TransUnion Zambia today released findings from its Q1 2026 Consumer Pulse Survey, revealing a Zambian market in transition. Income confidence has climbed notably year-on-year, yet many households continue to navigate cost-of-living pressure, constrained credit access and a high level of digital fraud exposure.

Four in ten Zambians (40%) reported earning more than they did a year ago¹, up from 34% in 2025. Looking ahead, 84% of consumers expect their income to grow in the next 12 months, a modest gain on last year (82%) that points to a broadly optimistic outlook for the Zambian economy.

"Zambian consumers are demonstrating a more intentional and disciplined approach to managing their finances, moving beyond short-term, reactive adjustments toward sustained financial planning and budgeting. This reflects a growing focus on affordability and long-term financial resilience," said Mildred Stephenson, chief executive officer of TransUnion Zambia.

Household Incomes Improved, but Pressure Remains

Household income trends over the past three months present a more balanced picture than in 2025. Alongside the rise in consumers reporting higher earnings, the share of consumers reporting no change in income fell from 38% to 31%, and the number of consumers reporting a decline in income remained stable (29% in both years), pointing to early signs of stabilisation after a sustained period of economic pressure.

Even so, many households continue to actively manage their financial commitments. More than a third (37%) of consumers expect they won't be able to pay at least one bill or loan in full. To manage these commitments, 45% have taken on temporary or gig-based work, 42% are paying only partial amounts they can afford, 29% are borrowing from friends or family and 26% are drawing on savings. Discipline on spending remains firm: 54% cut discretionary spending in the past three months, with 68% reducing dining out, 46% scaling back travel and 41% spending less on entertainment.

"The continued reliance on these coping mechanisms highlights ongoing liquidity pressure and demonstrates that many households continue to deploy multiple strategies to manage changing financial conditions, even as their confidence in longer-term earnings strengthens," Stephenson said.

Zambians Choose Credit to Support Essential Spending

Demand for credit remains resilient. Overall, 41% of consumers plan to apply for new credit or refinance existing credit within the next year, with younger adults the most likely to do so. Among those intending to borrow, interest concentrates on essentials that support mobility and opportunity: 45% plan to seek a personal loan, 19% student financing and 13% car finance.

Converting that intent into approved credit remains difficult. More than half (55%) of consumers who considered applying ultimately decided not to proceed, citing the high cost of credit (30%), concerns their income may reduce approval (29%) and doubts that refinancing would deliver meaningful savings (21%). These barriers are largely unchanged from 2025.

"Collectively, these findings reveal a continued disconnect between the importance consumers place on access to credit and their confidence in navigating the credit system. While demand remains strong, concerns about affordability, approval likelihood and the perceived benefits of refinancing continue to discourage many Zambians from moving forward," Stephenson noted.

Digital Fraud Remains a Concern

As more Zambians transact online, fraud exposure remains high. More than eight in ten (81%) consumers reported being targeted by at least one digital fraud attempt in the three months preceding the survey, in line with 2025. Money and gift card scams, smishing, phishing and vishing ranked among the most common threats, alongside fraudulent seller activity on online platforms.

In response to cybersecurity concerns, 67% updated their passwords and 42% added stronger login protections such as multifactor authentication in the 60 days before the survey. However, 17% took no action at all: of that group, 71% were unsure what steps to take and 21% felt overwhelmed by the volume of cybersecurity information available.

"This mix of high engagement related to personal identity protection on one end and hesitation on the other reflects the ongoing need for simple, accessible tools and education. As threats become more sophisticated, financial institutions have an important role to play in helping consumers understand the steps they can take to protect themselves from fraud, while continuing to strengthen overall digital security across the ecosystem," Stephenson said.

¹ The 2025 Consumer Pulse Survey was conducted in Q2 2025, while the 2026 survey was conducted in Q1 of this year.

Rwanda has established itself as one of Africa’s leading digital economies, underpinned by strong economic growth, widespread mobile money adoption and increasing participation in formal financial services. As the country enters its next phase of development, the challenge is no longer simply extending access but ensuring that inclusion translates into meaningful economic opportunity for households, entrepreneurs and businesses.

New findings from TransUnion’s Q1 2026 Consumer Pulse Study (CPS) indicate that Rwandan consumers remain optimistic about their financial futures while highlighting a growing need for broader access to credit and lending products that can help them move from financial participation to financial empowerment.

