Bank of Zambia Named 2026 AFI Financial Inclusion Innovation Award Winner
The Bank of Zambia has been named the 2026 winner of the Nestor Espenilla Jr. Financial Inclusion Innovation Award by the Alliance for Financial Inclusion (AFI), recognising its use of technology and policy innovation to expand access to financial services.
Deputy Governor – Operations, Dr. Francis Chipimo, received the award on behalf of the central bank during a ceremony in Port Moresby, Papua New Guinea. The award was presented by Bank of Tanzania Governor Emmanuel Tutuba, who received the same award in 2025.
The award recognises AFI members that demonstrate outstanding commitment to innovation and the use of technology to advance financial inclusion.
The Bank of Zambia was selected from 17 nominees and five finalists. The other Nestor Espenilla Jr. Financial Inclusion Innovation Award finalists were Banco Central de Reserva de El Salvador, Banco Central del Paraguay, Banque de la République d’Haïti and the State Bank of Pakistan.
Bank of Zambia Financial Inclusion Initiatives
The award jury considered several initiatives implemented by the Bank of Zambia to expand access to formal financial services. The central bank has launched three National Strategies that prioritise digitalisation and the modernisation of financial infrastructure.
It also introduced a tiered Know Your Customer (KYC) framework that enables Forcibly Displaced Persons (FDPs) to access formal financial services.
The Bank of Zambia has further issued Agent Banking Directives aimed at expanding financial services in underserved and rural areas. In addition, the central bank has partnered with government agencies to deploy solar-powered connectivity and expand access to mobile money and other digital financial services.
Zambia Financial Inclusion Results
The initiatives have contributed to increased use of digital financial services in Zambia. Mobile money usage rose to 76.2%, with more than 12.3 million active mobile money wallets recorded by 2024.
More than 4.07 billion digital transactions were processed in 2024, with the transactions valued at over USD 283 billion.
Formal financial inclusion reached 76.4%, while the gender gap in access narrowed to 3.3 percentage points. Financial health doubled to 39.1%, while financial literacy increased to 46.5% by 2025.
About the Alliance for Financial Inclusion
The Alliance for Financial Inclusion is a global network of central banks and financial regulatory institutions focused on advancing financial inclusion among underserved populations.
Founded in 2008 and headquartered in Kuala Lumpur, Malaysia, AFI operates as a member-owned and member-led network. It brings together policymakers from developing countries and emerging economies to share and develop financial inclusion policies suited to their local markets.
The network uses a peer-to-peer learning model through which central banks, ministries of finance and financial regulators exchange policy approaches and implementation experience. Its work covers areas including digital financial services, fintech, agent banking, consumer protection, gender-inclusive finance and inclusive green finance.
AFI also hosts the annual Global Policy Forum, where financial inclusion policymakers review progress, share policy approaches and make commitments to expand access to financial services.
The Nestor Espenilla Jr. Financial Inclusion Innovation Award honours the memory and legacy of Nestor Espenilla Jr., former Governor of the Bangko Sentral ng Pilipinas (BSP) and a founding member of AFI.
The Bank of Zambia has previously received other AFI awards, including the Institutional Leadership Award and the Maya Declaration Commitment Award.
Alongside Dr. Francis Chipimo, other Bank of Zambia representatives attending the AFI Conference in Port Moresby included Deputy Governor Ms. Rekha Chifuwe Mhango, Director of Financial Conduct Joseph Munyoro and staff from various departments.
