In an address at the Ghana Association of Banks (GAB) Industry Thought Leadership Forum on Tuesday, the Governor of the Bank of Ghana (BoG), Dr. Johnson P. Asiama, laid out a comprehensive strategy to accelerate digital financial inclusion and transform Ghana’s financial services ecosystem.

Under the theme “Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance,” Dr. Asiama emphasized the urgency of repositioning traditional banking institutions to play a leading role in a rapidly evolving digital finance landscape increasingly dominated by mobile money platforms and fintech companies.
Drawing from the BoG’s March 2025 data, the Governor revealed that over 97% of Ghana’s digital transaction volumes and 72% of the transaction value are now processed via mobile money.

By contrast, bank-led digital channels account for less than 1% of the total volume—a structural gap that he described as both a wake-up call and an opportunity.

“The transformation of Ghana’s financial ecosystem is real and irreversible,” Dr. Asiama stated. “Fintechs and telcos are now shaping the future of financial access. If banks do not innovate and lead, they will become increasingly irrelevant.”

The Governor challenged banks to reclaim digital leadership, stressing that the path forward lies in designing inclusive financial products that extend beyond access to deliver real value to marginalized groups, particularly low-income earners, rural communities, and women.

Shifting From Infrastructure to Inclusion

While praising the role of platforms such as GhIPSS in building a resilient payments system and enabling interoperability, Dr. Asiama noted that many users—especially from the informal sector—remain excluded from core services like savings, credit, insurance, and pensions.

“Account ownership is high, but meaningful usage is still low,” he said. “Our focus must now shift from just expanding infrastructure to embedding value and purpose into every digital interaction.”

To this end, the Governor announced a three-pronged industry-led approach to foster innovation, expand reach, and deliver genuine financial empowerment.

Three Strategic Pillars for Digital Finance Transformation

1. Open Banking and Shared Infrastructure:
Dr. Asiama revealed plans for a Technical Working Group on Open Banking Readiness, aimed at creating standardized APIs across banks and fintechs. This will support secure data sharing, competitive product layering, and customer-centric innovation.

“Open banking isn’t about surrendering to fintechs—it’s about regaining trust and relevance,” he affirmed.

2. Interoperable Digital Identity Framework:
The BoG is working with government and private sector partners to establish a shared digital identity system that will enable seamless onboarding, fraud prevention, and improved access to credit. This system will integrate biometric authentication into financial services to facilitate inclusion, particularly for rural and underbanked populations.

3. Collaborative Models for Last-Mile Inclusion:
The Governor proposed blended delivery models that combine the strengths of banks, telcos, and fintechs. Examples include agent banking linked to mobile platforms, co-designed micro-loans, and pension or insurance schemes tailored for informal workers.

A restructured Regulatory Sandbox will soon enable quicker testing and implementation of such solutions under regulatory oversight.

Macroeconomic Stability as a Foundation

Addressing concerns about the Ghana cedi’s stability, Dr. Asiama underscored that the currency’s recent resilience was driven by a disciplined, market-oriented foreign exchange policy—not artificial interventions.

He credited ongoing macro-fiscal adjustments under the IMF programme, reduced reliance on reserves, tighter FX surveillance, and credible disinflation efforts for restoring investor confidence.

“The BoG remains committed to a flexible exchange rate regime anchored in fundamentals, responsive to shocks, and focused on long-term stability,” he assured.

New Regulatory and Policy Measures

Dr. Asiama announced three forthcoming initiatives by the BoG to align with the digital finance evolution:

1. National Digital Finance Interoperability Forum – A quarterly engagement platform for banks, fintechs, telcos, and regulators to foster coordinated policy implementation.

2. Digital Identity Integration Mandate – New guidelines will require all financial service providers to adopt digital identity standards as part of KYC and fraud prevention systems.

3. AI and Risk Governance Working Group – In partnership with fintech stakeholders, the BoG will develop policy recommendations for using AI in credit scoring, fraud detection, and risk management.

Geopolitical Risk Watch: Iran-Israel Conflict

In a cautionary note, the Governor addressed potential spillovers from ongoing Middle East tensions, particularly the Iran-Israel conflict. While global supply chain and energy market risks are being monitored, Dr. Asiama assured that Ghana’s economic buffers—stronger reserves, ongoing disinflation, and fiscal consolidation—offer significant resilience.

“The Bank of Ghana remains ready to act pre-emptively to mitigate any external shocks,” he said.

A Call to Action

Dr. Asiama concluded with a powerful appeal to the banking industry: “Let this forum not just be about speeches but about a shared commitment. Let us rebuild trust through transparency, embed value in every transaction, and together make Ghana a global benchmark for inclusive.