Nearly four in five consumers (76%) expect their income to increase over the next 12 months, while a further 16% expect it to remain unchanged. Together, these findings suggest a population that remains confident in Rwanda's economic trajectory while taking a pragmatic approach to managing ongoing financial pressures.

At the same time, household budgets remain under strain. Half of respondents (50%) said they expect to be unable to pay at least one current bill or loan in full, with many planning to manage these challenges through partial payments, savings or temporary additional work. Rather than pointing to declining confidence, these behaviours reflect resilience and disciplined financial decision-making as consumers adapt to changing economic conditions.

More than a third of consumers (34%) also reported reducing discretionary spending in recent months, while others continued to prioritise spending on digital services and selected lifestyle categories. These trends suggest that many households are managing carefully while remaining engaged in Rwanda’s increasingly digital economy.

“Rwanda has made remarkable progress in expanding financial inclusion and digital participation,” said Didier Mutabazi, Chief Executive Officer of TransUnion Rwanda. “Financial inclusion is not a single milestone. It is a journey. The next step is helping more consumers move from basic financial access to the products and opportunities that support entrepreneurship, asset ownership and long-term financial resilience.”

Expanding Access to Credit Can Unlock Greater Economic Opportunity

Access to credit and lending products remain one of the clearest indicators of consumers’ financial aspirations. The CPS data highlights an opportunity to expand access to credit and lending products that support consumer financial goals. While nearly all consumers (98%) say credit is important to achieving their financial goals, only 42% believe they have sufficient access to the products they need. This gap suggests that although demand is strong, barriers such as affordability, eligibility, limited financials visibility and product suitability continue to hinder access.

Personal loans and student loans emerged among the most sought-after products, highlighting demand for solutions that support both immediate needs and long-term advancement.

The findings suggest Rwanda’s financial inclusion journey is entering a new phase. While participation in formal financial services continues to expand, consumers are signalling a need for broader access to the financial products that support long-term economic advancement. Financial inclusion is no longer simply about access to transactional services or short-term credit. Increasingly, it is about enabling consumers and entrepreneurs to access the financing, visibility and trust needed to invest in education, grow businesses, acquire assets and participate more fully in Rwanda’s economic future.

“Our latest report highlights that consumers understand the value of credit and are actively looking for ways to improve their financial futures,” said Mutabazi. “This creates a new agenda for the ecosystem, one focused on improving credit visibility, strengthening digital trust, enabling smarter decision-making and building the partnerships required to scale inclusive growth responsibly.”

Trust Remains Essential to Financial Inclusion

The report highlights the importance of building a trusted financial ecosystem where consumers can engage confidently, access services more easily and participate fully in the opportunities created by Rwanda's digital economy.

“Trust is a fundamental part of a healthy and inclusive financial ecosystem,” said Mutabazi. “As digital participation grows, consumers, businesses and institutions must continue working together to strengthen confidence, reduce friction and ensure people can engage safely in the digital economy.”

The findings reinforce Rwanda’s progress as a leading digital economy while highlighting the next step in its financial inclusion journey. The opportunity is clear but will require the full financial ecosystem to help more consumers advance from access to financial capability and economic participation. By driving broader use of trusted data, responsible lending and the expansion of products that support scalable growth across business and the everyday citizen – the Rwanda financial inclusion trajectory is possible.

The TransUnion Rwanda Consumer Pulse Survey of 259 adults aged 18 years and older was conducted between 10 February and 9 March 2026.

TransUnion analysis found that 1.1% of transaction attempts^[1] involving consumers in Zambia in 2025 were suspected of digital fraud, well below the global average of 3.8%. Despite the year-over-year (YoY) decline in suspected digital fraud, fraudsters continue to adapt, turning to high-trust, scam-based tactics that can bypass traditional safeguards.

While overall suspected digital fraud rates remain comparatively low, the consumer impact remains meaningful^[2]. Among Zambian consumers surveyed by TransUnion who reported losing money to digital fraud in the past year (defined in the survey as email, online, phone call and text message scams), the median reported loss was ZMW 8,198. This is the lowest among the African countries studied.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which blends insights from a TransUnion consumer survey and its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Zambia remains a lower‑to‑mid fraud risk market within Africa, reflecting growing but uneven digital adoption across banking, mobile payments, ecommerce and public services,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “However, Zambia is entering a phase where fraud risk begins to rise alongside financial inclusion, rather than remaining opportunistic or isolated.”

