A new species of horseshoe bat, Rhinolophus sakejiensis, is described from south-central Africa, near the source of the Zambezi River in north-west Zambia. A distinct combination of noseleaf, cranial and baculum characters are diagnostic of the species. It is a member of the ferrumequinum group, and its evolutionary affinities lie closest to R. clivosus Cretzschmar, 1828 and particularly the West African R. hillorum Koopman, 1989. This discovery of a new species of Rhinolophus in the clivosus complex required reappraisal of these and other related taxa. Known only from high forest in West Africa, hillorum is the closest relative of sakejiensis collected in mesic savanna in south-central Africa. Comparisons of this new species with other large Afrotropical Rhinolophus shows that hillorum is specifically distinct from clivosus, and endorses the specific status of deckeni and silvestris. The contemporary taxonomy of Afrotropical Rhinolophus was incapable of accommodating this new taxon, and the latter part of this paper argues for a more objective characterization of rhinolophids as evolutionary species.