BoG Governor Calls for Policy Coherence and Regional Cooperation to Enhance Cross-Border Digital Payments
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has called for greater policy coherence and regulatory agility to enhance the development of cross-border digital payments across Africa.
Speaking at the IMF Sub-Saharan Africa Central Bank Network Seminar on Central Bank Digital Currency (CBDC) and Digital Payments, held under the theme “Remittances, Compliance and Interoperability,” Dr Asiama underscored the urgent need for regulators, governments, and innovators to collaborate in building a more efficient and inclusive digital payments ecosystem on the continent.
According to him, innovative regulatory tools such as multi-regulator sandboxes and Supervisory Technologies (SupTech) offer significant promise in achieving this objective.
“Policy coherence and regulatory agility must go hand-in-hand,” said Dr Asiama. “Tools such as multi-regulator sandboxes bring regulators, innovators, and governments into a shared testing environment. Similarly, SupTech can enhance real-time compliance monitoring, cross-border data flows, and information sharing.”
He noted that payments are one of the most dynamic and consequential frontiers of the global financial ecosystem, especially within Africa, where digital innovation is being accelerated by infrastructure improvements, shifting consumer expectations, and the growing involvement of FinTechs and non-bank actors.
Despite the progress, Dr Asiama lamented the persistent frictions that continue to hamper cross-border payments on the continent.
“These challenges arise from a patchwork of regulatory frameworks, legacy systems, differing time zones, and a lack of alignment on data standards, consumer protections, and compliance protocols,” he explained.
He observed that the stakes for Africa are high, pointing out the high cost and inefficiencies of remittance flows and the difficulties small businesses face in settling cross-border trade. Regulators, he added, are also under pressure to balance openness with effective oversight.
In addressing these challenges, Dr Asiama highlighted the Bank of Ghana’s commitment to regional cooperation and responsible innovation, citing Ghana’s active role in the Pan-African Payment and Settlement System (PAPSS) as a key step forward.
“Ghana’s participation in PAPSS, with 15 central banks, 12 switches, and over 50 commercial banks on board, is a demonstration of our commitment to building scalable infrastructure for intra-African payments,” the Governor said.
He described PAPSS as instrumental in reducing dependence on non-African clearing pathways, adding that the initiative was a key driver toward strengthening Africa’s financial sovereignty.
“We are here to co-create a regional vision where digital finance serves people, supports markets, and safeguards trust,” Dr Asiama concluded.
The IMF Sub-Saharan Africa Central Bank Network Seminar brought together key stakeholders to explore solutions to pressing issues such as remittances, compliance, and interoperability in the context of the continent’s digital financial transformation.
