As we close the previous quarter, it is encouraging to see the tangible progress we have made — from building capacity and strengthening ethical standards to advancing consumer protection. These milestones are proof that collaboration across regulators, industry players and partners is yielding results.
Looking ahead, the next quarter will focus on sustaining this momentum. PAYZ will continue to engage Government on critical policy matters such as the proposed increase to the Mobile Money Levy, support sector-wide initiatives that improve inclusion and innovation, and drive projects that raise operational standards across the payments ecosystem. We are also preparing to roll out industry consultations on the forthcoming DFS Code of Conduct and Standard Agent Training Manual — two important frameworks that will enhance trust and consistency in digital financial services.
As always, I thank all our members and partners for their continued commitment. Together, we are not only responding to the needs of today, but also shaping a resilient, inclusive, and forward-looking digital finance ecosystem for Zambia.
“Together, we are shaping the future of payments in Zambia.”
In This Issue
BoZ Meets Aggregators to Review Implementation of Directive on Unwarranted Charges
Almost one year after the issuance of the Bank of Zambia’s Directive on Unwarranted Charges, the regulator convened meetings with payment aggregators to review experiences and challenges in implementing the rule. The forum enabled dialogue on compliance enforcement, reporting mechanisms, and how to strike a balance between consumer protection and the need to maintain profit margins and innovation incentives.
Aggregators shared perspectives on customer pushback, system constraints, and cost pressures. The regulator affirmed its intent to monitor compliance strictly but emphasised the importance of flexibility in consultation with stakeholders — especially smaller operators.
“Dialogue on compliance helps balance consumer protection with innovation incentives.”
Receipts, Trust, and the Digital Future of Payments in Zambia
Last month, a story in the Zambia Daily Mail caught my eye. It told of a mother at Kamwala Shopping Centre who insisted on a simple receipt for the shoes she bought. The shopkeeper, frustrated, said they had “run out.” She walked away unsatisfied, carrying only doubt and unease.
This is more than a single story; it reflects a wider problem. Across Lusaka and beyond, customers often leave without receipts, without proof of purchase, and without recourse if things go wrong. At PAYZ, we believe receipts are not just slips of paper — they are contracts, safeguards, and symbols of trust. Without them, consumers bear all the risk, while businesses lose credibility and growth opportunities.
Zambia is far from starting at zero. Digital payments are growing fast. In 2023, mobile money transactions surged by 52.8%, reaching a record K452 billion, up from K295.8 billion in 2022. Over half of all retail payments are now mobile, while fewer than a quarter of adults use traditional banking.
Two of the Fourteen Enrolled in DFI Training Have Now Graduated
In Q2, PAYZ enrolled fourteen member institutions into the renowned Digital Frontiers Institute programme, with the aim of strengthening member capacities in delivering digital financial services (DFS). The programme runs in modules at intervals throughout the year, aligned to the DFI course schedule. To date, two of the fourteen institutions have successfully completed their courses.
Aston Njovu from ZeePay and Shadreck Nondo of Zynle passed through the programme, earning certifications in Digital Finance for All and Digital MSME Finance respectively. Their achievement is an early indicator that the training investment is bearing fruit. Over the coming months, the remaining participants are expected to complete the curriculum.
Bank of Zambia Releases 2024 National Payment Systems Report
The Bank of Zambia (BoZ) has released its 2024 National Payment Systems Report, providing key insights into the performance, trends, and developments within Zambia’s payments ecosystem.
The report highlights progress in digital payment adoption, growth in electronic fund transfers, and the continued expansion of mobile money services across the country. It also sheds light on policy initiatives aimed at strengthening financial inclusion, improving payment system efficiency, and enhancing cybersecurity resilience.
According to BoZ, these developments reflect ongoing efforts to modernize Zambia’s payment infrastructure and support the transition toward a cash-lite economy. The report serves as a vital resource for stakeholders — including banks, fintechs, and regulators — seeking to understand the evolving landscape of payments in Zambia.
Government Proposes Increase in Mobile Money Levy
The Government of Zambia has proposed a hike in the mobile money levy, a move that has sparked discussions among consumers, fintechs, and industry players.
According to the proposal, the levy on mobile money transactions would be adjusted upwards as part of the 2026 national budget measures aimed at boosting domestic revenue. While the Ministry of Finance says the increase is meant to enhance fiscal sustainability, stakeholders have raised concerns about its potential impact on financial inclusion and the cost of digital transactions.
Industry observers note that the change could influence how individuals and small businesses use mobile money platforms, which have become an essential channel for payments and remittances across Zambia.
The Payments Association of Zambia continues to monitor the policy discussions and engage relevant authorities on behalf of its members.
Pawapay Hosts “A Night of Tech, Trends & Connections”
On 3 July, Pawapay convened a gathering of fintech enthusiasts, innovators, regulators and practitioners under the theme “A Night of Tech, Trends and Connections.” The event delivered thoughtful dialogue on emerging technologies, regulatory developments, and partnerships that can broaden financial inclusion.
