ZM · run world-payments-2026-07-04 v13.3.0
content: ai_generated 120 sources retrieved model claude-sonnet-5 ·

Zambia

ZM schema world-payments-v1 trajectory: not recorded

Last updated · 14 modules · 72 sourced findings · 120 sources in the cumulative register

14Modulesbaseline.modules[]
72Findingsmodules[].findings[]
29Tier-1 sourcesrun_metadata.t1_source_count
Confidence mix (sums to 14 rendered modules; click to filter)

Jurisdiction brief

Lead Signal

Zambia's Cyber Security Act, 2025 designates banking and finance—including payment gateways and core banking systems—as critical information infrastructure subject to registration, data localisation, annual audits and incident-reporting to the new Zambia Cyber Security Agency; non-compliance penalties up to ZMW1,200,000 and/or 10 years' imprisonment. The law's companion Cyber Crimes Act 2025 was enacted alongside it, and this pairing is assessed as the single most material operational-resilience development to emerge from this cycle's review. Zambia's central bank has direct experience of the risks the new framework targets: Bank of Zambia was hit by a Hive ransomware attack in 2022, in which it declined to pay the ransom and reported minimal system damage, and suffered a Facebook account hack in July 2023. Civil-society and legal-sector voices have already begun contesting how the new architecture is governed: the Law Association of Zambia and a wider civil-society coalition criticised the Cyber Security Agency's placement under the Office of the President as lacking independent governance and parliamentary oversight, a concern with direct bearing on how critical-payments-infrastructure oversight will be exercised in practice.

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#

Zambia's payment-services and banking licensing regime was fundamentally reformed in 2026: the National Payment System Act 2026 (Act No. 5) and the Banking and Financial Services Act 2026 (Act No. 9) consolidate licensing of banks, microfinance, moneylenders, fintechs and e-money issuers under Bank of Zambia supervision.

Movement — CHANGEDNPSA 2026 and BFSA 2026 consolidate payments/banking licensing under BoZTwin statutory overhauls replace the 2007/2017 licensing regimes with a unified BoZ framework.
Open gap — wpm-int-8The commencement status of the National Payment System Act, 2026 as of the 4 July 2026 baseline could not be independently verified beyond the statutory commencement clause; no Government Gazette commencement instrument was located (per Challenge soft-flag f-001).no under-indexing note recorded
Standing sub-brief204 words · last cycle wpm-2026-08-25

Licensing, Authorisation & Market Access

Zambia's payments-licensing regime is in transition. The National Payment System Act, 2026 was enacted 8 April 2026, repealing and replacing the National Payment Systems Act 2007, but it awaits ministerial commencement via statutory instrument; the 2007 Act framework remains operative pending that instrument. This cycle's review flagged that commencement status as of the 4 July 2026 baseline could not be independently verified against a Gazette instrument, holding confidence at High rather than Confirmed. Separately, foreign-owned banks face a $100 million minimum capital requirement versus $20 million for domestic banks, and commercial banks are licensed via the Registrar of Banks, Financial Institutions and Financial Businesses housed at Bank of Zambia. The foreign-PSP licensing pathway is active in practice: Flutterwave, the Nigerian payments company, obtained a Zambian payment licence in early 2025 to facilitate local mobile money and cross-border payments, illustrating that foreign PSPs must obtain Bank of Zambia licensing regardless of physical presence.

Periodic update · new data 2026-09-08 · run wpm-2026-08-25

Licensing, Authorisation & Market Access

Zambia's National Payment System Act, 2026 (Act No. 5) repeals and replaces the 2007 National Payment Systems Act, providing for licensing, designation and authorisation of payment service providers, and introducing a statutory forty-five-day decision window for the Bank of Zambia to determine authorisation applications, with applicants notified within a further seven days. Alongside it, the Banking and Financial Services Act, 2026 (Act No. 9) consolidates banks, microfinance institutions, moneylenders, fintechs and e-money issuers under a single Bank of Zambia licensing, reporting and enforcement regime, replacing the fragmented 2017 Banking and Financial Services Act and Money-lenders Act patchwork. Both instruments are Tier-1 sourced and assessed at High confidence.

