FSD Zambia

What FSD Zambia does

FSD Zambia (Financial Sector Deepening Zambia) is a Lusaka-based non-profit development organization that operates as a market facilitator using the Making Markets Work for the Poor (M4P) methodology to expand financial inclusion among underserved and excluded Zambians. The organization works across five thematic areas — Informal Finance, Policy and Digital Financial Services, Inclusive Insurance, Gender/Youth & Financial Education, and Rural and Agricultural Finance — producing research reports, policy briefs, focus notes, and census surveys (including FinScope 2020 and the Savings Group Census Report 2024). It does not develop or sell technology products; its core outputs are evidence-based research, stakeholder convening, and policy advisory services delivered to government, regulators, and financial service providers.

The business model is entirely donor-funded, with no commercial revenue streams. FSD Zambia receives support from a diversified set of international development partners including Sweden (Sida), Comic Relief, Jersey Overseas Aid, Irish Aid, GIZ, USAID, FCDO (UK Aid), RUFEP, and the Bank of Zambia. Programs are delivered through partnerships with government ministries (notably the Ministry of Finance and National Planning), regulators (Bank of Zambia, ZICTA), private sector financial service providers, traditional leaders, and community networks. The organization is part of the 10-member FSD Network across Africa and operates under the Financial Inclusion 2.0 guiding vision.

FSD Zambia's reach includes 200,000+ individuals through the Financial Inclusion through Traditional Leaders (FIT) project in Luapula Province, 1,712 mapped savings groups across 8 districts, and agricultural insurance coverage reaching 94% of project participants. Its beneficiaries are primarily women, youth, rural populations, and smallholder farmers. As a non-profit facilitator, FSD Zambia does not compete on commercial terms but rather shapes the financial inclusion ecosystem through research, policy influence, and market system interventions.

Name

FSD Zambia

Legal name

Financial Sector Deepening Zambia

Website

https://fsdzambia.org

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

FSD Zambia is a Lusaka-based non-profit market facilitator that uses the Making Markets Work for the Poor (M4P) methodology to expand financial inclusion among underserved Zambians, particularly women, youth, and smallholder farmers, through research, policy support, and donor-funded programs.

Ownership category

akta.pro rank

Product category

Financial Inclusion Development Services

NAICS

Finance and Insurance (52), Grantmaking and Giving Services (81321)

SIC

International Affairs (9721)

akta.pro primary industry

SME, Microfinance & Financial Inclusion Facilities (BPADACAI)

akta.pro secondary industries

Technical Assistance, Policy Lending & Capacity Building Programs (BPADACAN), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Financial inclusion services
• Market facilitation programs
• Development research publications
• Inclusive finance consulting
• Agricultural insurance initiatives

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Development Funding and Donor Support: FSD Zambia operates as a development organization funded by international donors and development partners. The organization receives support from Sweden (Sida), Comic Relief, Jersey Overseas Aid, Irish Aid, GIZ, USAID, FCDO (UK Aid), Rural Finance Expansion Programme (RUFEP), and Bank of Zambia. Funding is used to implement financial inclusion programs and market development initiatives rather than generating commercial revenue.

Distribution channels4 records

Marketing channels6 records

Core offering

FSD Zambia is a market facilitator that produces financial inclusion research, policy support, and program interventions to expand access to quality financial services for poor and underserved Zambians. It delivers stakeholder convening, financial education, agricultural insurance awareness, and savings group development across five thematic areas: Informal Finance, Policy and Digital Financial Services, Inclusive Insurance, Gender/Youth & Financial Education, and Rural/Agricultural Finance. The organization's outputs are research reports, surveys (FinScope, Savings Group Census), and multi-stakeholder programs implemented with government, regulators, and financial service providers.

Product overview

FSD Zambia is a Zambian market facilitator organization working to expand financial inclusion through research, knowledge management, and stakeholder collaboration. Rather than a unified software product, the organization offers a portfolio of research publications, data reports, and facilitation services organized across thematic areas: Informal Finance, Policy and Digital Financial Services, Inclusive Insurance, Gender/Youth & Financial Education, and Rural/Agricultural Finance. Key products include the annual FinScope Survey, Savings Group Census Reports, thematic focus notes on gender and youth inclusion, and projects addressing agricultural insurance and financial inclusion through traditional leaders. The organization does not operate as a technology platform but as a research and facilitation body that produces evidence-based insights to inform financial sector development.

