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Minister of Technology and Science, Felix Mutati, has called for the establishment of an independent venture capital mechanism in Zambia, warning that bureaucratic controls over innovation funding were slowing the country’s economic transformation.
Mutati said innovation capital must be separated from government structures to allow fast, direct engagement between entrepreneurs and investors.
He stressed that local creators must lead economic change through bold ideas, supported by a resilient digital environment and secure data systems.
Speaking during a networking event for the Women In Tech (WiT) fifth cohort programme in Lusaka, Mutati said government-led systems were too slow and often inaccessible, preventing timely funding decisions for entrepreneurs.
“When you place innovation capital inside government, innovators have to make appointments with ministers. That slows everything down. You want to move, not wait,” he said.
He emphasized that venture capital should be judged on merit and creativity, not connections.
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“It’s no longer about who you know. It’s about the weight of your idea and your creativity—that’s what makes the difference,” he added.
Mutati reiterated that the government’s role should be to enable, not to control.
He pointed to the recently enacted Cyber Security and Cyber Crimes Act, explaining that its purpose was to protect innovators from global threats and support the integrity of local digital infrastructure.
“This law is not about restricting you. It’s about giving you protection. Russia’s cyber activities have even targeted financial systems. Without regulation, we’d be dead on arrival,” he said.
The minister noted that cybersecurity was now valued globally at over $10.4 trillion annually, ranking as the third-largest economy after the United States and China—underscoring the potential for investment and innovation in the sector.
Mutati further announced that government was revising the national data protection framework to ensure data creates economic value for innovators, not regulators.
“This data doesn’t belong to the government. It belongs to you—the creators. If you don’t have access to it, how will you innovate?” he asked.
He urged institutions like the National Pension Scheme Authority (NAPSA) to act as facilitators, not barriers, noting that innovation funds must be managed by those who understand and support start-up ecosystems.
“The money NAPSA holds is not theirs—it belongs to the innovators. They are just custodians. We want them to work with us to make that money work for you,” Mutati said.
He commended organizations such as Village Capital, Standard Chartered Bank and BongoHive for empowering women in technology and called on Zambian angel investors to grow their contributions to the start-up ecosystem.
Standard Chartered Bank Zambia Chief Executive Officer, Sonny Zulu,
hailed the WiT programme as a powerful driver of innovation, women empowerment, and inclusive economic development, particularly among Small and Medium Enterprises (SMEs) in Zambia.
Speaking during the announcement of the top 10 finalists in the fifth cohort of the programme, Zulu described the initiative as a beacon of hope that emerged during the challenging days of the COVID-19 pandemic in 2020.
“When we launched the Women in Tech programme in 2020, it was at the height of the pandemic. At that time, we were responding to a national and global call to support small businesses, especially those led by women,” he said.
Zulu emphasized the transformative impact of technology in modern life and entrepreneurship, recalling a personal moment with his 10-year-old son who launched a honey brand, Zulu Honey, using basic tech skills.
“My son harvested honey from a small family project and packaged it beautifully. When I asked how he managed it all, he started teaching me how he used campus and other tools. That’s the power of technology — it empowers even a 10-year-old to become an innovator,” Zulu said.
The CEO expressed immense pride in the WiT programme’s impact, noting that each year since its inception, it has produced strong, inspiring stories of women-led startups gaining essential skills and scaling up their ventures.
“This is Cohort Five, and the programme has remained consistent and results-driven. Many women who’ve gone through it — not just the top five finalists — have benefitted from training, mentoring, and incubation over a 12-week period,” he said.
He stated that: “We’re confident that they are now equipped with the right tools to scale their businesses using the power of digital innovation.”
Zulu also highlighted the bank’s broader commitment to digital transformation and financial inclusion.
“At Standard Chartered, we are passionate about technology. We lead the market in digital banking transformation. Our SC Mobile App lets you open an account in just minutes — and I personally tested this with my son recently when he needed to open his first account,” Zulu stated.
He encouraged the finalists to continue leading by example in their communities: “You are role models and ambassadors. You are the future job creators and entrepreneurs who will help transform this country.”
Zulu also took time to thank the bank’s partners, including BongoHive, whom he credited as instrumental to the programme’s success from its early days.
“I honestly don’t know how we would have done this without BongoHive. You’ve been with us every step of the way. Thank you,” he said.
He further praised the Ministry of Technology and Science for continued support and partnership in promoting innovation and inclusion through the WiT programme.
“Yes, we give seed money — $10,000 to each of the top five finalists — but our core focus is on mindset change, upskilling, and building long-term resilience in women entrepreneurs. With the right mindset and digital tools, anyone can thrive,” Zulu stated.
BongoHive Executive Director, Lukonga Lindunda, said the initiative has grown from nurturing early-stage ideas to preparing entrepreneurs for investment and business expansion.
“We’ve now transitioned into a dynamic accelerator that ensures our entrepreneurs are investment-ready and capable of building sustainable businesses,” Lindunda said.
NAPSA Director General, Muyangwa Muyangwa, said the strategic deployment of long-term capital was key to stimulating innovation, creating sustainable businesses, and generating employment opportunities for the Zambian people.
He emphasized the need for a deliberate approach in using available resources, including pension funds and development capital, to unlock the country’s entrepreneurial potential, particularly among SMEs.
“This is a very important tradition – we always say, what can we do with the money that is available to stimulate innovation, support new businesses, and help existing ones grow? We are trying to ensure that this money has impact,” Muyangwa noted.
He acknowledged the challenges many SMEs face, especially in raising capital.
While some financial institutions have provided support, Muyangwa emphasized the importance of “patient capital” – funding that stays invested for the long haul and allows businesses the time they need to mature and scale.
The Women in Tech programme, part of Standard Chartered’s global Futuremakers initiative, aims to lift participation of women in technology, promote entrepreneurship, and foster sustainable communities across the world.
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