The practical market-access effect is twofold. First, the bank-versus-non-bank distinction is now explicit in statute: non-bank payment institutions and e-money issuers sit within the same Bank of Zambia-administered perimeter as banks rather than in a separate or ambiguous space, and face the same forty-five-day statutory decision window as any other applicant. Second, the cost of remaining outside that perimeter has risen sharply — the Banking and Financial Services Act imposes penalties of up to three million penalty units and/or up to thirty years' imprisonment for conducting banking business or providing a financial service, including payment services and e-money issuance, without a licence.

Outlook

The National Payment System Act's authorisation regime is expected to reach fuller operationalisation around the third quarter of 2026. Whether the Bank of Zambia honours the forty-five-day decision window in practice, and how the steep unlicensed-activity penalty ceiling is applied in the initial enforcement period, are the two central markers to watch next cycle.

Sources and findings (6)
  1. T1https://www.boz.zm/national-payment-systems-act.htm
  2. T1https://zambialii.org/akn/zm/act/2026/5/eng@2026-04-08
  3. T2https://www.afriwise.com/blog/regulation-of-fintech-in-zambia---a-legal-guide
  4. T1https://www.boz.zm/sites/default/files/2026-04/Requirements%20for%20Designation%20of%20Payment%20System.pdf
  5. T3https://blog.useaccrue.com/the-future-of-cross-african-payments-opportunities-and-regulatory-pinch-points/
  6. T1https://www.state.gov/reports/2025-investment-climate-statements/zambia

#

Conduct/safeguarding rules sit in BoZ directives under BFSA s.167 and NPSA-derived e-money directives, supplemented by a weak voluntary Bankers Association Code; BoZ consumer-protection capacity remains thin.

Open gap — wpm-int-3Gibraltar/Crown Dependency corridor dynamics are not applicable to Zambia's payments corridor set.no under-indexing note recorded
Open gap — wpm-int-4No named financial-promotion enforcement actions against Zambian payment/e-money providers were located in available sources.Financial-promotion enforcement is a systematically under-indexed vector per methodology bias corrections; absence here may reflect research-coverage gap rather than true absence of enforcement activity.
Open gap — wpm-int-9The specific customer-fund safeguarding mechanism (e.g., trust account, segregation) mandated for Zambian e-money issuers under BoZ e-money directives was not detailed in sources reviewed.no under-indexing note recorded
Standing sub-brief105 words · last cycle wpm-2026-07-08

Conduct, Safeguarding & Financial Promotions

Bank of Zambia's 2024 update to the unwarranted-charges regime for electronic money services prohibits wallet deposit fees, merchant/bill-payment surcharges, failed-transaction charges, balance-inquiry fees, and wallet opening/closing/reactivation fees. Yet a World Bank diagnostic found Bank of Zambia lacks a dedicated, adequately resourced consumer-protection function, with roughly five officers covering both banking and financial consumer protection, and found the voluntary Bankers' Code of Practice has limited enforcement mechanisms.

No periodic updates recorded against this sub-brief.

Sources and findings (5)
  1. T1https://www.boz.zm/financial-stability/bank-charges
  2. T3https://www.zambiamonitor.com/bank-of-zambia-cracks-down-on-unwarranted-charges-for-electronic-money-services/
  3. T1https://www.boz.zm/BankofZambiaCustomerComplaintsHandlingandResolutionDirectives1.pdf
  4. T2https://responsiblefinance.worldbank.org/content/dam/documents/responsible-finance/Zambia-Diagnostic-Review-V-II.pdf
  5. T2https://epar.evans.uw.edu/wp-content/uploads/2024/08/EPAR_UW_324_DFS-Consumer-Protection_3.31.16.pdf

#

No stablecoin-specific statute; crypto not legal tender; BoZ CBDC plan runs 2024-2026 including a pilot; Currency Directives 2025 reaffirm Kwacha as sole legal tender.

