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 replaced by the more radical Harry Nkumbula. Harry Nkumbula, a schoolteacher from Kitwe, had been given a scholarship to study in London, where he met Hastings Banda. The main African objections to the Federation were summed up in a joint memorandum prepared by Nkumbula for Northern Rhodesia and Banda for Nyasaland in 1950, shortly before Nkumbula returned to Northern Rhodesia. These objections were that political domination by the white minority of Southern Rhodesia would prevent greater African political participation, and that control by Southern Rhodesian politicians would lead to an extension of racial discrimination and segregation. Nkumbula returned to Northern