“Global trends show that fraud does not wait for full digital maturity,” she added. “It emerges early as trust in mobile and financial systems grows faster than identity, authentication and oversight controls. Zambia still has time, but the signals show that risk is building.”

Third-Party Seller Scams Emerge as the Top Driver of Consumer-Reported Fraud Losses in Zambia

Zambian consumers are increasingly facing coordinated, identity-driven and cross-channel fraud with attacks moving deeper into everyday digital interactions.

Among Zambians who reported losing money to digital fraud over the past year, one third (33%) said third-party seller scams on legitimate ecommerce sites were responsible. This indicates that losses are not occurring in obviously unsafe environments, but within credible, familiar and trusted spaces.

“Even in a lower risk market like Zambia, fraudsters are prioritising mainstream platforms that appear familiar and legitimate,” Reddy said. “This mirrors global fraud patterns, even though absolute loss values remain lower.”

Chart 1: Most Prominent Cause of Consumer-Reported Fraud Loss in Zambia – 2025

Source: TransUnion consumer survey

Digital Fraud Risk is Highest at Account Creation in Zambia

Even when overall suspected fraud rates appear lower than 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities.

In 2025, Zambia recorded its highest suspected digital fraud rate across the consumer lifecycle at account creation (13.7%), the highest rate among the African countries studied, and well above the global average of 8.3%. This was followed by account login (0.7%) and during financial transactions (0.3%).

“Zambia’s fraud profile reflects an early stage of digital growth, where onboarding and identity creation are currently the most exposed points,” Reddy said. “Experience from other markets shows that failure to strengthen protection early on often sees rapid escalation of login-based fraud later. Strengthening identity verification and early-stage controls now can materially reduce downstream fraud risk later,” she added.

Zambians Accept Some Friction if They’re Protected from Fraud

Findings from the TransUnion survey also show that the top features Zambian consumers value when choosing whom to transact with online are confidence that their personal data is secure (95% rated this as very important), easy payment processes (89%), and ease of filling out forms and applications (82%).

“Consumers are clearly willing to accept friction when it is linked to protection,” Reddy said. “Security in Zambia is evolving beyond compliance and emerging as a key driver of trust and brand, not just compliance.”

Retail Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry. In Zambia, retail transactions recorded the highest suspected digital fraud rate in 2025 at 2.8%. As more services converge around mobile identity, real‑time connectivity and platform‑based interactions, fraud increasingly appears wherever users are most active and not only where money changes hands.

“Zambia has entered an advanced fraud phase where criminals exploit trust rather than technical weaknesses,” she added. “This reinforces the importance of protecting identity and access points early.”

Chart 2: Top Three Sectors Experiencing Suspected Digital Fraud Attempts from Zambia

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce risk by safeguarding personal information, remaining cautious with unsolicited calls and messages, and regularly reviewing their credit information for suspicious activity.

Zambia benefits from active government and regulatory engagement in financial oversight, consumer protection and digital governance. Global experience shows that markets which align financial inclusion with early regulatory frameworks are better positioned to prevent fraud from scaling as adoption increases.

“Zambia is not facing a fraud crisis, but it is clearly a market in transition,” Reddy said. “Fraud risk is evolving alongside digital inclusion, formalisation and growing consumer trust. These patterns closely resemble the early stages observed in other markets that later experienced rapid fraud growth.

“For organisations and institutions operating in Zambia, there is a clear opportunity to act early,” she added. “Strengthening onboarding, mobile identity and cross‑channel protections in collaboration with regulators can support inclusive, trusted, and sustainable digital growth, while helping to maintain fraud prevention as Zambia’s digital ecosystem continues to mature.”

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here. 

Specific country and regional data in the report includes Zambia, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, and the United States. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

^[2] TransUnion surveyed 365 consumers in Zambia from Nov. 21 to Dec. 8, 2025. 

TransUnion research found that 1.2% of transaction attempts^[1] involving consumers in Namibia in 2025 were suspected of digital fraud, well below the global average of 3.8%. Despite the year-over-year (YoY) decline in suspected digital fraud from Namibia and globally, fraudsters continue to adapt, turning to high-trust, scam-based tactics that can bypass traditional safeguards.

