Zambia Fintech Landscape Study

In 2018 UNCDF conducted the first fintech study for Zambia, revealing 25 companies operating as fintechs. In the five years since, the fintech sector has grown considerably, with the following new data revealed:

  • Over 57 fintechs operating in Zambia.
  • Typologies of fintechs in Zambia are: enabling technologies (12 percent); money transfer (25 percent); digital lending (31 percent); payment gateways (20 percent); saving/asset management (9 percent); insurance (3 percent).
  • B2B remains the leading category of fintech in Zambia.
  • Cost of last mile delivery poses challenge in achieving B2C scale.
  • The majority of Zambian fintechs are headquartered locally.
  • Limited representation of women with only 5 percent women-led fintechs compared to 62 percent male-led fintechs.
  • Ability to scale fintech businesses is hampered by the limited spread of infrastructure and digital skills.
  • Talent pool is limited but growing.


Other findings are detailed in the report available for download.

The content of this report is based on information collected, reviewed and analysed between November 2022 and March 2023.

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