Over the past decade, Zambia has experienced a rapid expansion of fintech companies and the adoption of digital financial services. In 2023, the United Nations Capital Development Fund (UNCPF) identified 57 fintech companies operating in Zambia, more than double the 25 companies recorded in 2018 and highlighting the sector’s rapid growth.

Most Zambian fintech companies concentrate on three main verticals. The first category is technology enablement for financial institutions, where companies develop digital tools, platforms, and services that give banks, credit unions, payment processors, and other financial‑service providers the technical infrastructure they need to create, deliver, and manage modern financial products. Union54 exemplifies this vertical, providing card issuing services and operating the ChitChat conversational-payment app.

The second category is digital payments and mobile money. Companies in the space facilitate peer-to-peer (P2P) transfers, merchant acceptance, and cashout networks. Zoona is a relevant example, operating a mobile money network that serves more than 7 million customers;

The third area is digital lending. Companies in this vertical offer instant credit and loan-origination platforms. Lupiya illustrates this segment with its digital banking platform that offers digital payments, lending products, and embedded finance.

But a newer wave of innovators is expanding the Zambian fintech ecosystem beyond payments and credit by providing services including savings, microinsurance, and asset and wealth management. DigMo, for example, offers digital savings and financial planning products designed for low- and middle-income users; while Hobbiton Technologies creates software for insurance, capital markets, and payments.

The rapid growth of fintech has significantly expanded access to financial services across Zambia.

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