Open gap — wpm-int-6Zambia has no stablecoin-specific statute; the regulatory position rests on general BoZ Act/legal-tender provisions rather than a dedicated stablecoin framework.no under-indexing note recorded
Open gap — wpm-int-7Named CBDC pilot use-cases for Zambia's 2024-2026 plan have not yet been published.no under-indexing note recorded
Horizon · 2026 (±year)Bank of Zambia CBDC framework and pilot phase (2024-2026 plan)proposed · TT3
Standing sub-brief133 words · last cycle wpm-2026-07-08

Stablecoins & Digital Money

Zambia has no stablecoin-specific statute. Cryptocurrencies are not legal tender in Zambia; the Bank of Zambia Act vests exclusive note and coin issuance in the central bank, and Bank of Zambia has not issued any form of cryptocurrency to date. Bank of Zambia's plan calls for establishing a CBDC framework between 2024 and 2026, including implementation and supervision regulations plus a pilot exploring possible use cases, though named pilot use-cases have not yet been published. The Directive on Electronic Money Issuance, dated 14 July 2023, updates the 2018 National Payment Systems Directives on Electronic Money Issuance, governing e-money issuer authorisation and conduct.

No periodic updates recorded against this sub-brief.

Sources and findings (5)
  1. T1https://www.boz.zm/faq.htm
  2. T1https://www.boz.zm/directives.htm
  3. T1https://fic.gov.zm/component/attachments/download/125
  4. T3https://cbdctracker.hrf.org/currency/zambia
  5. T1https://www.boz.zm/Explanatory-Notes-on-the-Currency-Directives-2025.pdf

#

Operational resilience now sits substantially under the Cyber Security Act 2025 and Cyber Crimes Act 2025, designating payment gateways/core banking as critical infrastructure with registration, localisation, audit and incident-reporting duties.

Standing sub-brief149 words · last cycle wpm-2026-07-08

Operational Resilience & Critical Infrastructure

Zambia's Cyber Security Act, 2025 designates banking and finance, including payment gateways and core banking systems, as critical information infrastructure subject to registration, data localisation, annual audits and incident-reporting to the new Zambia Cyber Security Agency, with non-compliance penalties up to ZMW1,200,000 and/or 10 years' imprisonment. Bank of Zambia was hit by a Hive ransomware attack in 2022, declining to pay the ransom and reporting minimal system damage, and suffered a Facebook account hack in July 2023. Following losses of over K111 million to online scammers, ZM-CIRT piloted a *707# short-code allowing citizens to report suspicious numbers, resulting in over 10,000 SIM deactivations in Q1 2025.

No periodic updates recorded against this sub-brief.

Sources and findings (6)
  1. T1https://zambialii.org/akn/zm/act/2025/3/eng@2025-04-15
  2. T2https://bowmanslaw.com/insights/zambia-new-laws-to-strengthen-cybersecurity-and-cybercrime-capacities/
  3. T3https://mpelembe.net/index.php/securing-the-cyberspace-the-impact-of-zambias-2025-cyber-laws-on-security-and-civil-liberties/
  4. T3https://www.icnl.org/wp-content/uploads/Zambia-Five-Things-Cyber-Security-Act-2025-final.pdf
  5. T3https://en.wikipedia.org/wiki/Bank_of_Zambia
  6. T3https://mpelembe.net/index.php/securing-the-cyberspace-the-impact-of-zambias-2025-cyber-laws-on-security-and-civil-liberties/

#

Domestic switch/directive framework governs ATM/POS/mobile transactions; ZIPSS modernised to ISO 20022 in 2023; international scheme compliance runs via global Visa/Mastercard rulebooks absent a bespoke domestic interchange statute.

Standing sub-brief108 words · last cycle wpm-2026-07-08

Scheme & Network Compliance

ZIPSS, Zambia's RTGS system, was upgraded and went live on 14 October 2023, transitioning to ISO 20022 messaging and changing system topology from Y-Copy to V-Mode. Debit-card industry participants must undergo PCI DSS certification before Visa or Mastercard will admit them to the network; the National Financial Switch at ZECHL, Visa and Mastercard are the major interconnecting payment companies. No dedicated Zambian interchange-fee statute distinct from these global scheme rulebooks was located.

No periodic updates recorded against this sub-brief.

