The governor of the Bank of Ghana, Dr Johnson Asiama, has called for a strategic shift in Africa’s digital finance sector—from basic payment systems to more advanced, value-driven financial solutions.
Speaking at the 3i Africa Summit 2026, Dr Asiama emphasised that while many African countries have made significant progress in digital payments, the next phase of growth must focus on building scalable, inclusive, and interconnected financial ecosystems.
“The next phase of digital finance will not be defined by payments alone… The opportunity now lies in building the next layer of value,” he stated.
Beyond Payments: The Next Frontier
According to the governor, the future of digital finance in Africa lies in expanding into areas such as the following:
-Digital credit
-Embedded finance
-Supply chain finance
-Cross-border financial services
He stressed that these solutions must be tailored to the needs of women, MSMEs, youth, and informal sector businesses, which form the backbone of many African economies.
Key Challenges: Fragmentation and Cost
Dr Asiama noted that the primary issue is no longer access to financial services, but rather the following:
-Fragmented systems
-High transaction costs
-Lack of regulatory alignment across countries
“The challenge is no longer building systems. It is connecting them,” he said.
BoG’s Reform Agenda
He outlined several initiatives being undertaken by the central bank to drive this transformation:
-Developing regulations for virtual assets
-Issuing guidelines for digital credit
-Advancing open banking frameworks
-Supporting cross-border fintech operations
These reforms, he explained, are part of a broader strategy to ensure that innovation happens within a stable and trustworthy financial system.
Balancing Innovation and Regulation
Dr Asiama rejected the notion that regulation hinders growth, arguing instead that both must work together.
“Regulation and growth are not opposing forces. They must reinforce each other.”
He also warned that weak digital security systems could increase fraud risks, damage credit quality, and erode trust in financial services.
From Participation to Leadership
In his concluding remarks, the governor challenged African economies to aim higher:
“Africa’s digital finance ecosystem must not only grow; it must mature… Participation is no longer the ambition—leadership is.”
His message reflects a broader push for Africa to move from being a user of financial technology to becoming a global leader in digital financial innovation.