Zambia

Innovation in financial technology—referred to as ‘fintech’—is rapidly disrupting the financial services landscape across the world. Business models ranging from peer-to-peer lending to blockchain-based digital assets are revolutionising the world of digital finance. Zambia’s fintech landscape has evolved considerably in the five years since UNCDF first conducted a market scoping in 2018.1 The 2018 study identified 25 companies as players in the fintech ecosystem. Based on information gathered during this study from various stakeholders, UNCDF identified 57 fintechs currently operating in Zambia. However, this number may be higher given the industry is constantly evolving and growing. Many businesses that identify as fintechs in Zambia are concerned with either increasing access to financial services, improving the delivery of said services, or realising gains in efficiency on behalf of their clients. This study explored the various typologies of fintechs in Zambia, including their business activity, stage of development, type of product or service, source of funding, human resourcing, gender representation, and the location of their headquarters.

Across the various typologies, fintech companies in Zambia use several technologies such as mobile applications, online platforms, and enabling technologies such as blockchain to offer financial products and services to customers. Following the 2018 study, we undertook on the trends, challenges and opportunities for growth observed in the Zambian Fintech Ecosystem.