Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has called on African countries to move beyond merely expanding access to financial services and begin focusing on how digital finance can generate measurable economic value for businesses and individuals across the continent.
Speaking at the 3i Africa Summit 2026 in Accra yesterday, Asiama said Africa had made notable progress in advancing financial inclusion but must now ensure those gains translate into broader economic transformation.
“It is clear that we are now at a point where progress must translate into scale, and access must translate into value,” he said.
The summit, themed “Enforcing Africa’s Next Frontier in Digital Finance,” was organised by the Bank of Ghana in collaboration with the Ghana Interbank Payment and Settlement Systems and the Global Finance and Technology Network of the Monetary Authority of Singapore.
The event brought together regulators, financial technology firms, investors and policymakers to deliberate on the future of digital finance in Africa.
According to Asiama, much of Africa’s financial inclusion success has been driven by mobile money platforms and branchless banking models, which have helped extend financial services to previously underserved communities.
Referencing recent World Bank findings, he noted that nearly 49 per cent of adults in Sub-Saharan Africa now possess digital financial accounts, describing the development as a major milestone for the region.
“This is progress. But it also signals a transition. Access has expanded. The task now is to make it count,” he stated, adding that Africa was “not starting from zero, but from momentum.”
The BoG governor explained that the next stage of digital finance growth would extend beyond basic payment systems, noting that many African markets had already established foundational payment infrastructure.
He identified digital credit, merchant payments, embedded finance, supply chain finance and cross-border financial services as emerging opportunities capable of driving the sector’s next wave of expansion.
According to him, such innovations must be tailored to support women, young people, micro, small and medium enterprises, as well as participants in the informal economy.
“Our challenge is to create the conditions for this next generation of financial services to grow responsibly and at scale,” he said.
Asiama further observed that the major constraints confronting Africa’s digital finance ecosystem had evolved beyond financial access alone.
“The issue is no longer access alone. It is fragmentation. It is cost. It is uneven regulatory alignment,” he said, stressing the need for stronger collaboration among regulators and clearer policy coordination across African markets.
He also emphasised the importance of balancing innovation with financial system stability, insisting that regulatory frameworks must remain both firm and enabling.
“Regulation must remain firm… At the same time, it must be enabling,” he added.
The governor disclosed that the central bank was currently advancing several initiatives, including the development of regulatory frameworks for virtual assets, digital credit guidelines, open banking systems and cross-border fintech operations.
He also highlighted efforts to strengthen digital identity systems and Know-Your-Customer (KYC) frameworks to improve trust, reduce fraud and enhance the security of digital financial services across the continent.
