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The Rise of Fintech in Zambia: Revolutionising Financial Services

  • Writer: Explore Lusaka
    Explore Lusaka
  • Dec 18, 2024
  • 2 min read

Updated: Jan 9

In recent years, Zambia has seen a surge in fintech innovation, significantly enhancing financial inclusion and streamlining services for both individuals and businesses. Key players such as Zoona, ExpressCredit, Kazang, and MTN MoMo are at the forefront of this financial revolution, each offering unique solutions that cater to the evolving needs of Zambian consumers and entrepreneurs.


Green background with a white speech bubble logo, featuring sharp, angular lines cutting through it, creating a dynamic visual pattern. Zoona Logo

Founded in 2008, Zoona is instrumental in Zambia's financial landscape by providing mobile money services, especially to the underbanked. The platform enables entrepreneurs, known as Zoona Agents, to earn commissions through money transfers and payment services. Zoona’s impact extends beyond simple transactions; it supports small businesses with working capital financing and business management tools, fostering economic growth across urban and rural areas.



Abstract design with overlapping orange and red gradient ovals on a white background, creating a dynamic, flowing pattern. the ExpressCredit logo


ExpressCredit operates as a microfinance institution offering a spectrum of financial products including personal and business loans. By utilising mobile technology, ExpressCredit aims to deliver quick and efficient financial solutions, making it easier for individuals and small businesses in Zambia to access much-needed credit.


Bold black "K" logo on a lime green circle, outlined with a black border. Simple, modern design on a plain white background. Kazang Logo


Kazang is known for providing prepaid solutions and payment services, such as airtime and electricity vending. It also facilitates bill payments, helping Zambians to manage daily financial transactions efficiently. The service is designed to be user-friendly, catering to customers who require quick and easy transaction methods in various locations across the country.




Yellow abstract design on a blue background with a yellow stripe at the bottom. No text, simple and modern look. MTN Mobile Money Zambia

MTN Mobile Money, commonly known as MoMo, is a flagship service of MTN Zambia, offering a broad range of mobile financial services. MoMo allows users to send and receive money, pay bills, and access financial services like loans and savings directly from their mobile phones. MTN MoMo is particularly notable for its role in promoting financial inclusivity and providing services that are accessible on any Zambian mobile number. Moreover, MTN MoMo has been expanding its services to include international remittances and business solutions, further integrating Zambia into the global financial ecosystem.



The growth of fintech in Zambia reflects a broader trend towards digital financial services in Africa. Companies like Zoona, ExpressCredit, Kazang, and MTN MoMo are not just transforming how financial services are delivered; they are also creating opportunities for economic empowerment and business development. As these platforms continue to innovate and expand, the potential for financial growth and inclusion in Zambia looks promising, paving the way for a more connected and financially empowered future.

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