Asset Classes

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The Authority has invested in a toll road by financing the construction of the road corridor stretching from Ndola to Solwezi as well as subsequent toll plazas. This was made via a loan to the National Road Fund Agency (NRFA).

Investment Focus

The Authority is pursuing various investments in infrastructure such as:


NAPSA understands the importance of a good road network and its value to the economy.

NAPSA entered into an agreement with the National Road Fund Agency (NRFA), to provide financing for the rehabilitation of economic roads on the Copperbelt, as well as the construction of Toll Plazas.

One such investment has been the rehabilitation of the Solwezi road.

Bus stops

NAPSA is currently pursuing a project to build a state-of-the-art bus terminus and market in Livingstone. These facilities, once completed, would transform the public transport and market operations within the city and set an example to the rest of the country.

Among the key items to deliver include the full automation of the bus terminus and market to bring about a cashless and seamless process through the operations of the terminus and market.

Solar energy

NAPSA aims to complement government’s efforts to mitigate shortage of power in the country by putting up 40 megawatts Solar Power Plant at its Riverview Park.

NAPSA is working with strategic partners such as the African Development Bank who have done various renewable energy projects on the continent.

ADB will facilitate and fund the much needed technical assistance in order to ensure success of the planned investment.

Real Estate

Real estate’s portfolio comprises the commercial and residential properties. The commercial properties include the mixed use properties such as Levy Business Park comprising of the office complex, mall and hotel, ECL Business Park (Office complex, Mall, Hotel and Conference Centre, Ibex Hill (office complex). Residential properties include the Northgate houses, Kalulushi housing complex and Nyumba yanga

Portfolio Breakdown


NAPSA Hospitality Investments Limited (formerly Levy Business Park Hotel Limited) was incorporated in September 2011. The Company is a wholly owned subsidiary of the National Pension Scheme Authority (NAPSA) and is responsible for managing the Authority’s investments in the hospitality sector. It currently oversees, through an independent Board of Directors, the affairs of the Stay Easy Hotel in Lusaka, Garden Court Hotel in Kitwe, Hilton Garden Inn Society Business Park in Lusaka and the Radisson Blu Mosi-oa-tunya Livingstone Resort.

Portfolio Breakdown

Subsidiary Focus

Government Securities

The Authority participates actively in Government Securities, both Treasury Bills and Government Bonds. It is a well-known fact that investments in Government Securities are considered risk free and arising from this the Authority has invested circa 45% of its Portfolio in Government Securities.

Portfolio Breakdown
Fixed Term Deposits

The Authority also recognizes its role in the country’s financial market. The country faces a savings crisis and cannot mobilize enough liquidity through savings. Traditional solutions would require Bank of Zambia (BoZ) to become the “Lender of Last Resort” and provide liquidity to the Commercial Banks. Bank of Zambia (BoZ) has its own reserve challenges and therefore the role of NAPSA helps alleviate the problem by providing liquidity to financial institution through investments in Fixed Term Deposits and other Instruments. 

The Authority has made this investment in the following companies:

Portfolio breakdown

  • Barclays Bank Zambia Ltd 
  • Standard Chartered Bank 
  • Stanbic Bank Zambia Ltd 
  • Investrust Bank Plc 
  • African Banking Corporation 
  • First National Bank
  • ECO Bank Zambia Limited 
  • lndo-Zambia Bank
  • lndo-Zambia Bank
  • Cavmont Capital Bank
  • Access Bank Zambia Ltd
  • Development Bank of Zambia 
  • lntermarket
  • First Alliance Bank
  • United Bank for Africa
  • Zambia National Building Society 
  • Citibank
Listed Equity (Shares)

NAPSA holds shares in 17 companies out of the 23 companies listed on the Lusaka Stock Exchange. A key benefit of equity investments is the potential to increase the value of the initial amount invested. This comes in the form of capital gains and dividends. Equity funds offers investors a diversified investment option generally for a minimum initial investment amount.

The LuSE index has been showing a positive trend in recent years.

Portfolio breakdown


COMPANY Total Issued Shares  Total # of Shares held by NAPSA NAPSA % Holding 
AECI 20,406,600                          293,798 1.4%
BATZ 212,456,304                       6,394,439 3.0%
CEC AFRICA 1,625,000,597                     15,779,333 1.0%
LAFARGE 200,039,904                       9,499,102 4.7%
NATBREW 63,000,000                       1,400,000 2.2%
PAMODZI 100,000,000                       4,164,607 4.2%
ZAMBIA-RE 30,000,000                       4,281,895 14.3%
PUMA 500,000,000                     49,972,746 10.0%
REIZ 56,460,198                       5,691,431 10.1%
STANCHART 1,666,981,048                     39,873,967 2.4%
ZAMBEEF 247,978,195                     24,797,819 10.0%
ZAMEFA 27,090,100                       3,290,567 12.1%
ZAMSUGAR 316,517,385                     30,788,021 9.7%
ZANACO 1,443,750,531                   140,355,061 9.7%
ZCCM 160,800,286                     24,120,043 15.0%
Corporate Bonds

Corporate bonds refer to debt issued by companies that the Authority invests into as debt to the issuer. The Authority has always endeavoured to contribute to the development of the (Bond Market) and holds the following investments in Corporate Bonds:

  • IZWE Loans
  • M Finance
Portfolio Breakdown