While overall suspected digital fraud rates remain comparatively low, the consumer impact remains meaningful. Among Namibian consumers surveyed^[2] by TransUnion who reported losing money to digital fraud in the past year (defined in the survey as email, online, phone call and text message scams), the median reported loss was NAD 7,726.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which blends insights from a TransUnion consumer survey and its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Global fraud trends show a clear pattern: as digital adoption accelerates, fraud evolves first through social engineering and trust exploitation before scaling into identity-driven account takeover and cross channel attacks,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “Namibia sits squarely at this early transition point. While it remains one of the lower-risk markets among the African countries analysed, global experience shows this stage is temporary.”

“In this context, the strategic advantage Namibia has is time,” she added. “The signals seen in global markets today provide a clear roadmap for how fraud is likely to evolve next.”

Third-Party Seller Scams Drive Consumer-Reported Fraud Losses in Namibia

Namibian consumers are increasingly facing coordinated, identity-driven and cross-channel fraud, with attacks moving deeper into everyday digital interactions.

Among Namibians who reported losing money to digital fraud over the past year, more than one third (35%) said third-party seller scams on legitimate ecommerce sites were responsible for the loss. This indicates that losses are not occurring in obviously unsafe environments, but rather within credible, familiar and trusted digital spaces.

“Even in a lower-risk market like Namibia, fraudsters are prioritising mainstream platforms that consumers trust,” Reddy said. “This mirrors global fraud patterns, even if overall loss values remain lower.”

Chart 1: Most Prominent Cause of Consumer-Reported Fraud Loss in Namibia – 2025

Source: TransUnion consumer survey

Digital Fraud Risk is Highest at Account Creation in Namibia

Even when overall suspected fraud rates appear lower than 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities. In 2025, the highest suspected digital fraud rate in Namibia in the consumer lifecycle occurred at account creation (2.8%), followed by account login (1.4%) and during financial transactions (0.2%).

“This profile aligns strongly with early-stage fraud markets globally,” Reddy said. “Markets that fail to strengthen fraud prevention at onboarding early tend to experience rapid escalation of login-based fraud later. Namibia therefore has a critical opportunity to reinforce identity verification and behavioural intelligence now, before fraud becomes systemic.”

Namibians Accept Some Friction if They’re Protected from Fraud

Findings from the TransUnion survey also show that the top features Namibian consumers value when choosing whom to transact with online are confidence that their personal data is secure (89% rated this as very important), easy payment processes (81%) and ease of login or authentication (76%).

“Consumers are willing to accept friction when it clearly enhances protection,” Reddy added. “Security in Namibia is increasingly becoming a driver of brand trust and differentiation, not just regulatory compliance.”

Gaming Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry, reflecting local user behaviours and where criminals see opportunity. For attempted transactions involving consumers in Namibia, gaming (online sports betting, poker, etc.) transactions recorded the highest suspected digital fraud attempt rate in 2025, at 4.5%.

As more services converge around mobile identity, real‑time connectivity and platform‑based interactions, fraud increasingly appears wherever users are most active; not only where money changes hands.

“High-engagement platforms such as gaming often act as early testing grounds for new fraud tactics,” Reddy said. “In Namibia’s digital economy, fraud doesn’t stay in silos. It moves wherever trust and engagement already exist.”

Chart 2: Top Three Sectors Experiencing Suspected Digital Fraud Attempts from Namibia

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce risk by safeguarding personal information, remaining cautious of unsolicited calls and messages, and regularly reviewing their credit information for suspicious activity.

Namibia’s fraud landscape today reflects an early stage, trust-based digital economy, consistent with what was seen in global markets before fraud risk scaled materially. While current fraud rates remain relatively low in Namibia, the underlying signals of trust-based scams, onboarding pressure and growing digital reliance closely mirror the precursors to higher fraud rates observed globally.

“Waiting for fraud to scale is the most expensive strategy,” Reddy said. “Organisations that invest early in strong identity assurance, right-sized onboarding friction and cross-channel protection will be best positioned to enable secure digital growth and avoid the fraud challenges seen globally.”

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Namibia, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

^[2] TransUnion surveyed 308 consumers in Namibia from Nov. 23 to Dec. 8, 2025. 

TransUnion research found that 2.3% of transaction attempts^[1] involving consumers in Kenya in 2025 were suspected of digital fraud, slightly below the global average of 3.8% but the second highest among the African countries analysed after South Africa. Despite the year-over-year (YoY) decline in suspected digital fraud from Kenya and globally, fraudsters continue to adapt, turning to high-trust, scam-based tactics that can bypass traditional safeguards.

