Governor of the Bank of Ghana, Dr. Johnson Asiama, says Africa’s digital finance sector must move beyond basic payment systems and expand into more advanced services such as digital credit, embedded finance, supply chain finance, and cross-border transactions.
Speaking at the 2026 3i Africa Summit, he noted that the continent has reached a stage where the focus should shift from simply providing access to financial services to building scalable, inclusive, and innovation-driven financial systems.
“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 this “next layer” includes “digital credit, maintenance payments, embedded finance, supply chain finance and cross-border services,” adding that these solutions must meet the needs of women, small businesses, young people, and those in the informal sector.
Dr. Asiama acknowledged that although Africa has made progress in digital payments and financial inclusion, key challenges 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 stressed.
He said the Bank of Ghana is working to create a regulatory environment that encourages innovation while ensuring stability and trust.
“At the Bank of Ghana, we have taken a deliberate approach. Our objective has been clear, and that is to build a regulatory and market environment that supports innovation while maintaining stability and trust,” he said.
He highlighted ongoing reforms, including “advancing the regulatory regime for virtual assets, issuing guidelines for digital credit, progressing open banking and supporting cross-border fintech activity.”
“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 emphasised that regulation should support, not hinder, growth.
“Regulation and growth are not opposing forces. They must reinforce each other,” he said.
He also warned that weak digital identity and Know Your Customer systems could increase fraud and reduce trust in digital financial services.
“Weak authentication increases fraud risk. It affects credit quality, and it undermines trust in digital financial services,” he cautioned, calling for better coordination and improved data quality across the financial system.
Finally, he urged stronger support for African fintech companies, saying they need better access to capital, partnerships, and infrastructure to grow 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 2026 3i Africa Summit, hosted by the Bank of Ghana with partners including the Ghana Interbank Payment and Settlement Systems and the Global Finance and Technology Network of the Monetary Authority of Singapore, brought together regulators, fintechs, and policymakers to discuss the future of digital finance and financial inclusion in Africa.
