Zambia Announces Raising of $58 Million in Fintech Investment in 2023

Technology Minister Felix Mutati announces Zambia’s success in securing $58 million for Fintechs in 2023.

Zambian Technology and Science Minister Felix Mutati has disclosed on Facebook that Zambia was able to raise through venture capital funding US$ 58 million investment for Fintechs in the year 2023 alone, higher than most of its neighboring countries.

Mr. Mutati said this goes to show that there is something right that the country is doing in advancing technology and therefore, calls for celebration.

Among other countries that are trailing Zambia behind include Rwanda which raised only $50 million.

Apart from the big four countries in Africa, we were able to harvest $58 million investment in technology, higher than most of our neighbors. This tells you that there is something that the tech people are doing right.

Felix Mutati, Technology and Science Minister, Zambia

Mr. Mutati has indicated that women in technology have only managed to access 17 percent of the venture capital funds despite being the majority on the market.

He said it is for this reason that beginning this year, government will work towards resolving this in order to increase uptake of the venture capital funds amongst women.

Speaking at the She-N-Tech recognition awards ceremony in Lusaka on wensday, Mr. Mutati also said government has decided to phase out all 2G network towers in the country this year.

He said through ZICTA, government will ensure that every tower that is erected will be 3G and above and ensure that all 2G network towers are phased out.

Mr. Mutati said every tower with 2G connectivity will be upgraded and have both data and voice services across the country in order to ensure access, affordability and availability of service to the people.

Through ZICTA, we will ensure that we no longer have towers that have 2G connectivity. Every tower with 2G will be upgraded because we want to deliver access, affordability and availability.

Felix Mutati, Technology and Science Minister, Zambia

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