While overall suspected digital fraud rates remain comparatively low, the consumer impact remains meaningful. Among Kenyan consumers surveyed^[2] by TransUnion who reported losing money to digital fraud in the past year (defined in the survey as email, online, phone call and text message scams), the median reported loss was KES 108,132. This is the highest among African countries assessed.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which blends insights from a TransUnion consumer survey and its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Kenya is emerging as one of Africa’s fastest-growing digital economies and global experience shows that the markets that scale fastest are also the first to encounter sophisticated, identity-driven fraud at scale,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “As mobile device usage, real-time payments and high frequency digital transactions continue to grow, fraudsters actively search for new opportunities.”

Third-Party Seller Scams Emerge as the Top Driver of Consumer-Reported Fraud Losses in Kenya

Kenyan consumers are increasingly facing coordinated, identity-driven and cross-channel fraud, similar to patterns seen in mature digital economies, with fraud moving deeper into everyday digital interactions.

Among Kenyans who reported losing money to digital fraud over the past year, nearly four in ten (39%) said third-party seller scams on legitimate ecommerce sites were responsible for the loss. This indicates that losses are not occurring in obviously risky environments, but within credible, familiar and trusted platforms where fraudsters successfully embed themselves.

As noted above, Kenyan consumers reported the highest median digital fraud loss among the African countries analysed, indicating that fraud in the region is no longer marginal. Rather, it is material and increasingly widespread. Unlike fringe scam activity, losses are now often linked to everyday digital interactions, where speed, familiarity and routine reduce opportunities to pause or verify.

“Fraud tends to do the most damage in places where people already rely heavily on digital services, not just where those services are new,” Reddy said. “In Kenya, mitigating against fraud risks is now part of everyday digital activity.”

Chart 1: Most Prominent Cause of Consumer-Reported Fraud Loss in Kenya – 2025

Source: TransUnion consumer survey

Digital Fraud Risk is Highest at Account Creation in Kenya

Even when overall suspected fraud rates appear lower than 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities. In 2025, the highest suspected digital fraud rate in the consumer lifecycle in Kenya occurred at account creation (4.5%), followed by account login (2.2%) and during financial transactions (0.9%).

“While onboarding controls remain important, fraud pressure in Kenya is increasingly visible at access points,” Reddy explained. “In mobile first markets, this shift happens faster and with greater financial impact. The next fraud battle won’t be fought at onboarding – it will be at re-entry.”

Kenyans Accept Some Friction If They’re Protected from Fraud

Findings from the TransUnion survey also show that Kenyan consumers ranked the most important features when choosing whom to transact with online as confidence that their personal data is secure (88% rated this as very important), an easy payment process (87%), and ease of login or authentication (79%).

“The fact that security is the top reported feature shows that consumers are willing to accept friction when completing digital transactions, provided it’s clearly linked to protection,” Reddy said. “As a result, security in Kenya is evolving beyond compliance and emerging as a key driver of brand trust and differentiation.”

Online Gaming-Related Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry, reflecting local user behaviours and where criminals see opportunity. For attempted transactions involving consumers in Kenya, online gaming-related transactions (online sports betting, poker, etc.) recorded the highest suspected digital fraud attempt rate in 2025, at 15.6%.

As more services converge around mobile identity, real‑time connectivity and platform‑based interactions, fraud increasingly appears wherever users are most active; not only where money changes hands.

“Online gaming platforms often act as early testing grounds for new fraud tactics,” said Reddy. “In Kenya’s connected digital economy, fraud doesn’t stay in silos. It moves wherever trust and engagement already exist.”

Chart 2: Suspected Digital Fraud Attempts from Kenya, by Sector

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce risk by safeguarding personal information, remaining cautious of unsolicited calls and messages and regularly reviewing their credit information for suspicious activity.

For organisations, the data reinforces that fraud strategies must extend beyond compliance to actively protect trust across the entire consumer lifecycle-particularly at onboarding and account creation, where criminals attempt to exploit established relationships through scams and impersonation.

Kenya has transitioned from reactive fraud controls to proactive intervention, particularly across mobile money, digital identity and cybercrime. The policy direction is clear: trust, accountability and system-wide collaboration are emerging as foundational pillars of the country’s digital economy defence.

“Kenya offers a preview of what lies ahead for mobile-first economies globally,” Reddy concluded. “Protecting identity and trust is no longer optional as unmanaged fraud increasingly places digital success at risk.”

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Kenya, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions.

