Lupiya is not only an innovative AI-backed fintech start-up – it’s also the first of its kind in Zambia that offers a 100% online loan application process for small businesses, enabling quick assessment and disbursement of financing thanks to its credit scoring system that uses advanced machine learning models.
It meets people where they are.
Today, the bank serves close to 130,000 users in Zambia, and is expanding regionally, demonstrating that African fintech solutions can grow in "untapped" markets.
Trade Forum asked CEO Evelyn Kaingu about Lupiya’s beginnings and what makes their finance model so successful.
Q: What motivated you to found Lupiya?
I observed how difficult it was for many individuals and small businesses in Zambia to access formal financial services.
Despite being hardworking and economically active, many people are excluded from traditional banking due to lack of collateral, limited credit history, or simply because financial institutions don’t have products designed for their realities.
My co-founder, Muchu Kaingu, and I believed and still believe technology helps bridge this gap. We set out to build a digital financial platform that could use alternative data and digital channels to make credit and financial services more accessible, efficient, and inclusive.
Evelyn and Muchu Kaingu, the founders of fintech company Lupiya in Zambia.Lupiya
Q: What is Lupiya’s mission as a business?
Lupiya’s mission is to streamline financial services and make them more affordable and accessible. Our platform provides three core services:
First, we offer digital lending products that allow individuals and small businesses access working capital quickly through our mobile and online platforms.
Second, we operate a peer-to-peer investment platform that allows investors to fund loans and earn returns while supporting productive economic activity.
Third, we are expanding into payments through Lupiya Pay, which will enable digital payments, wallets, and card services.
Together, these services form an ecosystem designed to help customers borrow, invest and transact seamlessly.
Q: Why do you feel women need extra attention when it comes to accessing finance?
Women entrepreneurs often face structural barriers when trying to access finance. Many operate in informal sectors, lack traditional collateral, or have limited financial history, which can make it difficult to qualify for loans through conventional financial systems. At the same time, women play a critical role in local economies, often reinvesting income back into their families and communities.
Providing targeted support and financial products for women is therefore not only about fairness, but also about economic impact. When women have access to finance, they grow businesses, create employment, and strengthen household resilience. Fintech platforms like Lupiya can help close this gap by using digital data and flexible credit models to better assess creditworthiness.
Encouraging female employees at Lupiya to think bigger.Lupiya
Q: What are your plans in expanding your customer base?
Our expansion strategy focuses on technology-driven distribution and embedded finance. We are investing in digital platforms that allow customers to access services directly through mobile applications, websites, and partner platforms.
We are also working with partners such as telecom companies, digital platforms, and merchants to embed financial services into the ecosystems where customers already operate.
This allows individuals and businesses to access credit or payment services seamlessly as part of their everyday transactions.
Additionally, data analytics and alternative credit scoring models are helping us reach customers who would traditionally be excluded from formal finance.
Q: What do you need to successfully execute these plans?
Scaling financial inclusion requires strong partnerships, access to capital for lending, and supportive regulatory environments. Fintech companies need collaboration with financial institutions, telecommunications providers and development partners to expand responsibly.
Access to funding is also critical because lending businesses require capital to serve more customers.
Equally important is continued investment in digital infrastructure and financial literacy so that more people can confidently use digital financial services.
Q: What are your short-term and long-term goals?
In the short term, our focus is on scaling our lending services, strengthening our digital infrastructure, and expanding the adoption of Lupiya Pay. We are also working to grow our customer base significantly and deepen our partnerships with institutions that serve small businesses and civil servants.
Our long-term goal is to build a regional fintech ecosystem that provides integrated financial services across multiple African markets. We want Lupiya to become a platform that empowers millions of people to access credit, make payments, and invest through a single digital ecosystem.
Q: What has happened since you last worked together with ITC for the Web Summit and GITEX events a couple of years back?
Participating at events like Web Summit and GITEX were instrumental in connecting us to international networks, investors, and partners, which has helped shape our strategy as we continue to grow.
Since then, we have raised $11.25 million in Series A funding (venture capital), building on the $8.25 million raised in 2023. That meant we were able to expand both operationally and strategically. We have strengthened our lending portfolio, expanded partnerships, and advanced the development of our payments platform.
We have also been working on scaling our services beyond Zambia while strengthening internal governance and infrastructure to support long-term growth.
Lupiya, with Evelyn and Muchu on the right, winning at GITEX Africa in 2024.ITC
Q: How do you feel as a small business in finance helping other small businesses access finance?
It is both humbling and inspiring. As a startup ourselves, we understand the challenges that small businesses face when trying to grow, whether it is accessing capital, managing cash flow, or navigating financial systems. This gives us a unique perspective when designing products and services for entrepreneurs.
Helping other small businesses access finance is incredibly rewarding because it creates a ripple effect. When a small business receives the capital it needs, it can expand operations, hire more people, and contribute to the broader economy. Being part of that journey is what motivates us every day.
Lupiya was supported under ITC’s FastTrackTech project and Digital Moonshot initiative, which helped digital SMEs in Zambia and beyond expand internationally and grow their businesses.