Zambian fintech Lupiya Financial Services has disbursed more than K4.2 billion ($226.65 million) in digital loans and reached over 1.8 million customers since its launch ten years ago.
The company, described as the country’s first artificial intelligence-powered digital bank, marked the milestone this weekend, highlighting its role in expanding financial inclusion through digital lending.
The figures underscore the scale of digital credit adoption in Zambia and Lupiya’s growth over the past decade.
Muchu Kaingu, co-founder of Lupiya Financial Services, said the company overcame challenges including raising investment, navigating the COVID-19 pandemic and managing economic uncertainty.
He said the company developed a fully digital lending platform enabling customers to access loans remotely.
“Lupiya’s resilience and commitment to innovation ultimately attracted investor confidence, resulting in the successful raising of US$1 million during one of the most challenging periods of the pandemic,” Kaingu said.
The company has raised more than US$11 million in venture capital.
Kaingu said artificial intelligence will play a central role in the company’s future.
“Lupiya views AI as a tool that complements human capabilities rather than replacing people, enabling faster, smarter and more efficient customer service.”
The Lusaka-headquartered company aims to become a pan-African digital financial services provider, with expansion planned across East and Southern Africa.
It also plans to increase financing for small businesses, farmers, traders and women entrepreneurs.
Kumbuzo Nkunika, director of communications and ICT in the Office of the Permanent Secretary at the Ministry of Technology and Science, said Lupiya has evolved from a fintech start-up into a leading digital financial services provider in Zambia, particularly in supporting small and medium-sized enterprises and women-led businesses.
He said the company’s tenth anniversary reflects its resilience, innovation and contribution to Zambia’s economic transformation.
Government officials, industry leaders, regulators, development partners and investors attended the anniversary event.
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