Payment methods in Zambia
Mobile money usage jumped from 14% to 58.5% of adults between 2015 and 2020, a rate among the fastest in Africa.
Market takeaways
- Mobile money usage jumped from 14% to 58.5% of adults between 2015 and 2020, a rate among the fastest in Africa.
- Only 20.7% of adults have formal bank accounts; mobile money is the primary financial inclusion vehicle.
- Airtel Money and MTN Mobile Money (formerly Zamtel Kwacha and others) are the dominant providers.
- A Mobile Money Transaction Levy came into effect in January 2025 under Act No. 25 of 2024.
- The Bank of Zambia operates a regulatory sandbox to encourage fintech innovation.
Population
~21M
Online population
~10M
Banked population
~20.7% (formal banking)
Mobile Money Penetration
~58% of adults
Credit card population
~3%
Payment method breakdown
- Mobile Money55%
- Cash35%
- Bank Transfer7%
- Card2%
- Other1%
Card scheme breakdown
- Visa55%
- Mastercard42%
- Local Schemes3%
- Other0%
Cross-border e-commerce
Market data coming soon.
Featured payment methods in Zambia
Popular options based on coverage and prominence in this market.
MTN Mobile Money Zambia
MTN Mobile Money (MoMo) is the other major mobile money provider in Zambia, operating alongside Airtel Money. It provides mobile financial services including wallet transfers, merchant payments, bill payments, and savings products.
Zoona
Zoona is a Zambian fintech that pioneered agent-based mobile money transfers and bill payments. It operates a network of tuck shops/kiosks providing cash-in, cash-out, and P2P transfer services, particularly serving underserved communities.
Airtel Money Zambia
Airtel Money is one of Zambia's two leading mobile money services, offering P2P transfers, merchant payments, bill payments, and airtime top-up via USSD and app. It targets both urban and rural Zambians, with a broad agent network.
All payment methods in Zambia
Discover 3 payment methods from around the world
Featured banks in Zambia
Major institutions operating in this market.
Standard Bank South Africa
Johannesburg, South Africa
Standard Bank is Africa's largest bank by assets, offering retail, SME, corporate, investment, and private banking across 20 African countries.
Firstrand (FNB / RMB / WesBank)
Johannesburg, South Africa
FirstRand is South Africa's second-largest banking group, comprising FNB (retail/SME), RMB (investment banking), and WesBank (vehicle finance).
Nedbank South Africa
Johannesburg, South Africa
Nedbank is South Africa's third-largest bank, offering retail, SME, corporate, and investment banking with a focus on green and sustainable banking.
Absa Group South Africa
Johannesburg, South Africa
Absa (formerly Barclays Africa) is South Africa's fourth-largest bank, offering retail, SME, corporate, and investment banking across Africa.
Access Bank Nigeria
Lagos, Nigeria
Access Bank is Nigeria's largest bank by customer base, following its merger with Diamond Bank, offering retail, SME, and corporate banking across Africa.
Other Banks — Zambia
Lusaka, Zambia
Aggregate of remaining banks in Zambia, collectively ~100.0% of domestic banking assets.
All banks in Zambia
Showing 6 of 6 banks