Sources and findings (4)
  1. T1https://www.boz.zm/directives.htm
  2. T3https://www.paymentcomponents.com/all-about-payments-in-africa/
  3. T3http://article.sapub.org/10.5923.j.rjbt.20240101.01.html
  4. T3https://blog.miden.co/card-issuing-in-zambia

#

Principal cross-border rails are SADC-RTGS, COMESA REPSS, PAPSS and SADC TCIB; MNOs are opening new direct international mobile-money corridors.

Standing sub-brief115 words · last cycle wpm-2026-07-08

Payment Corridor Dynamics

Zambia joined the SADC-RTGS as a participant in September 2014, via BoZ and nine commercial banks, and the system interlinks with PAPSS and COMESA REPSS. PAPSS, launched January 2022, connects ten central banks including Zambia, supporting real-time local-currency settlement, though it has not yet disrupted entrenched correspondent-banking pathways. MTN Mobile Money Zambia launched a service enabling customers to send money directly from wallets to international bank accounts in the EU, UK and Canada, described as Zambia's first direct wallet-to-bank international transfer offering.

No periodic updates recorded against this sub-brief.

Sources and findings (6)
  1. T1https://www.boz.zm/regional-payment-systems
  2. T1https://www.boz.zm/regional-payment-systems.htm
  3. T3https://blog.useaccrue.com/the-future-of-cross-african-payments-opportunities-and-regulatory-pinch-points/
  4. T3https://www.paymentcomponents.com/all-about-payments-in-africa/
  5. T3https://developingtelecoms.com/telecom-technology/financial-services/19699-two-zambian-operators-announce-mobile-money-initiatives.html
  6. T3https://blog.useaccrue.com/the-future-of-cross-african-payments-opportunities-and-regulatory-pinch-points/

#

Oligopolistic mobile/telecom market layered on a concentrated 19-bank sector; ~50-69 active fintechs; Airtel Zambia crossed $1bn market cap June 2026.

Open gap — wpm-int-10Emerging-market rail comparators beyond headline mobile-money subscriber shares (e.g., transaction-volume/value detail) were not deeply researched this cycle.Emerging-market rail depth is a bias-correction under-indexed vector; this baseline captured market-share headline data only.
Standing sub-brief131 words · last cycle wpm-2026-07-08

Industry Structure & Commercial Dynamics

Zambia's mobile-money market is oligopolistic: Airtel Zambia holds roughly 48% subscriber share and MTN Zambia 33-35%, with state-owned Zamtel the remainder, and both major incumbents extend mobile-money ecosystems into savings, loans and insurance. Airtel Networks Zambia Plc surpassed $1 billion market capitalisation on the Lusaka Securities Exchange on 8 June 2026, reflecting investor confidence in its data and mobile-money portfolio. Standard Chartered is reported to be exploring a potential sale of its wealth and retail banking units in Botswana, Uganda and Zambia, signalling a possible market-structure shift among incumbent international banks; the report is unconfirmed and deal terms are undisclosed.

No periodic updates recorded against this sub-brief.

Sources and findings (5)
  1. T3https://www.mordorintelligence.com/industry-reports/zambia-telecom-mno-market
  2. T3https://innovation-village.com/airtel-zambia-crosses-the-1-billion-market-capitalisation-mark-powered-by-data-and-mobile-money/
  3. T3https://www.zambiainvest.com/finance/banking/
  4. T3https://fintechnews.africa/46245/fintechzambia/fintech-in-zambia-2026-market-overview/
  5. T3https://www.fintechfutures.com/keyword/zambia

Payments-legal infrastructure defined by BoZ Act 2022 penalty powers rather than developed litigation; parliamentary scrutiny flagged NPS Bill 2025/Corporate Insolvency Act overlap; civil society criticised Cyber Security Agency oversight.

Open gap — wpm-int-5No named payments-specific court case citations (litigated disputes) were located for Zambia beyond general statutory enforcement-power provisions.Legal infrastructure and case-level litigation detail is an under-indexed vector; Zambian court records are not comprehensively indexed in the English-language legal databases available this cycle.
Standing sub-brief125 words · last cycle wpm-2026-07-08

Legal & Litigation

A parliamentary committee reviewing the National Payment System Bill 2025 flagged that its restructuring and insolvency provisions for payment service providers could create procedural uncertainty against the existing Corporate Insolvency Act, and recommended harmonisation. No private enforcement actions are available in Zambia's AML/CFT space; only the Financial Intelligence Centre, Drug Enforcement Commission, Anti-Corruption Commission and Police hold enforcement powers. The Law Association of Zambia and a wider civil-society coalition criticised the Cyber Security Agency's placement under the Office of the President as lacking independent governance and parliamentary oversight.

