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Africa’s Digital Banking Future Hinges on Empowered Consumers – Dr Opoku-Afari

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Africa’s Digital Banking Future Hinges on Empowered Consumers – Dr Opoku-Afari

Rapid mobile penetration has created a new kind of banking customer in Africa—one that is informed, connected and demands services that are transparent, fast and tailored, former First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, has observed.

Writing in the Digital Banker Africa Magazine, Dr Opoku-Afari noted that with millions using mobile phones as their primary banking tool, digital wallets and USSD transactions have become ubiquitous, extending access even to remote communities. Fintech firms, he added, have capitalised on this trend by offering cheaper and quicker alternatives to traditional banking. He cited Nigeria’s OPAY as a model platform combining payments, transfers, savings, loans and POS services.

According to him, regulatory frameworks across the continent are also evolving to support this consumer empowerment. Reforms in agent banking, open banking and data-protection regimes, he explained, are helping ensure that innovation advances alongside safeguards.

“The success of digital banking in Africa hinges on how well the empowered consumer is understood and served,” he wrote, urging banks and fintechs to design services for customers who actively compare options and expect seamless experiences across channels.

To put consumers “in control” and unlock scale, Dr Opoku-Afari stressed the need for greater cooperation and interoperability across African markets. Consumers, he argued, should enjoy full control over their financial choices, supported by clear disclosures, proper consent mechanisms and seamless access across platforms and regions.

He called for a concerted effort to harmonise digital banking regulations across the continent, paving the way for a more integrated financial market where customers can transact easily regardless of borders or providers.

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“The prize,” Dr Opoku-Afari wrote, “is a digital ecosystem that drives financial inclusion and economic growth by reducing duplicative costs, boosting competition and making cross-border payments routine.”

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