Zambia Pensions and Insurance Sector Update: Consumer Rights, Financial Literacy, and Regulatory Independence

In the first quarter of 2026, the Pensions and Insurance Authority (PIA) of Zambia issued several communications regarding consumer protection, financial literacy, industry governance, and internal compliance. Key information is summarised below.

1. World Consumer Rights Day: Consumer Protection in Pensions and Insurance

On 15 March 2026, PIA commemorated World Consumer Rights Day. This year’s theme was “Safe Products, Confident Consumers”. PIA noted that pension and insurance products involve long-term financial security, making consumer protection particularly important. The recently issued Insurance Market Conduct Regulations strengthen consumer protection through fair treatment, improved transparency, stronger complaints handling, and timely settlement of claims. The regulations aim to enhance public confidence in the insurance sector.

PIA also called on pension schemes and insurance providers to give members and policyholders clear information, fair treatment, and reliable products to help consumers plan for life’s uncertainties and a secure retirement.

2. Fourth Quarter 2025 Industry Performance

The newsletter indicates that performance data for the pension and insurance industries for the fourth quarter of 2025 have been compiled. However, the specific figures are derived from quarterly unaudited returns submitted to PIA. The Authority states that while rigorous validation has been carried out, it does not guarantee the accuracy or completeness of the information and disclaims liability for any errors or omissions. Consequently, key indicators such as total assets, membership numbers, or premium income are not directly disclosed in the newsletter.

3. 2026 Financial Literacy Week: “Smart Money Talks”

Financial Literacy Week was officially launched in Chipata, Eastern Province, under the theme “Smart Money Talks”. The event was graced by the Eastern Province Provincial Minister (represented by the Deputy Provincial Permanent Secretary). Activities included a final inter-school quiz competition, exhibitions by institutions from the banking, insurance, pensions, and capital markets sectors, and an interactive platform for learners and the public to engage with financial sector players.

PIA conducted financial literacy outreach programmes in Chipata, Lusaka, and Solwezi. Key financial sector leaders attending included a representative of the Bank of Zambia Governor, the Registrar/CEO of PIA (Ms. Namakau Ntini), and the CEO of the Securities and Exchange Commission (Mr. Philip Chitalu).

4. International Women’s Day and Youth Day

PIA joined the commemoration of International Women’s Day under the global theme “Rights. Justice. Action. For ALL Women and Girls”. Highlights of Youth Day were also featured in the newsletter under the theme “Arise and Soar”. These sections focused on celebration and advocacy, without disclosing specific policies or data.

5. Integrity Corner: Preserving Regulatory Independence

PIA maintains an “Integrity Corner” to emphasise the importance of regulatory independence. The Authority notes that frequent interactions with market stakeholders are necessary. To ensure decisions remain free from bias or undue influence, PIA has implemented a Gifts and Benefits Policy. All staff are required to formally declare gifts received, creating a clear and auditable record. This process serves as both an institutional safeguard and professional protection for individuals.

PIA also collaborates with the Anti-Corruption Commission (ACC) to align internal practices with national anti-corruption standards and to build staff capacity through training. PIA reiterates that all decisions must be guided by law, evidence, and the public interest, remaining independent and impartial.

6. Departmental Introduction: Pensions Supervision Team

The newsletter introduces the Pensions Supervision Department as part of its “Meet the People behind the Authority” series:

• Deputy Registrar – Pensions: Goodson Kapaso – provides strategic leadership and oversight to ensure private occupational pension schemes operate efficiently, remain compliant, and deliver value to members.

• Prudential Supervision Unit: Divided into Portfolio A (Manager: Mainza Masole) and Portfolio B (Acting Manager: Nosikawa Nasilele). Responsible for monitoring the financial soundness of pension schemes, including funding adequacy, risk management, and prudent investment of pension funds, through off-site monitoring and on-site inspections.

• Market Conduct Unit: Manager: Sibajene Zulu. Focuses on fairness and transparency, overseeing service provider licensing, disclosure of information, complaints handling, and ethical standards, to build trust in the pensions industry.

• Market Development and Research Unit: Manager: Aaron Mukuwa. Drives innovation and growth through research, trend analysis, and policy recommendations, supporting a more inclusive and sustainable retirement landscape.

The newsletter also lists inspectors working under each unit, who together form the operational capacity of PIA’s pensions supervision.