Evaluating the Impact of FinTech Credit, Savings, and Transaction Services on Financial Inclusion in Zambia

Financial inclusion has remained a persistent challenge in Zambia, where structural barriers such as limited banking infrastructure, high service costs, and uneven financial literacy have historically restricted access to formal financial services for low-income and marginalised populations. Despite recent national initiatives and financial sector reforms, significant gaps remain between inclusion targets and actual usage of formal financial systems. This study therefore examines the core problem of whether financial technology—specifically FinTech credit, savings, and transaction services—has meaningfully expanded access, usage, and quality of financial participation among Zambian consumers. The primary aim of the research is to generate a nuanced and disaggregated assessment of how different FinTech service categories influence financial inclusion outcomes rather than treating FinTech as a homogenous technological phenomenon. To achieve this, the study employed a mixed-methods research design that integrates quantitative survey data from FinTech users in Lusaka District with qualitative interviews involving service providers, regulatory officials, and targeted user groups. The quantitative findings demonstrate that transactional FinTech services exert the strongest positive effect on inclusion by reducing barriers to payments and enabling everyday financial activity, while savings services show moderate contributions to financial resilience. Digital credit services expand liquidity access but also introduce risks associated with repayment pressure and pricing transparency. The study’s implications emphasise the need for consumer protection, strengthened regulatory frameworks, improved digital literacy, and service designs aligned with users’ socio-economic contexts to ensure that FinTech operates as a genuine driver of inclusive financial development.