Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has urged African countries to shift the focus of digital finance from expanding access to building systems that deliver real economic value across the continent.
Speaking at the second edition of the 3i Africa Summit at the Destiny Arena in Accra on the theme “The Next Frontier: Shaping Africa’s Integrated Fintech Future”, he said Africa’s digital finance ecosystem is entering a new phase where inclusion alone is no longer sufficient.
He noted that significant progress has been made, with nearly half of adults in Sub-Saharan Africa now having access to digital financial services.
Africa is not starting from zero. We are starting from momentum,” he said.
However, he stressed that the challenge ahead is to convert that momentum into scale and impact through more advanced financial services that support trade, business growth, and cross-border economic activity.
These include digital credit, merchant payments, embedded finance, supply chain financing, and cross-border payment systems.
Dr. Asiama said Africa’s digital finance transformation is increasingly being held back not by lack of access, but by structural challenges.
The issue is no longer access alone. It is fragmentation. It is cost. It is uneven regulatory alignment,” he noted.
He explained that fragmented systems across countries increase transaction costs and slow down innovation, adding that stronger coordination is needed to connect rather than duplicate financial infrastructure.
The Governor emphasised that regulation must play a dual role—protecting financial systems while also enabling innovation.
Regulation and growth are not opposing forces. They must reinforce each other,” he said.
He outlined key reforms being pursued by the Bank of Ghana, including regulations for virtual assets, digital credit guidelines, open banking initiatives, and support for cross-border fintech expansion.
Dr. Asiama also highlighted the importance of strengthening digital identity systems and KYC frameworks, warning that weak identification structures undermine trust, increase fraud risk, and limit access to credit.
He called for greater investment in data systems, improved regulatory coordination, and stronger infrastructure to support seamless digital financial integration across Africa.
The Governor further urged support for indigenous African fintech companies, noting that sustainable growth will depend on access to capital, partnerships, and scalable digital infrastructure.
According to him, Africa’s financial systems must evolve beyond activity-driven growth to systems defined by transparency, discipline, and competitiveness.
Africa has reached a point where participation is no longer the ambition—leadership is,” he concluded.
The 3i Africa Summit, jointly organised by the Bank of Ghana and the Ghana Interbank Payment and Settlement Systems, brings together policymakers, regulators, and industry leaders to advance Africa’s digital finance transformation agenda.
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