No periodic updates recorded against this sub-brief.

Sources and findings (5)
  1. T1https://zambialii.org/akn/zm/act/2022/5
  2. T2https://www.mondaq.com/government-public-sector/1373122/anti-money-laundering-comparative-guide
  3. T1https://www.parliament.gov.zm/sites/default/files/documents/committee_reports/REPORT%20OF%20THE%20COMMITTEE%20ON%20NATIONAL%20ECONOMY,%20TRADE%20AND%20LABOUR%20MATTERS%20ON%20THE%20NATIONAL%20PAYMENT%20SYSTEM%20BILL,%20N.A.B%20NO.%2032%200F%202025%20FOR%20THE%205TH%20SESSION%20OF%20THE%2013TH%20NATIONAL%20ASSEMBLY.pdf
  4. T3https://payatlas.com/regulator/boz-4606
  5. T3https://globalnetworkinitiative.org/gni-statement-on-zambias-new-cyber-laws-a-blow-to-freedom-of-expression-and-privacy/

#

Card acquiring/issuing restricted to BoZ-licensed banks; fintechs access rails via BIN-sponsorship; POS share of card transactions growing; acceptance concentrated in urban/tourist centres.

Standing sub-brief85 words · last cycle wpm-2026-07-08

Merchant Acquiring & Risk

Only Bank of Zambia-licensed banks are authorised to issue payment cards in Zambia; fintechs such as Union54 access card rails via bank BIN-sponsorship arrangements. POS transactions represented 64% of all card transactions in 2022, up from 51% in 2021, though acceptance remains concentrated in urban and tourist centres with cash dominant elsewhere.

No periodic updates recorded against this sub-brief.

Sources and findings (4)
  1. T3https://blog.miden.co/card-issuing-in-zambia
  2. T3https://visa.co.za/partner-with-us/pci-dss-compliance-information.html
  3. T3https://www.transfi.com/blog/popular-local-payment-methods-and-solutions-in-zambia
  4. T3https://www.safari-memories.com/en/destinations/zambia/explore/introduction-to-currency-and-payment-methods-in-zambia

#

Innovation architecture rests on BoZ Regulatory Sandbox (2021) and SEC sandbox, NFIS interoperability push, BoZ CBDC plan, and product launches from MTN, Airtel Money, Union54 and Lupiya.

Movement — CHANGEDMobile money transaction value grew ~8.5x 2020-2025New growth data on mobile money's market centrality.
Horizon · 2028-Q4 (±multi_year)National Financial Inclusion Strategy II (NFIS II) policy-period completionin_force · TT3
Horizon · 2028 (±multi_year)National Financial Inclusion Strategy II (NFIS II 2024-2028) completion horizonin_force · TT3
Standing sub-brief110 words · last cycle wpm-2026-08-25

Product Innovation & Market Development

Bank of Zambia's Guidelines for Conducting Regulatory Sandbox, effective 1 April 2021, allow fintech companies to test products under regulatory supervision, complemented by a parallel SEC capital-markets sandbox. Union54, founded 2020 in Lusaka, provides a debit-card-issuing API allowing software companies to issue debit cards without needing a bank or card processor directly. Airtel Money Zambia launched a digital community-savings-group product allowing groups to handle deposits, withdrawals and member contributions with real-time transaction tracking.

Periodic update · new data 2026-09-08 · run wpm-2026-08-25

Product Innovation & Market Development

Zambia's mobile money market continues to grow sharply: transaction value reached K891.6 billion in 2025, up from K105.8 billion in 2020, an approximately eight-and-a-half-fold increase over five years. This trajectory, evidenced through a Bank of Zambia presentation at an ITU workshop, underscores mobile money's centrality to Zambia's payments infrastructure. The finding is assessed at Assessed confidence on a Tier-2 source; no further product-innovation-specific development was evidenced this cycle.

