As of 30 December 2025, Zambia’s Companies Amendment Act came into force. Among its provisions: bearer shares are now absolutely prohibited. This is a significant step forward for corporate transparency and beneficial ownership disclosure.
They have been used across African jurisdictions for decades as one of the simplest tools for concealing who actually controls a business. A politically connected official, a sanctioned individual, a beneficial owner who cannot appear on any public document, holds the paper. The company remains clean on every register.
Zambia has closed that door. It is one of the most concrete beneficial ownership reforms enacted on the continent.
While the reform is specific to Zambia, the broader question for compliance teams is whether existing partners and suppliers, whether in Zambia or elsewhere, were built around ownership structures that prioritized anonymity over transparency.
The structure may have changed but the intent behind it may not have.
Posted by PML Africa on 09 June 2026
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