you add production, wheeling across borders and reserves, sits around 13 to 14¢/kWh. For trade to work, transmission tariffs need to be unbundled and currency risk properly hedged. Panelists also backed central clearing houses to cut counterparty risk, and Independent Transmission Service Operators so access is fair while national utilities are still compensated for balancing the grid and acting as suppliers of last resort. On the panel: Ms. Ethel Sakala (Moderator); Mr Monie Captan, Deputy CEO, Petrodex; Chikoma Kazunga, PhD, Head of Business Development, @AfricaGreenCo; Mr Evaristo Katongo, Commercial Director, Lunsemfwa Hydro Power Company Limited; Mr Bodrick Mwansa, Head Commercial, Kanona Power; and Mr Chansa Kapembwa, Senior Engineer, Power Trading, Copperbelt Energy Corporation Plc. If Africa wants to unlock its industrial potential, regulations need to be harmonised, private capital needs a way into transmission corridors (SAPP’s RTIFF is one route), and markets need to be open and transparent. Warch the full episode here: youtu.be/piZ0ed9ghT8 #EFFA2026 #PowerTrading #EnergyTransition #OpenAccess #FinancialInsight #Get2Know

Congratulations, Prof. Nkandu Luo! 🇿🇲👏 Financial Insight proudly celebrates Prof. Nkandu Luo on being named among the recipients of the 2026 DFAPH Awards, the highest honour of the Pan-African Academy of Public Health. The award recognises sustained achievement that has strengthened health systems, advanced African science and protected communities from disease. A fitting tribute to a career of pioneering scientific work, public health leadership and service to Zambia and the continent. Zambia is proud. Africa is stronger for your contribution. Well done, Professor! #DFAPH2026 #PublicHealth #Zambia #Get2know #FinancialInsight #mediamachine