Zambia’s fintech ecosystem has expanded rapidly, with 57 fintech firms operating by 2023, up from 25 in 2018. This growth has fueled digital financial services, driving a surge in financial inclusion.

Key verticals include technology enablement for banks, digital payments and mobile money, and digital lending. Notable players such as Union54, Zoona, and Lupiya provide services ranging from card issuance to P2P transfers and instant credit, reshaping Zambia’s financial landscape.

Emerging innovators are expanding into savings, microinsurance, and wealth management. Companies like DigMo and Hobbiton Technologies offer tailored financial products to previously underserved populations, enhancing overall economic participation.

Mobile money adoption has surged to 58.4%, outpacing traditional bank accounts at 20.7%. Pension and insurance services have also grown steadily, reflecting the transformative impact of fintech on Zambia’s economy.

Supportive regulations, including a 2021 sandbox and the National Financial Inclusion Strategy, have encouraged innovation. Ecosystem facilitators such as BongoHive and WECREATE provide mentorship, training, and capital to drive fintech growth, particularly for women entrepreneurs.

Investor interest is increasing, exemplified by Lupiya’s US$11.25 million Series A funding, enabling expansion and broader product offerings. Looking to 2026, PAYZ predicts mobile money will continue to dominate, with expanded merchant payments, savings, credit, and insurance services enhancing SME growth and financial empowerment.

Interoperability and cybersecurity will be critical as transaction volumes rise, ensuring efficiency, convenience, and protection for users. Regulatory frameworks will continue evolving to support responsible innovation and inclusive growth.