Outlook

The open question is how the new National Payment System Act's authorisation regime, and the Banking and Financial Services Act's broader consolidation, will interact with the mobile-money segment specifically, given its outsized share of transaction value. Whether Bank of Zambia guidance addresses mobile-money-adjacent payment service providers as a distinct category under the new licensing architecture is the marker to watch next cycle.

Sources and findings (6)
  1. T1https://www.boz.zm/directives.htm
  2. T2https://www.afriwise.com/blog/regulation-of-fintech-in-zambia---a-legal-guide
  3. T3https://fintechnews.africa/46245/fintechzambia/fintech-in-zambia-2026-market-overview/
  4. T3https://cbdctracker.hrf.org/currency/zambia
  5. T3https://developingtelecoms.com/telecom-technology/financial-services/19699-two-zambian-operators-announce-mobile-money-initiatives.html
  6. T3https://www.startupblink.com/top-startups/zambia

#

Consumer protection runs through BoZ unwarranted-charges/complaints directives, backstopped by a weak voluntary code and underused CCPC/Small Claims routes; APP-style fraud risk politically salient but with no dedicated reimbursement regime.

Standing sub-brief139 words · last cycle wpm-2026-07-08

Consumer Protection & APP Fraud

Consumers levied an unwarranted charge should first raise the matter with their financial service provider, and if unresolved, escalate directly to Bank of Zambia, under the framework set by the Customer Complaints Handling and Resolution Directives. The Small Claims Court has jurisdiction over consumer complaints on banking and financial services but is understood not to be used in practice for such complaints; the World Bank recommends an independent external dispute-resolution scheme. Cybercrime including phishing and social-media fraud has cost the Zambian economy over K111 million, providing political momentum for the 2025 cyber-law framework, though no dedicated APP-fraud mandatory-reimbursement regime exists.

No periodic updates recorded against this sub-brief.

Sources and findings (5)
  1. T1https://www.boz.zm/financial-stability/bank-charges
  2. T1https://www.boz.zm/faq.htm
  3. T2https://responsiblefinance.worldbank.org/content/dam/documents/responsible-finance/Zambia-Diagnostic-Review-V-II.pdf
  4. T3https://www.fnbzambia.co.zm/contact-us/ComplimentsAndComplaints.html
  5. T3https://mpelembe.net/index.php/securing-the-cyberspace-the-impact-of-zambias-2025-cyber-laws-on-security-and-civil-liberties/

#

AML/CFT posture carried via the FIC-centred framework, PPMLA, Anti-Terrorism/Proliferation legislation and BoZ 2017 AML/CFT/PF Directives; Zambia is an ESAAMLG member remaining in FATF enhanced follow-up.

Standing sub-brief156 words · last cycle wpm-2026-07-08

AML/CFT & Financial Crime

This module is Sentinel-fed; the Financial Intelligence Centre, established under the FIC Act No.46 of 2010, is the sole designated agency for receiving, analysing and disseminating suspicious transaction reports, with reporting entities including commercial banks, non-bank financial institutions and DNFBPs. A 2022 FATF/ESAAMLG follow-up report found progress on some technical-compliance deficiencies but downgraded Recommendations 2, 5 and 7, and Zambia remains in enhanced follow-up. The Financial Intelligence Centre is the designated AML/CFT supervisor for Virtual Asset Service Providers absent a dedicated VASP licensing regulator, applying FATF Recommendation 15 requirements including suspicious-transaction-report filing on attempted transactions. Per methodology, this monitor carries the Sentinel feed as provenance and does not perform original illicit-finance analysis; see the Financial Intelligence Monitor for that assessment.

No periodic updates recorded against this sub-brief.

Sources and findings (5)
  1. T1sentinel.fic.gov.zm/aml-cft-framework
  2. T1sentinel.fatf-gafi.org/en/publications/Mutualevaluations/Fur-zambia-2022.html
  3. T2sentinel.mondaq.com/government-public-sector/1373122/anti-money-laundering-comparative-guide
  4. T2sentinel.mondaq.com/government-public-sector/1373122/anti-money-laundering-comparative-guide
  5. T1sentinel.fic.gov.zm/component/attachments/download/125

#

Correspondent banking access appears stable; no lost relationships in 3 years per 2025 US ICS; SADC-RTGS/PAPSS reduce reliance on traditional correspondent chains; all banks incorporate locally.

