Dr Banda arrived in the country Thursday afternoon for what was termed a business meeting with Prophet Magaya.
Magaya says the two are chasing possible investment partnerships in his Planet Africa projects that centre on mining, construction and agriculture.
Born in Zimbabwe to migrant Zambian parents, Dr Banda has a soft spot for Zimbabwe.
His last visit to Zimbabwe was in November last year when he attended President Emmerson Mnangagwa’s inauguration ceremony.
Zimbabwe and Zambia have maintained cordial relations since the days of the liberation struggle.