Mutati Urges Financial Sector to Prioritise Data Privacy as Zambia Targets 80% Inclusion by 2026
The Minister also called on banks to invest in human capacity development, particularly the training of Data Protection Officers (DPOs), and to ensure the ethical deployment of Artificial Intelligence (AI) in data privacy systems.
Hon. Felix Mutati, Minister of Technology and Science, Zambia, opened the 2025 Banking Industry Symposium with a clear message: “We are here to protect trust.” Speaking under the event’s central theme, “The Impact of Data Privacy on Financial Institutions,” Minister Mutati underscored the urgent need for financial institutions to adapt to the increasing risks of the digital age. With the global financial ecosystem now valued at over $10 trillion and facing constant cyber threats, the Minister warned that data privacy and cybersecurity have become matters of national economic security.
“Protecting consumer trust is no longer a regulatory checkbox. It is a strategic imperative—and a war that must be won with resilience, innovation, and unified commitment.”
-Hon. Felix Mutati, Minister of Technology and Science, Zambia.
To that end, Minister Mutati outlined five strategic pillars for building a secure and inclusive digital financial future in Zambia:
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Digital Literacy – Equipping citizens with the skills to safely access and use digital financial tools.
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Digital Infrastructure – Strengthening ICT systems and energy sufficiency to support continuous, secure digital operations.
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Economic Stability – Achieving investment-grade status to boost investor confidence and lower the cost of capital. “Banks must keep the cost of money down,” he added, reaffirming Zambia’s target of 80% financial inclusion by 2026.
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Digital Innovation and Creativity – Encouraging the development of locally adapted, technology-driven financial solutions.
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Collaboration and Partnership – Uniting public and private stakeholders to create a resilient digital finance ecosystem.
The Minister also called on banks to invest in human capacity development, particularly the training of Data Protection Officers (DPOs), and to ensure the ethical deployment of Artificial Intelligence (AI) in data privacy systems. He praised the financial sector’s contributions to Zambia’s cybersecurity improvements, noting the country’s rise in the Cybersecurity Index from 68.8% in 2021 to 92% in 2025.
Mutati closed his remarks with a powerful reminder: “Data privacy is about trust, dignity, and inclusion. Without trust, digital financial services cannot grow—and without growth, our vision for financial inclusion falters.”
As Zambia continues to accelerate its digital transformation, the emphasis on data protection, ethical governance, and collective responsibility is poised to shape the future of the country’s financial sector.
