BoG Governor calls for shift from payments to advanced digital finance solutions in Africa
Governor of the Bank of Ghana, Dr Johnson Asiama, has called on African economies to move beyond basic digital payment systems and focus on developing more advanced financial products to drive inclusive growth across the continent.
Speaking at the 2026 edition of the 3i Africa Summit, Dr Asiama said Africa’s digital finance sector is entering a new phase where the priority should be the creation of scalable and innovation-driven financial ecosystems rather than just expanding access to payments.
According to him, the next stage of growth in digital finance will be defined by solutions such as digital credit, embedded finance, supply chain financing and cross-border financial services.
“The next phase of digital finance will not be defined by payments alone. Across our markets, the basic payment infrastructure is increasingly in place. The opportunity now lies in building the next layer of value,” he stated.
He explained that these emerging financial products must be designed to meet the needs of women, micro, small and medium enterprises (MSMEs), young people, and businesses in the informal sector.
Dr Asiama noted that despite significant progress in digital payments and financial inclusion, Africa still faces challenges including fragmented systems, high costs and weak regulatory alignment across markets.
“The issue is no longer access alone. It is fragmentation, it is cost, and it is uneven regulatory alignment. The challenge is no longer building systems. It is connecting them,” he said.
The BoG Governor said the central bank is working to build a regulatory environment that supports innovation while maintaining financial stability and public trust.
He highlighted ongoing reforms at the Bank of Ghana, including frameworks for virtual assets, guidelines for digital credit, the development of open banking systems, and support for cross-border fintech operations.
“These are not isolated initiatives. They are part of a coherent effort to ensure that the financial system evolves in a way that is structured, predictable and capable of supporting innovation at scale,” he added.
Dr Asiama stressed that regulation and innovation must work together, rather than be seen as opposing forces.
“Regulation and growth are not opposing forces. They must reinforce each other,” he said.
He also warned that weak digital identity systems and poor Know Your Customer (KYC) frameworks could increase fraud risks, weaken credit quality and undermine trust in digital financial services.
He called for stronger institutional coordination and improved data systems to strengthen the digital finance ecosystem.
Dr Asiama further urged greater support for African fintech companies, saying local firms need access to capital, partnerships and infrastructure to scale and compete globally.
“Africa’s digital finance ecosystem must not only grow, it must mature. Africa has reached a point where participation is no longer the ambition. Leadership, on the other hand, is,” he stated.
The summit brought together regulators, fintech companies, financial institutions and policymakers to discuss the future of digital finance and financial inclusion across Africa.
Comments (0)