Banda was sworn into office Sunday after defeating opposition leader Michael Sata by only 2 percentage points, a result that Sata's party is contesting.
After taking the oath of office in Lusaka, Banda said, "We have come a long way these last seven years but there is still much to do. Too many Zambians have been left behind. They do not share in the economic prosperity of the Zambian economy," the Voice of America reported.
Banda also appealed to the opposition to set aside disagreements in the wake of an intense and divisive electoral campaign, saying he did not intend to govern a divided nation, VOA said.