Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has called for a major transformation in Africa’s digital finance ecosystem, arguing that the continent must move beyond basic payment systems into more advanced and scalable financial solutions capable of driving long-term economic growth.
Speaking at the 3i Africa Summit 2026, Dr. Asiama said Africa has reached a new stage in its financial technology evolution where the challenge is no longer simply expanding access to digital payments, but building integrated and innovation-driven financial systems that can support businesses, trade, and economic inclusion at scale.
“The next phase of digital finance will not be defined by payments alone,” the Governor stated.
“Across our markets, the basic payment infrastructure is increasingly in place. The opportunity now lies in building the next layer of value.”
Beyond payments: The next frontier
According to Dr. Asiama, Africa’s digital finance future must include more sophisticated services such as digital credit, embedded finance, supply chain financing, maintenance payments, and cross-border financial solutions.
He explained that these products must be tailored to the realities of women-led enterprises, micro, small and medium-sized businesses (MSMEs), young entrepreneurs, and the large informal sector that dominates many African economies.
While acknowledging the significant progress made in financial inclusion and mobile money adoption across the continent, the Governor stressed that structural bottlenecks remain.
“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.
Expanding fintech reform agenda
Dr. Asiama outlined a series of reforms being pursued by the Bank of Ghana to support this transition while maintaining financial stability and consumer trust.
He revealed that the central bank is advancing a broad regulatory framework covering virtual assets, digital credit services, open banking systems, and cross-border fintech activity.
“These are not isolated initiatives,” he explained. “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.”
The comments build on the Bank’s recent push to formalise and regulate emerging digital finance activities, including the implementation of the Virtual Asset Service Providers Act and new cybersecurity directives for financial institutions.
Regulation and innovation must work together
The Governor rejected the notion that regulation slows innovation, insisting instead that effective oversight is necessary for sustainable growth.
“Regulation and growth are not opposing forces. They must reinforce each other,” he said.
He warned that weak digital identity systems and ineffective Know Your Customer (KYC) frameworks could undermine trust in digital finance and expose institutions to fraud risks.
“Weak authentication increases fraud risk. It affects credit quality, and it undermines trust in digital financial services,” he cautioned.
Dr. Asiama therefore called for stronger institutional coordination, improved data quality, and more robust digital infrastructure across Africa’s financial ecosystem.
Supporting indigenous African fintechs
A major theme of the Governor’s address was the need to strengthen local fintech companies rather than relying excessively on foreign platforms and infrastructure.
He argued that African fintech firms require better access to capital, infrastructure, and strategic partnerships to scale sustainably and compete globally.
“Africa’s digital finance ecosystem must not only grow, it must mature,” he stated. “Africa has reached a point where participation is no longer the ambition. Leadership, on the other hand, is.”
A continental digital finance agenda
The summit itself reflects Ghana’s growing role as a continental hub for digital finance policy and innovation.
Hosted by the Bank of Ghana in partnership with the Ghana Interbank Payment and Settlement Systems and the Monetary Authority of Singapore through its Global Finance and Technology Network, the forum brought together regulators, fintech firms, financial institutions, and policymakers from across Africa and beyond.
The discussions centred on the future of financial inclusion, cross-border payments, digital infrastructure, and the regulatory frameworks needed to support Africa’s emerging digital economy.
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