Africa must turn financial access into value – BoG Governor
AFRICA must move beyond expanding access to financial services and focus on creating real economic value from digital finance, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has said.
He said the continent had made significant progress in financial inclusion; however, it must now ensure that such gains translate into tangible benefits for individuals and businesses.
“It is clear that we are now at a point where progress must translate into scale, and access must translate into value,” he said.
Dr Asiama was speaking at the 3i Africa Summit 2026 in Accra yesterday on the theme: “Enforcing Africa’s Next Frontier in Digital Finance.”
The summit, organised by BoG in partnership with the Ghana Interbank Payment and Settlement Systems (GHIPSS) and the Global Finance and Technology Network of the Monetary Authority of Singapore, brought together regulators, FinTech innovators, investors and policymakers to discuss the future of digital finance on the continent.
Dr Asiama noted that Africa’s progress had largely been driven by mobile money and branchless banking, which have brought financial services closer to underserved populations.
Citing a recent World Bank report, he said about 49 per cent of adults in Sub-Saharan Africa now have access to digital financial accounts.
“This is progress. But it also signals a transition. Access has expanded. The task now is to make it count,” he emphasised, adding that Africa was “not starting from zero, but from momentum.”
Next phase
The Governor explained that the next phase of digital finance would not be defined by payments alone, as basic payment infrastructure was increasingly in place across many markets.
He identified emerging opportunities in areas such as digital credit, merchant payments, embedded finance, supply chain finance and cross-border financial services.
According to him, these innovations must be designed to meet the needs of women, micro, small and medium enterprises (MSMEs), young people and the informal sector.
“Our challenge is to create the conditions for this next generation of financial services to grow responsibly and at scale,” he said.
Constraints
Touching on constraints, Dr Asiama indicated that the challenges facing the sector had evolved beyond access.
“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 coordination and clearer policy direction.
He underscored the importance of maintaining a balance between safeguarding the financial system and promoting innovation, noting that “regulation must remain firm… At the same time, it must be enabling,” he stated.
He outlined measures being undertaken by the central bank, including advancing the regulatory framework for virtual assets, issuing guidelines for digital credit, progressing open banking and supporting cross-border fintech activity.
Dr Asiama also highlighted the need to strengthen digital identity and Know-Your-Customer (KYC) systems to reduce fraud and build trust in digital financial services.