Standing sub-brief129 words · last cycle wpm-2026-07-08

Correspondent Banking, Settlement & Access

The US Embassy reports no lost correspondent banking relationships over the past three years and none currently in jeopardy, with many Zambian banks maintaining active correspondent relationships. All banks operating in Zambia must incorporate locally; there are no local retail branches of foreign banks, and Citibank Zambia Limited, a wholly-owned Citicorp New York subsidiary, provides correspondent banking services domestically. Regional settlement-system participation across SADC-RTGS, PAPSS and COMESA REPSS interlinking reduces Zambian banks' reliance on correspondent banking for regional cross-border settlement, lowering transaction costs and settlement times.

No periodic updates recorded against this sub-brief.

Sources and findings (5)
  1. T1https://www.state.gov/reports/2025-investment-climate-statements/zambia
  2. T2https://www.trade.gov/country-commercial-guides/zambia-trade-financing
  3. T1https://www.bis.org/cpmi/paysys/Zambia.pdf
  4. T1https://www.boz.zm/regional-payment-systems
  5. T1https://www.state.gov/reports/2025-investment-climate-statements/zambia

#

Trailing-12-month activity led by Lupiya's Series A, Airtel Zambia's LuSE market-cap milestone, a Western Union/Zoona/Chipper Cash partnership, MTN MoMo's new international-transfer product, and a rumoured Standard Chartered Zambia-unit divestiture.

Standing sub-brief199 words · last cycle wpm-2026-07-08

Commercial Intelligence

Digital bank Lupiya secured US$11.25 million in a Series A round, reported around 27 February 2026, to broaden its product offering, strengthen technology infrastructure, and support expansion into Southern and East Africa. Airtel Networks Zambia Plc surpassed $1 billion market capitalisation on the Lusaka Securities Exchange on 8 June 2026, driven partly by its mobile-money and digital-financial-services business; this milestone is logged here as a market event rather than as a scheme commercial_event, since it does not fit the closed event-type taxonomy. Western Union, Zoona and Chipper Cash launched a partnership for international money-transfer services covering Zambia, announced around 30-31 July 2025, with deal value not publicly disclosed. MTN Mobile Money Zambia launched a wallet-to-international-bank-account transfer service covering the EU, UK and Canada, reported in early February 2026. Standard Chartered is reported to be exploring a potential sale of its wealth and retail banking units in Botswana, Uganda and Zambia; deal value and timing are not publicly disclosed as of this baseline.

No periodic updates recorded against this sub-brief.

Sources and findings (5)
  1. T3https://fintechnews.africa/46245/fintechzambia/fintech-in-zambia-2026-market-overview/
  2. T3https://innovation-village.com/airtel-zambia-crosses-the-1-billion-market-capitalisation-mark-powered-by-data-and-mobile-money/
  3. T3https://tracxn.com/d/geographies/zambia/__aRcH8lYOC74CSa9mr7vgyLFQ7-kjiAhbM4KLW-bhH3A
  4. T3https://developingtelecoms.com/telecom-technology/financial-services/19699-two-zambian-operators-announce-mobile-money-initiatives.html
  5. T3https://www.fintechfutures.com/keyword/zambia
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Sentinel-fed modules receive no special rendering treatment. sentinel_feed is an attribution chip only: it does not suppress content, does not generate an absence reason code, and does not exclude the module from any count, filter, search index or export on this page.

Family taxonomy is renderer-level presentation config, not a JID field. Colour is always duplicated in text and is never the sole carrier of meaning.

Suppressed by doctrine: derived risk score; per-module RAG traffic light; derived_scores = {}.

Band honesty: uncertainty bands are computed against a frozen build clock of 2026-09-11. A year-precision row is never promoted into a tighter band.

Orphan deltas: 0 cycle_delta row(s) target non-module objects and are listed in the rail rather than attached to a card.

Envelope: baseline resolved at jurisdiction_json.baseline; 14 module(s), 72 finding(s), 198 source(s) in the cumulative register.