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Fintech & payments regulation in Zambia (2026)

Fintech and digital payments in Zambia: licensing regime.

Digital payments and e-money in Zambia operate under a clear licensing/designation regime run by the Bank of Zambia under the National Payment Systems Act 2007, which prohibits providing payment services without a BoZ licence and requires designation of payment systems and businesses. E-money issuance, mobile money, ATM/POS and internet payments are governed by specific BoZ directives, and a national interoperability rail (the National Financial Switch) is live. A modernised, activity-based National Payment System Act, 2026 has been adopted to replace the 2007 law and broaden BoZ licensing, consumer-protection, AML/CFT and resolution powers.

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Legal framework

National Payment Systems Act No. 1 of 2007 (with the modernising National Payment System Act, 2026 recently passed to replace it), administered by the Bank of Zambia, supplemented by BoZ directives including the Electronic Money Issuance directives (2018, revised 2023) and a Banking and Financial Services Act No. 7 of 2017 backdrop.

Key points: digital payments & fintech in Zambia

  1. Regulator & primary law

    The Bank of Zambia is the payments regulator under the National Payment Systems Act No. 1 of 2007, which provides the legal basis for safe, secure and reliable payment systems and prohibits providing a payment service without a licence (penalties apply).

    boz.zm zambialii.org

  2. Licensing & designation regime

    BoZ designates and licenses payment systems, payment system participants and payment system businesses; any person intending to conduct payment business must be designated/licensed, with published requirements for setting up a payment system business and for designation of a payment system.

    boz.zm boz.zm boz.zm

  3. E-money / EMI rules

    E-money issuance is governed by the National Payment Systems Directives on Electronic Money Issuance (2018, revised 14 July 2023), alongside directives on ATM, POS, internet and mobile payments (2019) and on unwarranted charges/fees on e-money services (Aug 2024).

    boz.zm boz.zm

  4. Instant-payment rail / interoperability

    The National Financial Switch (NFS), managed by Zambia Electronic Clearing House Limited, went live in 2019 as a nationwide shared switch enabling real-time interoperability across banks, non-bank financial institutions and mobile money operators (ATM/POS then mobile-payment switching phases).

    zechl.co.zm africanenda.org

  5. Regulatory sandbox

    BoZ launched a Central Bank Regulatory Sandbox in 2021 to allow controlled live testing of fintech innovations under supervision without strict adherence to all regulatory requirements; the Securities and Exchange Commission also runs a separate sandbox.

    boz.zm uncdf.org

  6. Modernisation: 2026 Act

    The National Payment System Act, 2026 was passed to repeal and replace the 2007 Act with an activity-based law broadening BoZ powers over licensing, governance, consumer protection, AML/CFT, cyber-incident reporting, capital, segregation of customer funds and resolution/winding-up of PSPs and e-money issuers.

    parliament.gov.zm parliament.gov.zm

Sources

  1. boz.zm/national-payment-systems-act.htm
  2. boz.zm/designation-of-payment-systems.htm
  3. boz.zm/01ARequirementsforSettingupaPaymentSystemBusiness.pdf
  4. boz.zm/01BRequirementsforDesignationofaPaymentSystem.pdf
  5. boz.zm/Directive202307ElectronicMoneyIssuance2023.pdf
  6. boz.zm/directives.htm
  7. zambialii.org/akn/zm/act/2007/1/eng@2007-04-13/source
  8. parliament.gov.zm/node/13028
  9. parliament.gov.zm/node/12689
  10. zechl.co.zm/national-financial-switch/
  11. boz.zm/FAQ_BoZ_Regulatory_Sandbox.pdf
  12. africanenda.org/uploads/files/SIIPS2023_CaseStudy_Zambia.pdf
  13. uncdf.org/article/6614/zambias-securities-exchange-commission-launches-a-regula

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Orientation, not legal advice: verify against the primary sources linked above. Last verified 25 May 2026. Methodology & how to cite · State of Technology Regulation 2026