Governor of the Bank of Ghana, Johnson Asiama, is calling for a decisive shift in Africa’s digital finance landscape, urging stakeholders to move beyond basic payment systems toward more advanced, value-driven financial solutions.
Speaking at the 3i Africa Summit 2026, Dr. Asiama said the continent has reached a critical stage where the focus must transition from access to building scalable, innovation-led financial ecosystems.
“The next phase of digital finance will not be defined by payments alone,” he stated. “The opportunity now lies in building the next layer of value.”
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According to the Governor, the next layer includes digital credit, embedded finance, supply chain finance, and cross-border financial services and products, which must be tailored to the needs of women, MSMEs, youth, and businesses operating in the informal sector.
He noted that while Africa has made strong gains in financial inclusion through digital payments, key structural challenges persist.
“The issue is no longer access alone. It is fragmentation, cost, and uneven regulatory alignment,” he stressed. “The challenge is no longer building systems—it is connecting them.”
Dr. Asiama revealed that the central bank is actively strengthening regulatory and market frameworks to support innovation while safeguarding stability and trust.
Among ongoing reforms, he highlighted efforts to:
- Advance regulations for virtual assets
- Introduce guidelines for digital credit
- Progress open banking systems
- Support cross-border fintech operations
“These are part of a coherent strategy to ensure the financial system evolves in a structured and predictable way,” he explained.
The Governor dismissed the notion that regulation stifles growth, arguing instead that both must work hand in hand.
“Regulation and growth are not opposing forces. They must reinforce each other,” he said.
However, he warned that weak digital identity systems and poor Know Your Customer (KYC) frameworks could expose the sector to fraud risks and erode public trust.
“Weak authentication increases fraud risk. It affects credit quality and undermines confidence in digital financial services,” he cautioned.
Dr. Asiama also emphasised the need to strengthen indigenous fintech companies through better access to capital, infrastructure, and partnerships to enable them to scale and compete globally.
“Africa’s digital finance ecosystem must not only grow—it must mature,” he said. “Participation is no longer the ambition. Leadership is.”
The summit, hosted by the Bank of Ghana in collaboration with the Ghana Interbank Payment and Settlement Systems and the Monetary Authority of Singapore’s Global Finance and Technology Network, brought together regulators, fintech firms, and policymakers to chart the future of financial innovation and inclusion across the continent.