Zambia’s central bank moves to modernise digital payments, tackle cyber risks

Zambia’s central bank is rolling out reforms to modernise the country’s digital payment ecosystem, aiming to make mobile wallets more flexible, boost financial inclusion and strengthen consumer protection, Bank of Zambia said on Tuesday.

Deputy Governor–Operations, Francis Chipimo, told an economic forum in Lusaka that the measures were designed to improve connectivity between banks, digital wallets and merchants at a time when cyber risks are rising.

“We are exploring ways to bridge the gap between wallet transactions, bank accounts and merchant interactions,” Chipimo said in a presentation at the Economic Outlook 2026 forum hosted by FNB Zambia and the American Chamber of Commerce in Zambia.

He said mobile wallet access had expanded in recent years, but usage remained limited as many consumers still opted to withdraw cash instead of transacting digitally. “That’s really the last mile we need to solve,” he said.

Chipimo warned that the rapid growth of digital payments had heightened exposure to cyber threats, posing a significant operational risk to the financial sector.

To address this, the central bank is establishing a Cyber Incidents Response Team to improve resilience and coordinate responses to cyber-attacks.

He added that financial institutions needed to improve how they handled consumer complaints. In response, the bank had restructured its internal operations, creating a dedicated Consumer Protection Department and planning to set up a Financial Ombudsman to address grievances more efficiently.

“These initiatives aim to ensure that digital financial services are secure, inclusive and responsive to the needs of the public,” Chipimo said.

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