Africa must move from access to impact in digital finance, says BoG Governor
Africa’s digital finance gains are entering a decisive new phase in which expanding access is no longer enough, and the priority must shift toward integration, scale, and economic value creation, the Governor of the Bank of Ghana has said.
Speaking at the 3i Africa Summit held at the Destiny Arena in Accra, Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, said the continent had built strong momentum in digital financial inclusion but must now deepen its systems to deliver broader economic impact.
He noted that nearly half of adults in sub-Saharan Africa now have access to digital financial accounts, driven largely by mobile money and branchless banking models that have expanded financial access to underserved populations.
“Access has expanded. The task now is to make it count,” he said.
From inclusion to integration
Dr Asiama said Africa’s digital finance ecosystem was moving beyond basic payments infrastructure into a more advanced phase defined by digital credit, merchant payments, embedded finance, supply chain finance, and cross-border financial services.
“The next phase of digital finance will not be defined by payments alone,” he said. “The opportunity now lies in building the next layer of value.”
He stressed that the challenge was no longer about building systems, but connecting them across fragmented markets to reduce cost, improve efficiency, and enable scale.
Regulation and innovation must align
According to him, regulatory fragmentation and uneven policy alignment across jurisdictions remain key barriers to growth in Africa’s financial systems.
However, he argued that regulation must not be seen as a constraint on innovation.
“Regulation and growth are not opposing forces,” he said. “They must reinforce each other.”
He added that strong regulatory frameworks were essential to safeguarding financial stability, trust, and market integrity, while still enabling innovation to thrive in a structured environment.
Ghana’s digital finance strategy
Dr Asiama outlined ongoing reforms by the Bank of Ghana aimed at strengthening the country’s digital financial ecosystem. These include the development of regulatory frameworks for virtual assets, issuance of digital credit guidelines, progress on open banking, and support for cross-border fintech operations.
He emphasized that policy reforms must be matched with efficient execution systems.
“Processes must be clear. Submissions must be trackable. Decisions must be timely. This is how confidence is built,” he said.
He also highlighted the importance of robust digital identity and KYC systems, warning that weak authentication mechanisms could undermine trust and increase fraud risks in digital financial services.
Building scalable African firms
Beyond regulation, Dr Asiama called for the development of strong indigenous fintech companies capable of scaling across Africa and competing globally.
“A strong financial system is not defined by activity alone,” he said. “It is defined by discipline, transparency, and competitiveness.”
He stressed that Africa’s digital finance ecosystem must mature from rapid expansion into structured, sustainable growth supported by capital, partnerships, and infrastructure.
