BoG Governor calls for stronger fintech collaboration across Africa

Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has called on digital finance institutions across Africa to strengthen collaboration and build a more resilient fintech ecosystem capable of delivering meaningful economic impact.

Speaking at the opening of the 3i Africa Summit held at the Destiny Arena on May 6, 2026, Dr Asiama said the continent’s digital finance sector must move beyond simply expanding access to financial services.

According to him, the focus must now shift toward scalability, efficiency, and creating measurable value for users across the continent.

“African fintech institutions must move beyond expanding access to delivering real value and measurable impact,” he stated in his keynote address.

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Dr Asiama noted that nearly 49 percent of adults in sub-Saharan Africa now have digital financial accounts, describing the achievement as significant progress in financial inclusion.

However, he stressed that the next phase of digital transformation in finance would extend far beyond basic payment systems.

“The next phase of digital finance will extend beyond basic payments to include digital credit, embedded finance, supply chain finance, and cross-border services,” he said.

He added that the transformation must prioritise women, micro, small and medium-sized enterprises (MSMEs), and participants in the informal sector to ensure inclusive economic growth.

The Governor also highlighted several structural challenges confronting Africa’s fintech ecosystem, including fragmented markets, high transaction costs, and weak regulatory coordination across jurisdictions.

He therefore called for stronger collaboration among regulators, financial institutions, and fintech firms to improve interoperability and system connectivity across African markets.

Dr Asiama further outlined measures being implemented by the Bank of Ghana to support digital finance innovation and responsible fintech growth.

These include the development of a regulatory framework for virtual assets, the introduction of digital credit guidelines, the advancement of open banking initiatives, and efforts to promote cross-border fintech operations.

He said such reforms are intended to create an enabling environment for innovation while safeguarding financial stability and consumer protection.

MA