Differentiator

Problem solved

Functional benefit

Products and services

• FinScope Survey Report
• Savings Group Census Report 2024
• Market Facilitation Services
• Financial Inclusion through Traditional Leaders (FIT) Project
• Improving Smallholder Farmer Resilience and Productivity in Zambia Project
• Impact of the 2023/24 Drought on Smallholder Farmers in Zambia

Quantifiable outcome

• 69.4% financial inclusion rate in Zambia (FinScope 2020)
• +3 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and supporting.

• Bank of Zambia (BOZ)coreStrategic or Co-development PartnerBank of Zambia is the central bank and regulatory partner working with FSD Zambia on financial sector development and regulatory frameworks.
• ZICTA (Zambia Information and Communications Technology Authority)coreStrategic or Co-development PartnerZICTA collaborates with FSD Zambia on digital financial services and cyber-security awareness. Together they hosted a collaborative Cyber-Security Awareness Meeting with Citi Bank to address digital financial services fraud risks.
• Citi BanksupportingStrategic or Co-development PartnerCiti Bank partnered with FSD Zambia and ZICTA to host a Cyber-Security Awareness Meeting addressing digital financial services security challenges and protective strategies.
• FSD NetworkcoreStrategic or Co-development PartnerFSD Zambia is part of the FSD Network spanning 10 African countries including FSD Kenya, EFIA, FSD Africa, FSD Uganda, FSD Tanzania, and FSD Moçambique. Through FI 2.0, the network aims to create real sector value by facilitating financial products that improve economic outcomes for poor and excluded families.
• Ministry of Finance and National Planning (Zambia)coreStrategic or Co-development PartnerFSD Zambia collaborates with the Ministry of Finance and National Planning on developing the second National Financial Inclusion Strategy (NFIS II) and policy implementation.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• CGAP (Consultative Group to Assist the Poor): CGAP is a global financial-inclusion research and policy body housed at the World Bank, producing global benchmarks, research, and donor coordination that shape the field in which FSD Zambia operates. It is a broader incumbent rather than a direct competitor but addresses overlapping end beneficiaries.
• Mercy Corps: Mercy Corps is a large international humanitarian and development NGO with significant financial-inclusion programming (including in fragile markets and Zambia-adjacent countries). It overlaps in target populations and donor base but operates much more broadly and with direct-delivery models rather than pure market facilitation.
• UNCDF (UN Capital Development Fund): UNCDF is a UN entity that finances and pilots inclusive finance programmes in least-developed countries, including Zambia. It operates at larger scale and broader geographic scope but overlaps materially with FSD Zambia in financial-inclusion programming, especially on digital and inclusive insurance.

Direct peers

• BFA Global (Bankable Frontier Associates): BFA Global is a financial-inclusion consulting and advisory firm working on digital finance, inclusive insurance, and customer research in emerging markets. It is comparable to FSD Zambia in mission and methodologies, particularly around digital financial services and inclusive insurance in Africa.
• FSD Africa: FSD Africa is the continental arm of the FSD Network that coordinates and co-funds national FSD entities, including FSD Zambia. It is a direct peer in financial-inclusion research, policy advisory, and market-systems programming at a pan-African scale.
• FinMark Trust: FinMark Trust is a South African non-profit that produces FinScope-style demand-side financial-inclusion research and facilitates market development. It is functionally near-identical to FSD Zambia, operating in a different geography but with the same financial-inclusion facilitation mandate.
• FSD Uganda: FSD Uganda is a sister FSD Network entity applying the same M4P / market-facilitator model to Ugandan financial inclusion. It is a direct peer with identical operating model and donor mix, and is referenced in FSD Zambia's materials as a fellow network member.
• FSD Kenya: FSD Kenya is the Kenyan counterpart within the same FSD Network, applying an essentially identical market-facilitator / M4P model to expand financial inclusion. It is the closest functional and structural peer to FSD Zambia, differing mainly in geography and target segments.

Others

• Bank of Zambia: Bank of Zambia is the Zambian central bank and a core strategic partner (not competitor) of FSD Zambia, jointly working on financial-sector strategy, regulation, and financial-inclusion policy. Included as an adjacent ecosystem participant shaping FSD Zambia's operating environment.

Emerging players

• MIX (Microfinance Information Exchange / 60 Decibels): MIX provides data, benchmarking, and impact-measurement services for financial-inclusion providers globally. It is comparable to FSD Zambia in producing market intelligence that underpins donor and policymaker decisions, though its commercial model and product focus differ.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• Xx.com/fsdzambia

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FSD Zambia