Assessing the Role of Emerging Technology Governance Frameworks on Financial Inclusion in Zambia: A Case of Lusaka District

Mulenga Kasonde and Bwalya Chilolo
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Mulenga Kasonde: Graduate School of Business, University of Zambia
Bwalya Chilolo: Graduate School of Business, University of Zambia

African Journal of Commercial Studies, 2026, vol. 7, issue 2

Abstract: Over the past decade, Zambia has experienced rapid growth in digital financial services driven by advancements in financial technology (FinTech), including mobile money services, digital banking, and payment service providers. Mobile money penetration increased significantly from approximately 14% of adults in 2015 to over 58% in 2020, with transaction values rising to ZMW 452 billion in 2023. Despite these developments, financial inclusion through traditional banking institutions remains modest, with only about 38–39% of adults holding formal bank accounts. This study assessed the role of emerging technology governance frameworks in promoting financial inclusion in Lusaka District, Zambia. The study adopted a mixed-methods approach, combining qualitative and quantitative research designs. Stratified simple random sampling was used to ensure representation across diverse groups, including bankers, SMEs, financial institutions, and the general public. Data were collected using structured questionnaires and interview schedules. Findings indicate that emerging technology governance frameworks significantly influence financial inclusion (F (14,257) = 214.739, p

Keywords: Emerging Technology; Governance Frameworks; Financial Inclusion (search for similar items in EconPapers)
JEL-codes: G21 O16 O33 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:cwk:ajocsk:2026-55

DOI: 10.59413/ajocs/v7.i2.37

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