Africa Must Move Beyond Access to Scale and Value in Digital Finance — BoG Governor
The Governor of the Bank of Ghana, Johnson Asiama, has called for a decisive shift in Africa’s digital finance agenda from expanding access to delivering real value at scale, warning that the continent’s next phase of growth will depend on stronger coordination, regulation, and innovation.
Speaking at the 2026 3i Africa Summit at Makers House, Dr Asiama said Africa stands at a critical inflection point where progress in digital finance must translate into measurable economic impact.
“Access has expanded. The task now is to make it count,” he stated, noting that while nearly half of adults in Sub-Saharan Africa now have access to digital financial accounts, the real challenge lies in deepening usage and creating sustainable value.
The summit, hosted by the Bank of Ghana in partnership with the Ghana Interbank Payment and Settlement Systems and the Global Finance & Technology Network, brought together policymakers, regulators, and industry leaders to shape the continent’s digital finance future.
Dr Asiama stressed that Africa’s digital finance evolution must go beyond basic payment systems, which are now largely in place across many markets.
“The next phase will not be defined by payments alone,” he said, pointing instead to emerging opportunities in digital credit, merchant payments, embedded finance, supply chain finance, and cross-border financial services.
He emphasised that these solutions must be designed to meet the needs of women, small businesses, young people, and the informal sector groups that remain central to Africa’s economic fabric.
Despite the progress made, the governor identified fragmentation, high costs, and uneven regulatory alignment as the key constraints limiting growth.
“The challenge is no longer building systems. It is connecting them,” he noted, calling for clearer priorities and stronger coordination across markets.
He stressed that regulation must strike a balance—remaining firm enough to protect consumers and ensure stability while also enabling innovation and market development.
“Regulation and growth are not opposing forces. They must reinforce each other,” he said.
Dr Asiama outlined steps taken by the Bank of Ghana to build a robust digital finance ecosystem, including advancing regulations for virtual assets, issuing guidelines for digital credit, progressing open banking frameworks, and supporting cross-border fintech activity.
He described these initiatives as part of a broader, coordinated effort to create a structured and predictable financial system capable of supporting innovation at scale.
Beyond policy, he highlighted the need to strengthen regulatory processes themselves, stressing that transparency, efficiency, and timely decision-making are essential to building market confidence.
The governor underscored the importance of strong digital identity and Know-Your-Customer (KYC) systems, warning that weak authentication frameworks increase fraud risks and undermine trust in digital financial services.
“The next phase will require stronger coordination across institutions, improved data quality, and more robust identity systems,” he said.
Dr Asiama also called for deliberate support for indigenous fintech firms, noting that Africa’s digital finance ecosystem must not only grow but mature.
Firms with strong potential, he said, must be given access to capital, infrastructure, and partnerships to scale sustainably and compete globally.
“A strong financial system is not defined by activity alone, but by discipline, transparency, and competitiveness,” he added.
He concluded by challenging stakeholders to move beyond dialogue and focus on tangible outcomes, including stronger regulatory alignment, improved coordination, and faster implementation of scalable financial systems.
“The question before us is straightforward: will Africa simply adopt the next phase of finance, or will Africa help to shape it?” he asked.
According to him, Africa has moved beyond the stage where participation is enough and must now aim for leadership in the global digital finance landscape.
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