Bank of Zambia in the 1938 formation of the Southern Rhodesia Currency Board, which was based in Harare, in present-day Zimbabwe. The Board's jurisdiction included Northern Rhodesia, now called Zambia and Nyasaland, known as Malawi today. In 1954 the Southern Rhodesia Currency Board was renamed the Currency Board of Rhodesia and Nyasaland, and as the winds of change were strong in Africa at the time, the currency board was transformed into the Bank of Rhodesia and Nyasaland in 1956. In 1964 the Bank of Zambia was created from the Bank of Northern Rhodesia, which itself had only formed a year earlier in 1963
Northern Rhodesia and Luanshya, all on what later became known as the Copperbelt and exploration in 1895 by the British South Africa Company's celebrated American scout, Frederick Russell Burnham, who led and oversaw the massive Northern Territories (BSA) Exploration Co. expedition first established for Westerners that major copper deposits existed in Central Africa. Along the Kafue River in then Northern Rhodesia, Burnham saw many similarities to copper deposits he had worked in the United States, and he encountered natives wearing copper bracelets. Later, the British South Africa Company built towns along the river and a railway to transport the copper through Mozambique.