Visa Zambia, Indo Zambia Bank sign five-year partnership to advance digital payments

Visa Zambia and Indo Zambia Bank (IZB) have signed a five-year strategic partnership aimed at advancing the country’s digital payments ecosystem and promoting financial inclusion.

The agreement aligns with Zambia’s national agenda to digitise the economy, adopt global best practices in payments and improve living standards through financial innovation.

Speaking during the signing ceremony in Lusaka on Wednesday, Visa Zambia Country Manager, Amon Magunje, described the collaboration as a defining moment for the country’s financial services sector.

“This partnership goes beyond technology or commercial value. It is about unlocking the next phase of growth for Zambia’s economy by deepening customer engagement, expanding into higher-value segments and bringing global capabilities into the local market,” Magunje said.

He noted that the bank played a critical role in the country’s financial ecosystem, citing its strong track record and ambition to grow sustainably through value, relevance and innovation.

Under the agreement, Visa will provide global expertise, data insights and advanced technology solutions to support the bank’s digital transformation strategy.

Key priorities include enhancing customer-centric solutions, increasing utilisation of IZB’s products and ensuring innovation is tailored to the needs of the Zambian market.

Magunje said the partnership aimed to ensure Zambians were not left behind as global commerce shifts towards advanced digital platforms, including emerging technologies that enable smarter and more automated payment experiences.

He expressed confidence in the collaboration, noting that implementation is already underway with teams from both institutions working closely on agreed priorities.

IZB Managing Director, Rajesh Kumar, said the agreement represented a significant step in supporting Zambia’s digital transformation agenda.

“By integrating Visa’s global digital payment capabilities with our modern banking platforms, including the newly launched IZB Next app, we are delivering faster, secure and more accessible payment solutions for both corporate and retail customers,” Kumar said.

He added that the partnership would introduce innovative products such as tokenised cards, enhanced digital acceptance solutions and prepaid products linked to secure digital wallets.

“These solutions will help expand financial inclusion and create convenient payment options that can support key government programmes and social delivery mechanisms,” he said.

Kumar observed that the collaboration came at a time when digital payment adoption in Zambia was accelerating, creating fresh opportunities for economic growth and a future-ready banking ecosystem.

He reaffirmed bank’s commitment to innovation, safety and the protection of customers’ transactions, credit cards and bank accounts.

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