^[2] TransUnion surveyed 495 consumers in Kenya from Nov. 20 to Dec. 5, 2025. 

TransUnion’s research found that 0.9% of transaction attempts^[1] involving consumers in Botswana in 2025 were suspected to be digital fraud. This is below the global average of 3.8% and represents the lowest rate among the African countries analysed. Despite the year-over-year (YoY) decline in suspected digital fraud from Botswana and globally, fraudsters continue to adapt by turning to high-trust, scam-based tactics that can bypass traditional safeguards.

These are among the findings in the TransUnion H1 2026 Update: Top Fraud Trends report, which draws insights from its global intelligence network to track how fraud patterns are shifting across markets and digital channels.

“Botswana has not experienced widespread fraud, but the nature of fraud risk is beginning to shift,” said Amritha Reddy, senior director of fraud product management at TransUnion Africa. “As digital services become more formal and widely trusted, fraudsters are increasingly targeting these environments. This is a natural stage of digital growth and highlights the need to strengthen protections as confidence in digital services expand.”

Digital Fraud Risk is Highest at Account Creation in Botswana

Even when overall suspected fraud rates appear lower compared to 2024, risk can remain elevated at specific points in the digital consumer lifecycle, particularly where criminals attempt to create or manipulate identities. In Botswana, the highest rate of suspected digital fraud in 2025 across the consumer lifecycle occurred at account creation (2.6%), followed by account login (0.8%) and during financial transactions (0.5%).

Botswana’s fraud profile reflects an early- to mid‑stage digital market where onboarding and account creation remain the primary points of exposure. This mirrors broader global and Africa‑wide trends in markets where digital identity systems are still evolving.

“Experience from other countries shows that this phase does not last indefinitely,” Reddy explained. “As consumers build longer term digital relationships with banks, retailers and service providers, fraud risk tends to move beyond onboarding toward login and account access, often through impersonation or credentials misuse.

“The key takeaway for Botswana is timing,” she added. “Strengthening onboarding and early-stage identity checks now can help prevent more complex fraud patterns emerging as digital adoption accelerates. Early safeguards can make a meaningful difference as the digital ecosystem matures.”

Retail Transactions Show the Highest Suspected Digital Fraud Risk Among Sectors Analysed

Across Africa, suspected digital fraud risk varies by industry, reflecting local user behaviour and where criminals see opportunity. For attempted transactions involving consumers in Botswana, retail recorded the highest suspected digital fraud attempt rate in 2025 at 1.9%.

“Globally and across Africa, fraud often emerges as informal activity gives way to structured, trusted digital services,” Reddy said. “As Botswana continues its transition toward regulated digital ecosystems, it is following well-established international patterns. Embedding security early helps manage risk as adoption grows.”

Chart 2: Top Three Sectors Experiencing Suspected Digital Fraud Attempts from Botswana

Source: TransUnion global intelligence network

What Consumers and Businesses Can Do

As fraud tactics evolve, consumers can help reduce their risk by safeguarding personal information, remaining cautious of unsolicited calls and messages and regularly reviewing their credit information for suspicious activity.

For organisations, the findings reinforce that fraud strategies must extend beyond compliance to actively protect trust across the entire consumer lifecycle, particularly at account creation and at points where criminals attempt to exploit established relationships through scams and impersonation.

“Botswana has the advantage of foresight – the global fraud playbook is already written,” Reddy said. The opportunity now is to act before the next phase arrives.”

TransUnion’s insights are based on a global survey of 12,730 consumers in 18 countries and regions, conducted between Nov. 20–Dec. 9, 2025, alongside intelligence from its suite of TransUnion fraud prevention solutions. To learn more about how TransUnion fraud prevention solutions can help businesses avoid fraud and prevent fraud losses, click here.

Specific country and regional data in the report includes Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Hong Kong, India, Kenya, Mexico, Namibia, Nicaragua, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom, the United States and Zambia. Download the TransUnion H1 2026 Update to the Top Fraud Trends Report for more information and insights about the global fraud trends.

^[1] Suspected digital fraud attempts reflects those which TransUnion clients determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon client investigation, or 4) a corporate policy violation upon client investigation. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represent every country worldwide and not just the select countries and regions. 

