Women in Leadership in Zambia
Across sub-Saharan Africa, women hold only 5% of CEO positions. In Zambia, however, a new generation of women is quietly reshaping boardrooms, mines and digital finance. Despite the leaps and bounds made in the past few decades, there are still many hurdles that prevent women from obtaining such positions. To inspire you, here are three Zambian Women at the helm of leadership holding incredible power in incredibly powerful places.
Mfikeyi Makayi
Mfikeyi Makayi is the CEO of Kobold Metals Africa, a California-based company focused on AI-backed mineral exploration and development. Makayi’s position sees her heading KoBold Metals’ Africa operations, where she is overseeing the development of a planned $2 billion underground copper mine in Chililabombwe, with production expected to begin in the early 2030s. As well as this major milestone for the company’s development of Mingomba, it stands as the most advanced project in its portfolio, placing Makayi firmly in control of one of the continent’s most closely watched mining projects.
From Engineer to Mining Executive
Makayi has over 17 years of experience in the mining industry. Raised in Lusaka, her tertiary education saw her move to the United States, where she obtained a Bachelor of Science in Civil Engineering as well as a Master of Environmental Engineering from Old Dominion University. She also holds a Master of Science in Mining Engineering from the University of Exeter and an Executive MBA from Lagos Business School.
She began her career as a civil and mining engineer at First Quantum’s Kansanshi Copper-Gold Mine, gaining hands-on technical experience before moving into the company’s global internal audit division, where she worked across operations in Australia, Finland, Mauritania and Panama. She later rose to become Country Manager and Director of Barloworld Equipment Zambia Ltd., one of Zambia’s largest mining and construction equipment supply and service companies, overseeing the Caterpillar dealership in Zambia. In this role, her portfolio spanned all major surface and underground copper mines on the Zambian Copperbelt, as well as Gemfields’ Kagem mine, the world’s largest emerald mine.
Leadership Philosophy
Despite operating in a traditionally male-dominated sector, Makayi has been open about the challenges of taking on leadership roles where few women have gone before. She has navigated intense selection processes and the weight of high expectations, especially during economic downturns such as the COVID-19 pandemic. Her approach to leadership is centred on transformational growth, evolving through the people she serves while staying authentic, adaptable, and receptive to feedback. For young women entering fields like mining and fintech, she advises recognising their own value, remaining curious, embracing continuous learning, and pursuing opportunities confidently, even in spaces where women are underrepresented.
Mukwandi Chibesakunda
Mukwandi Chibesakunda is the Chief Executive Officer and Managing Director of ZANACO, one of Zambia’s largest and most influential financial institutions. Since her appointment in November 2020, she has been steering the bank through digital transformation, financial inclusion, and reinforcing strong governance practices. Her leadership places her among the most respected figures in Zambia’s financial services sector, reflected in multiple national and continental awards recognising her impact, including being named Zambia’s CEO of the Year by the Zambia Institute of Banking and Financial Services and the Bankers Association of Zambia, and other accolades such as Best Overall Corporate Governance Individual and African Female Leader of the Year.
Three Decades in Banking Leadership
Chibesakunda brings over three decades of experience in banking and financial services. Born and raised in Lusaka, she pursued a Bachelor’s degree in Economics at the University of Zambia, then advanced her education with a Master of Business Administration from the Alliance Manchester Business School in the United Kingdom. She further honed her executive leadership skills through programmes at Harvard Business School and INSEAD Business School.
Her working life began at Standard Chartered Bank, where she entered the sector as a graduate associate and progressed through various senior roles, including Executive Director of Consumer Banking. She later served as Head of Personal and Business Banking at Stanbic Bank Zambia and Managing Director of Access Bank Zambia. Before joining ZANACO, she was Chief Executive Officer of National Savings and Credit Bank, where she led initiatives to expand access to financial services.
Leadership Philosophy
Chibesakunda has been candid about the challenges of leading in Zambia’s traditionally male-dominated banking sector, noting the pressures of high expectations and the scrutiny that comes with occupying one of the country’s most visible executive roles. She describes her leadership style as both servant-led and transformational, focused on empowering teams while driving measurable results, believing that strong leaders grow by empowering their teams, maintaining transparency, and being willing to learn from both successes and setbacks.
For young women aspiring to leadership in finance, technology, or other male-dominated sectors, Chibesakunda encourages them to recognise their own worth, remain persistent, seek mentorship, and embrace continuous learning. She stresses that stepping confidently into spaces where women are underrepresented is not just about personal growth, but about reshaping the landscape for the next generation.
Evelyn Kaingu
Evelyn Kaingu is the Co‑Founder and Chief Executive Officer of Lupiya, a Zambian fintech company that is expanding access to credit and financial services through digital technology. Under her leadership, Lupiya has grown from a modest start-up into an AI-powered neobank, securing more than USD 14 million in investment. Its digital services now range from loans and payments to investment tools, serving tens of thousands of underserved customers across Zambia and beyond.
Her leadership has brought national and international recognition, including awards such as ZEE Woman CEO of the Year, and invitations to speak at forums like the Afro‑Asia Fintech Festival and the Botswana Innovation Summit.
From Economics Graduate to Fintech Founder
Kaingu’s journey into fintech began with a Bachelor of Arts in Economics from Cavendish University Zambia, where her academic work explored the impact of cross‑border trading on small businesses and was recognised among the top in her class. After graduation, she gained professional experience working as Finance and Administration Manager at The SPAR Group and as a Data Specialist at the World Bank Group, roles that provided her with strong foundations in economic analysis, project management and financial reporting.
In 2016, motivated by her own challenges accessing capital and a deep belief in expanding opportunities for marginalised entrepreneurs, Kaingu launched Lupiya with just USD 500. Under her stewardship, the company has developed a digital lending platform tailored to individuals, small businesses and women entrepreneurs who have traditionally been excluded from formal financial systems. By leveraging alternative data and advanced machine learning, Lupiya has broadened access to credit and financial tools for a demographic often overlooked by conventional lenders.
Leadership Philosophy
Kaingu has spoken openly about the challenges of leading in Zambia’s fintech sector, particularly as a young woman navigating a fast‑moving, technology-driven industry. She emphasises leadership through empowerment and innovation, believing that strong leaders grow by enabling others, staying curious, and embracing new ideas while remaining grounded in ethics and transparency. She encourages young women and aspiring entrepreneurs to know their value, take calculated risks, and persist in the face of obstacles, highlighting the importance of mentorship, continuous learning, and the courage to enter spaces where women remain underrepresented.
The Future of Women CEOs in Zambia
Together, leaders like Mfikeyi Makayi, Mukwandi Chibesakunda, and Evelyn Kaingu exemplify the evolving face of Zambian leadership across mining, finance, and fintech. Each has broken barriers in traditionally male-dominated sectors, and their stories offer a blueprint for the next generation of women leaders, one rooted in the confidence to seize opportunities, even in spaces where the odds have historically been stacked against them.
