by Leading payments provider, Visa celebrated the key industry players who are enhancing financial literacy and inclusion in Zambia at its first-ever awards ceremony for banks, held recently in Lusaka. The event recognised the strategic contributions that banks are providing to empower Zambians with the knowledge and skills to make informed financial decisions.
According to the 2020 FinScope Zambia Survey (as reported in the NFIS Review 2023), access to formal financial services stands at 61.3%, while overall financial inclusion (both formal and informal services) at 69.4%. The survey revealed a significant urban–rural gap: about 83.8% of urban adults are financially included, compared to 55.9% in rural areas[1]. These figures mark significant progress over time and emphasise the connection between financial literacy and practical access.
Across Africa, inclusion and financial literacy remain an ongoing challenge despite notable improvement in recent years. Many countries and rural communities particularly, see barriers such as limited formal financial institutions, low levels of digital and financial literacy, high transaction costs, and gender disparities to access. While mobile money and digital financial services have helped bridge some gaps, a large portion of the continent’s population still struggles to fully utilise financial products and services.
“As Zambia advances toward Vision 2030, digitised payments and financial education are proving to be powerful enablers of inclusive growth. We’re proud to support this journey by equipping individuals and businesses with the tools to thrive in a digital-first economy, and to celebrate the banks leading the way in financial literacy and economic empowerment”, said Amon Magunje Country Manager for Botswana and Zambia.
For Visa, it’s important to recognise the countries that are fast-tracking financial progress. Zambia’s recent achievement of 69.4% overall financial inclusion demonstrates that strategic initiatives such as community partnerships, youth programs, and digital literacy campaigns can make a tangible difference. These efforts equip individuals with the skills to budget, save, borrow responsibly, and invest wisely, ensuring financial services are used effectively.
The awards and winners
- Visa Ecosystem Champion: Indo Zambia Bank
- Visa Cross-Border Champion: FNB Bank
- Visa Best Payments Collaborator: ABSA Bank Zambia
- Visa Brand Awareness Champion: First Capital Bank
- Visa e-Commerce Champion: ABSA Bank Zambia
- Visa Payments Excellence: Zambia National Commercial Bank
- Visa Growth Champion: FNB Bank
- Visa Efficiency Award: Stanbic Bank Zambia
- Visa Agile Award: Zambia National Commercial Bank
“Congratulations to all our nominees and winners. Each banking partner has played a significant role in expanding financial services in the country, said Magunje.
A word from the winners
FNB Zambia is honoured to be recognised as both the Visa Growth Champion and Visa Cross-Border Champion. These awards reflect our commitment to driving financial inclusion and innovation across Zambia and the region. We remain dedicated to empowering our customers through secure, accessible, and forward-thinking financial solutions, ” said Ms. Kasali Mwaba Kaingu, Head Strategic Marketing and Communication, FNB Zambia
