Governor Asiama Urges Banks to Innovate Amid Fintech-Led Shift in Digital Finance as 97% of Digital Transaction Done via MoMo Platforms
Governor of the Bank of Ghana, Dr. Johnson Asiama, has called on banks and financial service providers to take a more proactive, strategic role in expanding access to inclusive financial products, especially for underserved communities across the country.
Speaking at the Ghana Association of Banks’ Industry Thought Leadership Event held on Tuesday, June 17, 2025, under the theme “Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance”, Dr. Asiama noted that the country’s digital finance landscape is undergoing a “rapid and profound transformation.”
He revealed that over 97% of digital transaction volumes and 72% of transaction value are now processed through mobile money platforms, while bank-led digital channels account for less than 1% of transaction volumes.
“This divergence is not merely statistical; it is structural,” Dr. Asiama asserted. “It signals a shift toward an ecosystem where fintechs and telcos are increasingly defining financial access and consumer behaviour, while banks must reimagine their role within a digitally fragmented environment.”
According to him, over 4 million Ghanaians have accessed unsecured mobile loans, a service area where traditional financial institutions have largely been absent, highlighting the growing disconnect between conventional banking systems and evolving consumer financial needs.
Dr. Asiama stressed that the push to “bank the last mile” is no longer just a moral or developmental obligation, but “a strategic necessity” to ensure the long-term relevance of the banking industry in an increasingly digitised economy.
He also acknowledged the country’s progress in building robust digital financial infrastructure. With more than 24.2 million active mobile money accounts, sustained fintech growth, and regulatory frameworks anchored by the Bank of Ghana, he noted that platforms like the Ghana Interbank Payment and Settlement Systems (GhIPSS) have helped improve interoperability, resilience, and system security.
However, the Governor cautioned that the next phase of transformation must shift from access to value, and from connectivity to meaningful capability. He pointed to BoG surveys which indicate that while digital account ownership is widespread, active usage for savings, credit, pensions, and insurance remains low, particularly among women, rural communities, and low-income groups.
“The real challenge is not only about expanding infrastructure,” he stated, “but designing relevant, inclusive financial products that meet the real needs of ordinary Ghanaians.”
He therefore charged stakeholders in the banking sector to lead the charge in developing innovative, inclusive solutions that align with the evolving digital habits of consumers.
“This is where industry-led strategies become indispensable—to deepen engagement, unlock new value, and drive meaningful financial inclusion across every segment of society,” Dr. Asiama concluded.
