Govt claims Zambia raised $58 million through venture capital for Fintechs in 2023


Government says US$58 million worth of investment was raised for Fintechs in Zambia last year through venture capital funding.

Technology and Science Minister, Felix Mutati, stated that this was higher than most of the neighboring countries.

Speaking at the She-N-Tech recognition awards ceremony in Lusaka on Friday, Mutati disclosed that government had decided to phase out all 2G network towers in the country this year.

Mutati said this goes to show that there was something right that the country was doing in advancing technology and therefore, called for celebration.

He stated that among other countries that were trailing Zambia behind included Rwanda which raised only US$50 million.

“Apart from the big four countries in Africa, we were able to harvest $58 million investment in technology, higher than most of our neighbours. This tells you that there is something that the tech people are doing right” Mutati said.

The Minister indicated that women in technology had only managed to access 17 percent of the venture capital funds despite being the majority on the market.

He said it was for this reason that beginning this year, government would work towards resolving this in order to increase uptake of the venture capital funds amongst women.

Read More: Technology minister says Zambia’s internet connectivity rises to 58% in 2023

“Through ZICTA, government will ensure that every tower that is erected will be 3G and above and ensure that all 2G network towers are phased out,” Mutati said.

He indicated that every tower with 2G connectivity would be upgraded and have both data and voice services across the country in order to ensure access, affordability and availability of service to the people.

“Through ZICTA, we will ensure that we no longer have towers that have 2G connectivity. Every tower with 2G will be upgraded because we want to deliver access, affordability and availability” the Minister said.

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