BoG Governor Advocates Move Toward Advanced Fintech Beyond Digital Payments

Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has called for a strategic shift in Africa’s digital finance sector, urging the industry to transition from basic payment systems toward more sophisticated financial solutions.
Speaking at the 2026 3i Africa Summit, Dr. Asiama highlighted that the continent’s digital evolution has reached a critical juncture. He argued that the primary focus must move past simple financial access toward creating scalable, innovation-driven ecosystems that include digital credit, embedded finance, supply chain finance, and cross-border services.
“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,” Dr. Asiama stated.
The Governor noted that while Africa has seen significant gains in inclusion, the industry currently faces hurdles regarding fragmentation, high costs, and inconsistent regulatory alignment. He emphasized that the modern challenge is no longer just building systems, but effectively connecting them to benefit women, youth, MSMEs, and the informal sector.
To address these challenges, the Bank of Ghana is currently implementing reforms such as developing a regulatory framework for virtual assets, issuing digital credit guidelines, and advancing open banking.
“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 also addressed the relationship between oversight and industry expansion, noting that “Regulation and growth are not opposing forces. They must reinforce each other.”
However, he cautioned that the ecosystem remains vulnerable to fraud and diminished public confidence if digital identity and Know Your Customer (KYC) systems remain weak. According to the Governor, “Weak authentication increases fraud risk. It affects credit quality, and it undermines trust in digital financial services.”
Concluding his address, Dr. Asiama advocated for greater support for indigenous fintech firms through improved capital access and infrastructure. He asserted that for Africa to compete globally, the ecosystem must transition from participation to leadership.
“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 was organized 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.