Payments/ZM
Zambia
ISO ZM · 3 schemes
Summary
- NFS National Financial Switch (2018/2019)
- ZIPSS ISO 20022 upgrade (Oct 2023)
- QR code system planned enhancement
- 11.2M mobile money subscribers
- Mojaloop QR merchant pilots (2024)
Banking landscape
Central Bank
- Name: Bank of Zambia (BoZ)
- Website: https://www.boz.zm/
- Role: Monetary policy, NPS oversight
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Zanaco | Local | Zanaco Xpress |
| 2 | Stanbic Bank | Regional | Stanbic App |
| 3 | Standard Chartered | International | SC Mobile |
| 4 | FNB Zambia | Regional | FNB App |
| 5 | Absa Zambia | Regional | Absa App |
Market Structure
- Zamtel: Mobile money provider
- MTN Zambia: Major MNO
- Airtel Zambia: Mobile money
- 60%+ unbanked: Inclusion focus
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| ZIPSS | Bank of Zambia | RTGS | ISO 20022 (Oct 2023) |
| NFS | ZECHL | Switch | Active (2018) |
| ZECHL | Industry | Clearing | Active |
| CSD | BoZ/LuSE | Securities | Active |
National Financial Switch (NFS)
- Born 2013 by ZECHL, BoZ, BAZ
- Phase 1: ATM/POS switching (VISA to NFS)
- Phase 2: Mobile payments switching
- 25 million transactions (110.5% growth)
ZIPSS Upgrade (October 2023)
- ISO 20022 messaging standard
- Y-Copy to V-Mode topology
- API integration simplified
- Interoperability promoted
QR code standards
QR Code System (Planned)
| Attribute | Value |
|---|---|
| Status | Future enhancement |
| Platform | NFS-based |
| Features | eKYC integration |
| Timeline | In development |
Planned QR Features
- Mobile phone number linking
- Bank Identification Numbers (BIN)
- Centralized eKYC platform
- Secure user identification
- Streamlined onboarding
Current QR Initiatives
| Provider | Type | Status |
|---|---|---|
| Digital PayGo | Fintech QR | Active |
| Mastercard-Zamtel | Mastercard QR | Active |
| Mojaloop pilots | Merchant QR | 2024 |
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Zamtel Money | Zamtel | Limited | Mobile money |
| MTN MoMo | MTN | Limited | Mobile money |
| Airtel Money | Airtel | Limited | Mobile money |
Mobile Money Market
- 11.2 million subscribers (2022)
- 13.98% growth from 2021
- Zamtel, MTN, Airtel providers
- 60%+ unbanked population
Fintech QR Solutions
- Digital PayGo: Merchant mobile payments
- QR code scanning at merchants
- Direct phone payment
- Growing ecosystem
Mastercard-Zamtel Partnership
- Mastercard QR solution
- Interoperable payments
- Face-to-face transactions
- Merchant identifier system
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| NFS | Switch | Phase 2 | 25M txns | nfs |
| ZIPSS | RTGS | ISO 20022 | Active | zipss |
| Mastercard QR | Partner | QR | Active | — |
Sources
- Bank of Zambia - ZIPSS
- ZECHL - NFS
- PAYZ - Payment Systems
- Zambian Business Times - NFS
- Tech Trends - NFS Adoption
- IBS Intelligence - Mastercard Zamtel
- Mojaloop - Zambia Fintechs
- IT Web Africa - Mobile Money
Full country report
Schemes
Standards
Primary · 2