Key messages that resonated included: that evolving fintech regulation, when well-designed, acts as an enabler rather than hindrance; that collaboration across regulators, service providers, and civil society is essential to reach the “unserved”; and that data-driven innovation enables more precise, targeted payment solutions which enhance user experience and inclusion.
Participants shared real-world challenges and opportunities. One speaker noted that regulation which is too rigid stifles creativity; another emphasised that smaller start-ups must be integrated into larger platforms through open APIs or sandbox mechanisms.
Stanbic & BAZ Host 2025 Banking Industry Symposium
On 11 July 2025, Stanbic Bank and the Bankers Association of Zambia (BAZ) jointly convened the Banking Industry Symposium. The theme this year was “Data Privacy and Its Impact on the Financial Sector.”
Speakers and panelists explored how banks and non-bank institutions are striking the balance between digital innovation and regulatory compliance. Comparative sessions highlighted modalities in different jurisdictions, including how GDPR-inspired regimes or local data protection laws have shaped the interplay between consumer privacy and financial service delivery.
The symposium emphasised that as financial institutions increasingly harness customer data, robust privacy safeguards will become ever more central to sustainable operations.
“Data is the new currency — but misuse is the new liability.”
PAYZ Supports GSMAZ Joint Fraud Awareness Campaign
To mark Fraud Awareness Month, the GSM Association of Zambia (GSMAZ) convened a joint industry campaign on 16 September 2025 in Mutendere. The initiative brought together regulators — including BOZ and ZICTA — industry associations, the Zambia Police, the Drug Enforcement Commission (DEC), and mobile network operators, to share a unified message on fraud prevention.
The campaign was officially opened by the Honourable Minister of Technology and Science, Hon. Felix C. Mutati, who reminded participants: “In today’s digital era, safeguarding your identity is as critical as guarding your money.”
PAYZ was proud to financially support and partner in this collaborative initiative, underscoring our commitment to consumer protection and the integrity of the digital payments ecosystem. Our contribution helped enable workshops, stakeholder presentations, and the dissemination of educational materials such as radio spots, SMS alerts, and infographics.
The campaign’s key message, “Be Fraud Smart: Protect your Money, Protect your Identity”, reinforced that fraud prevention is a collective responsibility — no single institution can tackle it alone.
Strengthened Industry Advocacy via Capacity Enhancement
To deepen its advocacy capability within the complex DFS ecosystem, the PAYZ Secretariat — at the recommendation of FSD Zambia — has enrolled in the Certified Digital Finance Practitioners (CDFP) training. By enhancing internal competencies in digital finance, policy, regulatory affairs and stakeholder engagement, PAYZ aims to more effectively champion sector interests, contribute to policymaking, and represent members credibly before regulators and government.
“Enhancing competencies allows PAYZ to champion sector interests more effectively.”
Digital / Financial Literacy Campaign in Western Province
Western Province has long lagged in financial inclusion. The 2020 FinScope Survey estimated the financial inclusion rate in Western Province at 40.7%, meaning 59.3% of adults were excluded from formal and informal financial services.
To address this, PAYZ, in partnership with FSD Zambia and BoZ, launched a radio drama-based campaign across 11 districts, targeting some 1.5 million listeners. The series comprises 13 weekly episodes covering budgeting, DFS, savings, consumer rights, and related topics. Broadcasts air on Oblate Radio Liseli 105.3 FM, Mwandi 103.5 FM, and Lukulu 87.9 FM, every Wednesday at 13:30, with repeat slots at 19:00.
The storytelling format is intended to embed financial concepts in everyday narratives, fostering gradual behaviour change.
PAYZ Convenes Stakeholders to Develop DFS Code of Conduct & Standard Agent Training Manual
On 10 and 11 September 2025, PAYZ convened stakeholders for inception workshops to gather data, insights and input that will guide the crafting of two critical industry-wide instruments: a DFS Code of Conduct and a Standard Mobile Money Agent Training Manual.
More than 50 organisations took part — among them regulators, consumer protection groups, mobile money service providers (MMSPs), and other payment service providers (PSPs). Contributors highlighted the importance of harmonising ethical standards across the sector, enhancing consumer protection, and ensuring a consistent training baseline for agents.
The drafts will be refined through subsequent review rounds and open consultations, before formal adoption. Once implemented, these instruments will strengthen trust in DFS, ensure more uniform service quality, and reduce operational risk across providers.
Agent Needs Study Reveals Gaps in Training and Knowledge
Ahead of drafting the Standard Mobile Money Agent Training Manual, PAYZ conducted a comprehensive needs assessment among agents. The findings were striking: agent training is highly fragmented across providers, and most agents exhibit critical gaps in regulatory awareness and fraud readiness.
Particularly noteworthy are the statistics: 52.4% of agents reported having received no initial training, and an even more alarming 81.9% had no refresher training. These findings point to systemic weaknesses in agent support structures.
