Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has called for stronger coordination, regulatory clarity, and sustained investment to unlock the next phase of digital finance across Africa, urging stakeholders to move beyond access to delivering measurable value at scale.
Speaking at the 2026 3i Africa Summit in Accra on Wednesday, May 6, 2026, Dr. Asiama described the moment as a defining transition point for the continent’s financial ecosystem, where digital finance must shift from expansion to impact.
“We are now at a point where progress must translate into scale, and access must translate into value,” he said, addressing an audience that included the Vice President of Ghana, central bank governors, policymakers, and industry leaders.
Dr. Asiama noted that Africa had made considerable strides in financial inclusion, pointing to World Bank data showing that about 49 percent of adults in Sub-Saharan Africa now have access to digital financial accounts.
However, he stressed that the continent must now focus on deepening usage and driving economic value.
“Africa is not starting from zero. We are starting from momentum,” he said, adding that early gains driven largely by mobile money and branchless banking must now evolve into more sophisticated financial solutions.
He outlined a shift away from basic payment systems toward higher-value services such as digital credit, merchant payments, embedded finance, supply chain finance, and cross-border transactions.
These, he said, must be tailored to the needs of key segments including MSMEs, women, youth, and the informal sector.
Despite progress, Dr. Asiama identified structural bottlenecks limiting growth, including fragmented systems, high costs, and inconsistent regulatory approaches across jurisdictions.
“The challenge is no longer building systems. It is connecting them,” he emphasised, calling for sharper prioritisation and improved continental coordination.
He highlighted the need for regulatory frameworks that strike a balance between safeguarding financial stability and enabling innovation.
“Regulation and growth are not opposing forces. They must reinforce each other,” he said.
The BoG Governor outlined several policy initiatives aimed at strengthening Ghana’s digital finance ecosystem, including advancing a regulatory framework for virtual assets, issuing guidelines for digital credit delivery, progressing open banking systems and supporting cross-border fintech activity.
According to him, these measures are part of a broader strategy to ensure the financial system evolves in a structured and predictable manner while maintaining trust.
Beyond policy formulation, Dr. Asiama underscored the importance of improving regulatory processes, including faster approvals, transparent systems, and trackable submissions.
“This is how confidence is built,” he noted.
He further identified weak digital identity and Know-Your-Customer (KYC) systems as a major risk to the growth of digital finance, warning that poor authentication mechanisms could undermine trust and increase fraud.
Looking ahead, the Governor called for investments in stronger digital identity frameworks, better data quality, and institutional collaboration.
Dr. Asiama also emphasised the importance of nurturing local fintech firms, stating that Africa’s digital finance ecosystem must be both expansive and mature.
“Firms with strong potential must have access to the partnerships, capital, and infrastructure required to scale sustainably,” he said.
He added that a competitive financial system must be anchored on discipline, transparency, and efficiency.
Closing his remarks, Dr. Asiama challenged stakeholders to ensure that the summit translates into tangible outcomes rather than dialogue.
“The value of this summit will not be measured by the conversations we have, but by the outcomes we drive,” he said.
He posed a critical question to participants: whether Africa would merely adopt global financial innovations or take a leadership role in shaping the future of finance.
“Africa has reached a point where participation is no longer the ambition. Leadership is,” he declared.
The 3i Africa Summit—focused on Innovation, Investment, and Impact—is a collaborative initiative between the Bank of Ghana, Ghana Interbank Payment and Settlement Systems (GhIPSS), and the Global Finance & Technology Network (GFTN) of the Monetary Authority of Singapore.
The summit is expected to drive policy alignment, foster partnerships, and accelerate the development of inclusive, scalable financial systems across the continent.
By: Christian Akorlie / businesspostonline
