Is Zambia Becoming a Nation of Borrowers? Financial Inclusion Hits 80%

**LUSAKA** – For the first time, four out of five Zambians can save, borrow, or send money without stepping inside a traditional bank. According to the 2025 FinScope Topline Survey released Wednesday at Mulungushi International Conference Centre, financial inclusion in Zambia has surged to **80.1%** – a dramatic jump from 69.4% in 2020. But behind the celebration lies a more nuanced and uncomfortable question: Are we becoming a nation of better-connected borrowers, rather than genuine savers? Zambia is not simply "banking" itself. Instead, the nation is racing toward a hybrid system that pairs the speed of mobile money with the deep trust of community savings circles like *Chilimba* and village banks. Yet access does not automatically mean prosperity. --- ## By the Numbers | Year | Financial Inclusion (%) | |------|------------------------| | 2015 | 59.3% | | 2020 | 69.4% | | 2025 | 80.1% | **Other key figures:** - **Formal inclusion** (mobile money, bank accounts): **76.4%** (up from 61.3% in 2020) - **Informal inclusion** (Chilimba, SACCOs, village banks): **52.0%** (up from 32.3%) *Note: These figures overlap – many Zambians use both formal and informal systems side by side.* --- ## Mobile Money: The Main Driver For the average Zambian, the phone in their pocket has become their primary bank branch – and for many, their primary source of high-interest loans. Mobile money is the undisputed locomotive behind this growth. Digital platforms are now outperforming traditional brick-and-mortar banks in reaching the unbanked, especially in rural areas where no bank has ever set foot. > *“This confirms what we have observed on the ground,”* says the Pulse News Desk. *“Digital lending and mobile payment ecosystems are no longer 'alternative' options. They are the backbone of the Zambian economy – for better or worse.”* --- ## Why Chilimba & Village Banks Are Booming Despite the rise of high-tech apps, the most surprising finding in the 2025 survey is the ma