In Zambia, small and medium-sized enterprises (SMEs) struggle to stay afloat not due to poor business models, but because access to affordable credit remains elusive.
High collateral demands, lack of formal financial records, and prohibitive interest rates leave promising entrepreneurs locked out of growth opportunities.
It is this financing gap that inspired Evelyn Chilomo Kaingu and her co-founder to launch Lupiya, a neobank with a bold mission: to make lending accessible to the underserved using technology and alternative data.
Founded in 2016 with just $500, Lupiya has grown into one of Zambia’s most impactful FinTechs, now serving over 120,000 customers and having raised over $15 million in capital.
“We started Lupiya out of frustration,” says Evelyn, who is also the CEO. “We couldn’t access credit for our own small business because we didn’t have collateral. So, we built a bank that removes that barrier for others like us.”
Lupiya uses AI-powered credit scoring to assess borrowers without requiring traditional documentation. This allows SMEs with informal transaction histories often operating largely in cash to qualify for loans. The platform is fully digital, offering access via web, mobile app, and USSD for basic phone users, ensuring even rural communities are included.
Among Lupiya’s standout products are its instant loan (available exclusively through the app) and agriculture financing, which now includes solar-powered irrigation and horticulture support.
For all offerings, customers only need their National Registration Card (NRC) to apply.
Despite the impressive growth, Kaingu notes challenges remain. Default risk and limited data sharing across platforms make customer targeting and risk management difficult.
She advocates for open data frameworks and interoperable systems to enable greater innovation and cross-platform collaboration.
Lupiya was featured on Day 17 of the #40Days40FinTechs Zambia and Malawi edition, a continental initiative showcasing trailblazing FinTechs driving inclusive finance.
Having highlighted over 200 FinTech stories across Uganda, Kenya, Tanzania, Rwanda and now Zambia and Malawi the initiative is amplifying African-led solutions that close the financial inclusion gap.
“Visibility matters,” Kaingu says. “The 40 Days 40 FinTechs initiative is a powerful platform that celebrates African ingenuity. We’re proud to be part of it.”
