Zambia has taken a significant step toward strengthening its digital financial sector with the official launch of the Digital Financial Services (DFS) Code of Conduct. The milestone was marked on July 17, 2026, when Deputy Governor for Administration, Ms. Rekha Chifuwe Mhango, unveiled the new framework during a ceremony held at the Pamodzi Hotel. The Code of Conduct has been developed to promote ethical business practices while creating a safer and more transparent environment for consumers and financial service providers. As digital financial services continue to expand across Zambia, the initiative reflects the country’s commitment to building a trusted and inclusive financial ecosystem. The launch also demonstrated the importance of collaboration among regulators, financial institutions and other stakeholders working to support the future of digital finance.
In her keynote address, Ms. Mhango explained that the Digital Financial Services Code of Conduct provides a shared framework that encourages responsible conduct across Zambia’s rapidly evolving DFS ecosystem. She said the framework is designed to strengthen ethical standards, improve consumer protection and enhance transparency and accountability among all participants in the sector. The Code also promotes responsible business practices that support long-term sustainability and public confidence in digital financial services. As more Zambians embrace digital payments, mobile money and other electronic financial solutions, maintaining high standards of conduct has become increasingly important. The framework seeks to ensure that innovation is matched by strong governance and responsible business behaviour.
Ms. Mhango praised the Payments Association of Zambia for leading the development of the Code of Conduct and acknowledged the valuable contributions made by numerous stakeholders throughout the process. She emphasized that the successful creation of the framework demonstrates the power of cooperation between regulators, industry participants, consumer representatives and development partners. According to her, meaningful progress in the financial sector depends on continuous dialogue and shared responsibility among all parties involved. By working together, these organizations have developed a practical guide that supports both industry growth and consumer interests. The collaborative approach also strengthens the overall resilience of Zambia’s financial services industry by encouraging consistent standards across different institutions.
A central message of Ms. Mhango’s address was that innovation and regulation should work hand in hand rather than being viewed as opposing forces. She reaffirmed the Bank of Zambia’s commitment to developing a financial sector that is innovative, inclusive, secure, efficient and trusted. According to Ms. Mhango, innovation creates new opportunities for businesses and consumers by expanding access to financial services and improving convenience. At the same time, effective regulation builds confidence by ensuring that financial institutions operate responsibly and protect consumers. She stressed that trust forms the foundation upon which sustainable innovation can continue to grow, allowing Zambia’s digital financial ecosystem to expand while maintaining high standards of integrity.
The launch of the Digital Financial Services Code of Conduct attracted a wide range of organizations representing Zambia’s financial services industry. Participants included officials from the Bank of Zambia, the Securities and Exchange Commission, the Pensions and Insurance Authority and Financial Sector Deepening Zambia. Representatives from the Bankers’ Association of Zambia, Mobile Money Operators, Payment Service Providers and the Payments Association of Zambia also attended the event. Their participation reflected the broad support for establishing common standards that benefit both consumers and service providers. The presence of multiple regulatory bodies and industry leaders underscored the shared commitment to building a stronger and more coordinated digital financial sector.
Digital financial services have become increasingly important in Zambia as more individuals and businesses adopt electronic payment systems, mobile money platforms and other digital financial products. These technologies have expanded access to financial services for millions of people, particularly those living in underserved and rural communities. However, the rapid growth of digital finance also creates new challenges related to consumer protection, cybersecurity, fraud prevention and responsible business conduct. The newly launched Code of Conduct provides guidance that helps address these challenges while supporting continued innovation. By promoting accountability and transparency, the framework contributes to a safer environment for both customers and financial service providers.
The introduction of the Digital Financial Services Code of Conduct marks an important milestone in Zambia’s journey toward a modern and inclusive financial system. By establishing clear principles for ethical conduct, consumer protection and responsible innovation, the Code strengthens confidence in the country’s growing digital economy. The collaborative effort led by the Payments Association of Zambia, with the support of the Bank of Zambia and other key stakeholders, demonstrates a shared commitment to sustainable financial sector development. Ms. Rekha Chifuwe Mhango’s message reinforced the importance of balancing innovation with effective regulation to ensure lasting public trust. As digital financial services continue to evolve, the new Code of Conduct is expected to play a vital role in promoting transparency, protecting consumers and supporting the continued growth of Zambia’s financial ecosystem.