Zambia’s Banking Sector Signals Readiness to Power Govt’s 24-Hour Economy
Zambian Banks Expand Digital Payments and Operating Hours to Support Government’s Transition to a 24/7 Economy
The Bankers Association of Zambia (BAZ) has confirmed that the country’s banking sector is fully prepared to support the government’s transition to a 24-hour economy, with digital infrastructure already upgraded and extended operating hours implemented across the industry.
BAZ Chief Executive Officer Leonard Mwanza stated that the banking sector spent much of 2025 strengthening systems to enable round-the-clock financial services, including a successful pilot expansion of the Electronic Funds Transfer (EFT) platform.
Currently, banks process transactions from 07:00 to 19:30 on weekdays and from 08:00 to 14:00 on weekends, representing a substantial extension of traditional banking hours and a critical step toward full 24/7 financial operations.
“The industry is ready to support the process of transitioning our economy to a 24/7 one,” Mwanza said, noting that the objective is to ensure that every transaction initiated within a 24-hour period is settled within the same cycle.
A Key Enabler for Economic Modernisation
The readiness of the banking sector represents a significant milestone in Zambia’s broader economic reform agenda.
A fully operational, round-the-clock payment system addresses one of the most persistent constraints on commerce the closure of financial channels outside standard business hours and enhances the efficiency of trade, services, and digital transactions across the economy.
Continuous payment capability is particularly important for sectors such as retail, logistics, mining supply chains, and small and medium-sized enterprises, where real-time cash flow and settlement reliability directly affect productivity and competitiveness.
Meeting the Needs of a Young, Digital Population
The shift toward a 24-hour financial ecosystem comes at a time of growing demand for accessible and always-available banking services.
Zambia’s population now exceeds 20 million, with more than 60% under the age of 25, a demographic profile that is accelerating the adoption of digital payments and mobile financial services.
The transition aligns with the economic vision of President Hakainde Hichilema, which emphasizes modernization, private-sector growth, and economic diversification.
A resilient, technology-driven banking system is widely regarded as a foundational requirement for sustaining this transformation.
Building the Infrastructure for a 24-Hour Economy
Industry leaders view the expansion of banking hours and payment systems as a practical step toward creating a more flexible and competitive economy.
By enabling transactions to be processed continuously, financial institutions can support businesses operating across time zones, facilitate e-commerce growth, and improve service delivery for consumers.
As Zambia advances toward a fully operational 24-hour economy, the readiness of the banking sector signals that one of the most critical components of the transition reliable, real-time financial infrastructure is already in place.
