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This paper aims to assess if the mobile phone has any additive or transformational potential in Zambia. It uses information from the nationally representative FinScopeTM survey conducted in Zambia in 20058 to analyse whether adults (16 years and older) in the country use mobile phonebased financial services; how they view the technology; how they conduct transactions; their access to and use of mobile phones; and if the present banking products meet the needs of the potential consumer market or whether there is an opportunity for m-banking solutions to be provided by other service providers besides banks. The aim is to understand the dynamics of the m-banking, transaction banking and mobile phone market and through this identify possible barriers to, and opportunities for, m-banking in Zambia.