Zambia’s financial sector is undergoing a meaningful digital shift. Nearly 70% of adults now access payment services – including bank accounts, mobile money and microfinance – marking steady progress toward a more integrated and inclusive payments ecosystem. With the government’s eGov modernisation efforts gaining momentum, the foundations are in place for connected, future-ready infrastructure. As digital adoption continues to rise, so too does the opportunity to strengthen and unify the country’s payments landscape.
Many banks, mobile money operators and fintech platforms have historically operated on separate systems, which makes seamless transactions across platforms challenging for consumers. This interoperability gap, once a major hurdle to inclusive digital growth, is now seen as a catalyst for innovation, and institutions across Zambia are actively collaborating on solutions to bridge systems and enable smoother, more inclusive digital transactions.
Interoperability Is No Longer a Luxury
“Consumers expect their financial tools to work across platforms – whether they are paying with a mobile wallet, withdrawing cash, or settling a bill via card,” explains Nicholas Munhenga, Business Development for EFT Corporation Zambia. “For banks and fintechs, enabling that kind of seamless experience requires integration at every layer.”
EFT Corporation supports this transition by providing a secure payments technology stack that enables integration between legacy banking systems, mobile wallets, POS terminals and third-party platforms. Rather than replacing core systems, EFT Corporation works with institutions to layer new capabilities – including SoftPOS, tokenisation and wallet-based acceptance – that meet consumers where they are.
Collaborating for Modernisation
Zambian banks and financial institutions are increasingly embracing the need for modern, adaptable infrastructure. Institutions are showing strong interest in SoftPOS and wallet-based payments as a way to expand acceptance without heavy hardware investment. EFT Corporation’s platform enables these offerings through APIs and scalable integrations that work with local requirements.
“Financial institutions are looking for practical pathways to modernisation – ones that allow them to retain control of their infrastructure while expanding capabilities,” adds Munhenga. “That’s where our approach differs. We are not an aggregator. We are a payments technology enabler that helps banks build their own ecosystem of secure, interoperable payment channels.”
Real Value for Merchants and Consumers
Modernisation is not just about back-end systems. For Zambia’s merchants – many of which operate in informal or cash-heavy environments – access to reliable digital tools is key to growth. EFT Corporation’s acquiring solutions, including POS and SoftPOS, support rapid merchant onboarding, reduce cash dependency and help institutions retain more transaction revenue.
“We’ve localised our solutions to meet market needs – including rural access, mobile-first design, and support for multiple wallets,” says Munhenga. “This delivers meaningful value to merchants, who can now participate
One notable example is EFT Corporation’s work with Zambian microfinance institutions. By adapting its hosted environment to enable local card issuing, EFT Corporation has helped lenders provide preloaded, interoperable cards that work across all banks on the National Financial Switch. This has strengthened client access to funds and improved transactional flexibility, especially in rural areas where traditional banking is less accessible.
A National Moment for Infrastructure Investment
Recent developments in policy – including greater focus on cybersecurity, data standards and digital innovation – are aligning Zambia’s regulatory framework with its digital ambitions. For payment providers and financial institutions, this presents a clear opportunity to act.
“This is the ideal moment to invest in interoperable infrastructure,” says Munhenga. “The demand is there. The policy support is growing. And with the right partners, banks can take bold steps to build more inclusive and connected financial systems.”
Strategic Enablement, Lasting Impact
EFT Corporation builds systems that power Africa’s payment modernisation. In Zambia, that means helping banks and fintechs digitise with little to no disruption, expand merchant services and integrate securely across a growing number of platforms.
The result? A more unified, future-ready payments ecosystem that benefits consumers, institutions, and the broader economy.
