Zambia's Digital Payments Revolution Must Now Finance National Development, Says President Hichilema

President Hakainde Hichilema has called on Zambia's digital payment service providers to move beyond processing transactions and begin mobilising resources to finance national development.

Speaking when the Payments Association of Zambia paid a courtesy call at State House, the President said the sector's remarkable growth was not accidental but the result of deliberate reforms implemented over the past four years. He urged that digital platforms become the norm across both public and private sector operations, lowering the cost of doing business while increasing speed and efficiency.

The figures underscore the scale of transformation. Transaction values have surged from 22 billion kwacha in 2018 to more than 452 billion kwacha by the end of 2023, with 2024 transactions now accounting for over 70 percent of GDP. Mobile money wallet registrations have risen from 3.1 million to 15 million over the same period — a 384 percent increase, according to Payments Association representative Komba Malukutila.

Technology and Science Minister Felix Mutati attributed the expansion to a series of targeted government interventions, including the removal of import duty on digital infrastructure, co-location of operators on shared towers, streamlined approval processes and expanded fibre connectivity across the country.

President Hichilema's message was clear: having built the foundations of a thriving digital payments ecosystem, Zambia must now ensure that ecosystem delivers broader economic dividends. The challenge ahead lies in converting transaction volume into meaningful capital flows that support the country's wider development ambitions.