Mutabazi joins TransUnion with over 16 years of leadership experience spanning the fintech, banking, and telecommunications sectors. He most recently served as the Country Manager for Asante Financial Services Group in Rwanda, where he successfully launched local operations from the ground up and scaled digital lending services for Micro, Small, and Medium Enterprises (MSMEs). His extensive background includes serving as the Head of Digital Finance and Innovation at AB Bank Rwanda, where he led a digital transformation strategy that increased electronic transaction volumes from 0% to over 70%.

“We are delighted to welcome Didier to lead our Rwandan business at such a pivotal time for the region,” said Jeannine Naudé, Head of Africa Regions at TransUnion. “His proven track record in driving bank-wide digital transformation and his deep understanding of the regulatory landscape, having worked closely with the National Bank of Rwanda, makes him the ideal leader to accelerate our growth. This appointment highlights our commitment to bringing global solutions to the Rwandan market to support inclusive, data-driven outcomes for our clients and the more than 350 million Africans still outside the formal financial system”.

Mutabazi’s mandate includes driving the adoption of innovative solutions that extend beyond core credit into areas such as fraud, risk, and advanced analytics. His leadership will be instrumental in supporting sustainable growth and expanding access to credit across the country.

“I am honoured to join TransUnion and lead the Rwanda team as we work to empower businesses and consumers through the power of data,” said Mutabazi. “I look forward to leveraging my experience in scaling digital operations and building strategic partnerships to deliver trusted and innovative solutions. My focus will be on advancing financial inclusion and ensuring that TransUnion continues to play a leading role in Rwanda’s evolving financial ecosystem”.

Mutabazi holds a Master of Business Administration (MBA) from Heriot-Watt University and is a Certified Expert in Microfinance Banking from the Frankfurt School of Finance and Management. He is fluent in English, French, and Kinyarwanda.

In her role, Naudé will lead TransUnion’s Africa Regions portfolio across Botswana, Kenya, Rwanda, Namibia, Zambia, eSwatini, South Africa and Malawi, with responsibility for driving growth, performance and strategic execution across these markets.

Naudé has served as TransUnion Africa’s Chief General Counsel for the past nine years and most recently stepped into the role of Interim Head of Africa Regions, where she demonstrated strong strategic leadership and operational continuity across the portfolio. Her permanent appointment reflects TransUnion’s continued focus on driving sustainable growth, strengthening market competitiveness, and advancement of the company’s strategic priorities across the continent for the benefit of clients and consumers.

During her tenure as Chief General Counsel, Naudé transformed the Legal, Risk and Compliance function into a strategic and trusted business partner, supporting TransUnion Africa’s growth ambitions while strengthening regulatory, industry and stakeholder relationships across multiple markets. She has led several high-impact initiatives, including implementation of new regulatory frameworks and initiatives in multiple African countries, the consolidation of multiple legal entities, TransUnion’s minority investment in Omnisient, and the evaluation and execution of wider expansion opportunities across the continent.

Naudé has also played a key role in advancing TransUnion’s focus on financial inclusion, women inclusion and wider ESG initiatives, as well as wider use of alternative data, leading global engagements with organisations such as the International Finance Corporation (IFC) and the World Bank. Naudé currently serves as Co-Chair of the Africa Credit Information Sharing Association (ACISA) and plays an active role in the Africa Regional Consultative Group as well as several industry bodies, reinforcing TransUnion’s leadership within the broader financial ecosystem.

Over the past five months, Naudé has successfully steered the Africa Regions portfolio in an interim capacity, working closely with the regional leadership team to sustain momentum and performance. Her priorities include driving sustainable growth in core and emerging markets, strengthening regulatory and industry partnerships, enhancing operational execution, and building a future‑ready organisation through talent development and regional collaboration. A key focus of her role is advancing financial inclusion for the more than 500 million Africans outside the formal financial system by bringing TransUnion’s global solutions to market in ways that support inclusive, data‑driven outcomes for clients and consumers.

Lee Naik, CEO and Regional President for TransUnion Africa, commented: “Jeannine has been instrumental in shaping TransUnion Africa’s growth journey over the past nine years. Her deep understanding of our markets, strong commercial acumen and ability to balance strategy with execution make her well suited to lead our Africa Regions. We are confident that under her leadership, TransUnion Africa will continue to deliver meaningful impact for our clients, consumers and partners.”

Naudé added: “I am honoured to take on the role of Head of Africa Regions at such an important time for TransUnion. Having worked closely with our teams across the continent, I am excited to build on the strong foundation already in place, drive sustainable growth, and continue advancing solutions that support financial inclusion and economic opportunity across Africa.”