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The Deputy Governor of the Bank of Ghana (BoG), Mrs Matilda Asante Asiedu, has called for deeper collaboration among regulators, industry players, academia and civil society to shape a responsible and innovative digital financial landscape for Ghana and the African continent.
Speaking at the 2025 FinTech Stakeholder Forum in Accra, Mrs Asante commended Mobile Money Limited for convening a vital platform for dialogue, highlighting that “digital finance is no longer an experiment—it is the new infrastructure for opportunity.”
She noted that Africa’s FinTech revolution has transformed how people save, trade and invest, with mobile money usage on the continent surging from 12% just three years ago to over 50% today, transacting more than $850 billion annually. While this growth signals massive opportunities, she warned that it also exposes financial systems to emerging threats such as cyberattacks, predatory lending, and unlicensed virtual asset operations.
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“We are not merely discussing innovation here; we’re defining the new rules of trust,” she stressed. “Our mandate is twofold: to protect the integrity of the financial system and to promote innovation that advances inclusion, efficiency and stability.”
Mrs Asante outlined regulatory measures already underway to address these risks. She pointed to the Central Bank’s digital credit directive, which came into effect last month, setting clear disclosure and ethical lending standards, as well as the upcoming Virtual Asset Service Providers Bill, developed with the Securities and Exchange Commission and the Financial Intelligence Centre, to create a transparent and risk-aware digital asset market.
From November 3, the BoG will begin receiving applications for digital credit licensing, a move expected to bring structure and accountability to the fast-growing lending space. In the medium term, the Bank plans to deploy SupTech and RegTech tools, leveraging data analytics and AI to monitor financial risks in real time and bolster digital resilience through partnerships with cybersecurity authorities.
The Deputy Governor shared a personal anecdote about her 78-year-old mother’s newfound embrace of mobile money, using it daily and even sending voice messages on WhatsApp. This, she said, illustrates how digital transformation is not only technological but cultural — touching every demographic.
However, she cautioned that integrity must match innovation. Recent joint operations between BoG, Iyoko and the Cyber Security Authority uncovered over 400 illegal lending operators, underscoring the need for vigilance.
“Industry players have a critical role to play in keeping financial crime and cyber risk at bay. As we dream, let ambition also be guided by ethics,” she emphasised.
Mrs Asante encouraged private sector innovators to be bold yet principled, users to stay informed and engage only licensed platforms, and researchers to provide evidence-based insights to shape smart, adaptive regulation.
She concluded with a rallying call:
“Digital finance is not an end in itself. It is a bridge — between opportunity and access, innovation and inclusion, today and a more resilient tomorrow. At the Bank of Ghana, we remain committed to building a financial system that is modern yet moral, dynamic yet disciplined.”
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