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The Deputy Governor of the Bank of Ghana (BoG), Matilda Asante Aseidu, has urged Ghanaians to make financial literacy their strongest line of defence in the rapidly expanding digital financial ecosystem.
She stressed that as innovation reshapes how people save, borrow and invest, informed users remain the best safeguard against fraud, predatory lending and cyber risks.
Speaking at the 2025 FinTech Stakeholder Forum in Accra, Madam Asante Aseidu commended Mobile Money Limited, IMANI and ISSER for creating a platform that fosters collaboration and thought leadership in Ghana’s fintech industry.
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She described the theme, “Harnessing FinTech Potential: Regulatory Frameworks for Digital Credit and Digital Assets”, as timely, noting that digital finance has moved from the periphery to the centre of Africa’s economic policy.
“Digital finance is no longer an experiment; it is the new infrastructure for opportunity,” she said, pointing out that mobile money usage on the continent has surged from 12% just three years ago to over 50% today, with transactions exceeding $850 billion annually.
However, alongside these opportunities come new risks, including cyberattacks, unethical lending practices and unregulated virtual asset schemes. “We are not merely discussing innovation here; we are defining the new rules of trust,” she explained, highlighting BoG’s dual mandate to protect the financial system’s integrity while promoting innovation that drives inclusion and stability.
The Deputy Governor revealed that the global fintech market is projected to hit $400 billion by 2028, with digital lending alone surpassing $1.3 trillion. Locally, mobile money transactions continue to expand, and digital credit users now exceed two million, with growing crypto adoption led by young Ghanaians.
To match this evolution, the Bank of Ghana has rolled out a new directive on digital credit, enforcing strict disclosure and ethical lending practices, and is finalising the Virtual Assets Bill in collaboration with the Securities and Exchange Commission and the Financial Intelligence Centre to ensure a transparent and risk-aware market.
Madam Asante Aseidu also announced that starting November 3, BoG will begin receiving applications for digital credit services. In the medium term, the central bank plans to deploy advanced regulatory technology (RegTech and SupTech), AI, and enhanced cybersecurity collaborations to monitor risks in real time.
She disclosed that recent joint operations with cybersecurity authorities uncovered over 400 illegal lending operators, describing it as a wake-up call. “Integrity and innovation must advance together,” she warned, urging users to engage only licensed platforms.
She expressed concern that many borrowers still lack a basic understanding of compounded interest and data rights, which can lead to debt distress. “Financial literacy is your shield — your only shield in this digital economy,” she emphasised, encouraging citizens to stay informed and vigilant.
Madam Asante Aseidu concluded by reaffirming the Bank of Ghana’s commitment to building a modern yet moral financial system, positioning Ghana as a regional hub for responsible digital finance. “Digital finance is not an end in itself. It is a bridge between opportunity and access, between innovation and inclusion, and between today and a more resilient tomorrow,” she added.
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