Financial sector in Zambia urged to emphasize data privacy, aiming for 80% financial inclusion by 2026.
In a bid to create a resilient digital finance ecosystem, public and private stakeholders in Zambia are being called to action. This push for transformation is evident in the current strategies being implemented for data privacy and ethical Artificial Intelligence (AI) usage in financial institutions.
While there is no comprehensive statement from Hon. Felix Mutati, Minister of Technology and Science in Zambia, detailing every element of Zambia’s strategy, key elements can be inferred from recent public remarks and policy directions.
One of these elements is the development of a legal framework specifically to enhance data privacy for financial institutions, aiming to create a secure environment where these institutions can thrive. Another critical step is the passing of the Start-up Bill, which includes provisions for venture capital and aims to create a regulatory environment that encourages private sector investment in technology startups—an environment where data privacy and ethical considerations are expected to be addressed.
Initiatives such as the Smart Villages Project are being framed as part of Zambia’s Vision 2030, suggesting a broader national strategy to integrate technology (including AI) in a manner that aligns with development goals and, by implication, ethical standards.
The government is also actively supporting innovation hubs and African talent in technology, fostering a mindset that values ethical considerations alongside technical advancement. Moreover, Minister Mutati has advocated for strong private sector involvement in technology ventures, not only for investment but also to ensure transparency and credibility—factors that are critical for ethical AI deployment and data governance.
Minister Mutati has received commendations for his efforts in negotiating on behalf of the Zambian government regarding technology and digital policy, though the specifics regarding data privacy and AI ethics are not detailed in available sources.
At the 2025 Banking Industry Symposium, Hon. Felix Mutati opened with a focus on protecting trust. He urged banks to invest in human capacity development, particularly the training of Data Protection Officers (DPOs). The future of Zambia's financial sector is poised to be shaped by the emphasis on data protection, ethical governance, and collective responsibility during digital transformation.
Key strategic pillars include Digital Literacy, Digital Infrastructure, Economic Stability, and Data Privacy. The first two aim to equip citizens with the skills to safely access and use digital financial tools and strengthen ICT systems and energy sufficiency to support continuous, secure digital operations, respectively. Economic Stability focuses on achieving investment-grade status to boost investor confidence and lower the cost of capital. Data Privacy is emphasized as being about trust, dignity, and inclusion.
Zambia targets 80% financial inclusion by 2026, and its cybersecurity improvements are acknowledged, with the country’s rise in the Cybersecurity Index from 68.8% in 2021 to 92% in 2025. The global financial ecosystem, valued at over $10 trillion, faces constant cyber threats, and Zambia's focus on cybersecurity is a crucial step towards securing its digital future.
In conclusion, while the full, detailed policy documents or implementation guidelines specifically addressing data privacy and ethical AI in Zambian financial institutions have not been made publicly available, the emphasis on legal frameworks, transparency, and public-private collaboration signals a proactive and evolving approach to these critical issues.
- To bolster data privacy in Zambia's financial institutions, a legal framework is being developed to ensure a secure environment where these institutions can flourish.
- The Start-up Bill, which includes provisions for venture capital, is being passed with the expectation that it will address data privacy and ethical considerations in the private sector, particularly technology startups.
- The Smart Villages Project, part of Zambia’s Vision 2030, suggests a national strategy integrating technology, including AI, in an ethical manner that aligns with development goals.
- Minister Mutati advocates for strong private sector involvement in technology ventures not only for investment, but also to ensure transparency and credibility, which are crucial for ethical AI deployment and data governance.
- At the 2025 Banking Industry Symposium, Minister Mutati emphasized the importance of data protection, ethical governance, and collective responsibility during digital transformation, particularly by investing in human capacity development, including the training of Data Protection Officers (DPOs).