In their submissions, agents cited lack of standardised curricula, inconsistent resource allocation by providers, and high turnover as major obstacles to sustaining capacity.
“Agents are the face of digital finance for many users. If they are ill-equipped, the trust chain breaks.”
PAYZ Partners with Digital Safe Ltd. for Industry Readiness Training
As Zambia’s domestic DFS landscape continues to expand — in usage, infrastructure, and regulation — one pivotal challenge remains: equipping human capital with relevant skills. Many academic institutions are yet to fully align curricula with the evolving needs of fintechs, digital payment platforms, and regulatory compliance frameworks.
In response, PAYZ has embarked on a partnership with Digital Safe Limited to roll out readiness training for industry personnel. The training modules will focus on core DFS competencies, compliance, risk management, data analytics, security, and emerging innovations (e.g. APIs, open banking). By closing the gulf between industry demand and graduate skillsets, this initiative seeks to professionalise the DFS workforce, reducing onboarding burden for providers and promoting higher-quality service delivery across the board.
“Closing the gap between industry demand and graduate skillsets promotes higher-quality service delivery.”
ZICTA Hosts Validation of Network Outage Credits Policy
ZICTA is spearheading stakeholder validation sessions for a proposed policy on compensatory credits in the event of network outages. The sessions bring together mobile operators, service providers, consumer advocates and regulators to refine the policy’s mechanisms, thresholds, and consumer recourse pathways.
Given that network outages impose real costs on consumers (failed transactions, delays, lost opportunities), this policy aims to ensure accountability and fairness in how service disruptions are managed and remediated.
“This policy aims to ensure accountability and fairness in service disruptions.”
FIC Launches IWT Project to Combat Illicit Wildlife Trade
On 11 July 2025, the Financial Intelligence Centre (FIC) launched a new initiative targeting Illicit Wildlife Trade (IWT). The project’s key objectives are: strengthening private-sector capability to detect, prevent and report suspicious IWT-related financial flows; enhancing coordination between public agencies and private entities; promoting unified detection mechanisms and enforcement; and boosting public awareness of IWT’s harmful impacts on Zambia’s biodiversity, communities, and economy.
The FIC cited global estimates that illicit wildlife trade accounts for USD 7–10 billion in losses annually. In Zambia alone, more than 6,000 arrests have been linked to just six Suspicious Transaction Reports (STRs) over the past five years.
“Financial institutions and DFS players must play a role in protecting Zambia’s environment and heritage.”
Jabu: Building Africa’s Next Fintech Powerhouse
In Africa’s fast-moving markets, where cash is still the backbone of commerce, one company is shaping the future of how money moves: Jabu.
Founded with a vision to digitize cash and streamline business payments, Jabu has built an ecosystem that addresses one of the continent’s most persistent challenges: bridging the gap between cash-heavy operations and modern financial infrastructure.
Jabu’s model is built on three solutions that work together seamlessly: JabuSafe, a smart safe that secures on-site deposits and instantly digitizes them; JabuTap, a point-of-sale device that enables merchants to accept card payments and expand customer reach; and JabuPay, a digital wallet that connects deposits and payments, giving businesses real-time access to their funds.
Jabu does not work alone. The company partners with banks to bring these solutions directly to their customers. This model allows financial institutions to extend modern cash and payment services to businesses that depend on cash every day.
Jabu’s solutions are already live in multiple Southern African countries such as Zambia, Zimbabwe and Namibia, proving their ability to adapt to different markets while maintaining consistency and trust.
Jabu’s ambition is straightforward but transformative: to become Africa’s most trusted platform for cash and payments. By digitizing deposits, enabling digital acceptance, and unlocking business wallets, Jabu is setting the foundation for future layers of financial services such as credit, rewards, and advanced digital commerce.
October is Membership Month at PAYZ
This October, PAYZ celebrates Membership Month — a time to reflect on the strength of our collective voice and the shared purpose that unites us. Since our founding in 2018 and registration in 2019 under the Societies Act, CAP 119, PAYZ has grown into a joint platform for collaboration in Zambia’s payments ecosystem.
Over the past three years, our membership has grown from 13 to 52 institutions, a clear sign that the PAYZ brand is gaining recognition and value — not just locally, but across the globe. Our members are at the heart of everything we do. Together, we shape policy, drive innovation, and advance the evolution of the National Payments System.
Membership matters because it is through collaboration that we achieve more. Each voice contributes to safer, more inclusive, and innovative payment solutions. By working together, we can strengthen the sector and ensure it serves the best interests of all Zambians.
As we mark Membership Month, we also note that PAYZ membership subscriptions for 2025 will be expiring this month. We encourage every member to renew their subscription and continue participating actively. We also invite our members to refer peers and colleagues in the payments space to join PAYZ, helping to broaden the reach of our mandate.
“Over the past three years, membership has grown from 13 to 52 institutions.”