BoG Governor: Africa Must Turn Digital Financial Access Into Economic Value

Dr. Johnson Pandit Asiama, the Governor of the Bank of Ghana, has called on African nations to shift their strategic focus from merely expanding access to financial services toward ensuring that digital finance generates measurable economic value for businesses and individuals across the continent.

Speaking on May 7, 2026, at the 3i Africa Summit in Accra, Ghana, Asiama stated that while Africa has achieved significant milestones in financial inclusion, the region must now ensure these gains lead to a broader economic transformation.

The summit, titled Enforcing Africa’s Next Frontier in Digital Finance, was organized by the Bank of Ghana in partnership with the Ghana Interbank Payment and Settlement Systems and the Global Finance and Technology Network of the Monetary Authority of Singapore. The event served as a forum for policymakers, regulators, investors, and financial technology firms to discuss the trajectory of the continent’s digital economy.

Asiama noted that the initial phase of Africa’s digital finance success was largely driven by the proliferation of branchless banking models and mobile money platforms. These tools were instrumental in bringing financial services to underserved and rural populations that previously lacked access to formal banking.

To illustrate the scale of this progress, the Governor cited recent data from the World Bank indicating that nearly 49 percent of adults in Sub-Saharan Africa now possess digital financial accounts. While he described this as a major milestone, he argued that the region has reached a transition point where the objective must evolve.

we are now at a point where progress must translate into scale, and access must translate into value. Dr. Johnson Pandit Asiama

Asiama explained that because many African markets have already established the necessary foundational payment infrastructure, the next stage of growth should extend beyond basic payment systems. He identified several emerging opportunities that could catalyze the next wave of expansion, including digital credit, embedded finance, merchant payments, supply chain finance, and cross-border financial services.

The Governor emphasized that these innovations should be specifically designed to support participants in the informal economy, as well as women, young people, and micro, small, and medium enterprises (MSMEs). He noted that the primary challenge for regulators is to establish the necessary conditions for these next-generation services to scale responsibly.

However, Asiama observed that the obstacles facing Africa’s digital finance ecosystem have changed. He argued that the primary constraints are no longer centered on a lack of access, but rather on systemic inefficiencies.

The issue is no longer access alone. We see fragmentation. It is cost. It is uneven regulatory alignment. Dr. Johnson Pandit Asiama

To address these barriers, the Governor stressed the need for increased collaboration among regulators and more cohesive policy coordination across different African markets. He advocated for a regulatory approach that balances the need for innovation with the necessity of maintaining financial system stability.

Asiama stated that regulation must remain firm while simultaneously being enabling to allow the sector to grow without compromising security or stability.

The Bank of Ghana is currently implementing several initiatives to support this transition. These include the development of guidelines for digital credit and the creation of regulatory frameworks for virtual assets. The central bank is working on open banking systems and frameworks to govern cross-border fintech operations.

To further bolster the ecosystem, Asiama highlighted efforts to enhance Know-Your-Customer (KYC) frameworks and digital identity systems. These measures are intended to reduce fraud, increase trust in digital platforms, and improve the overall security of financial services across the continent.