Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has suggested that Africa’s digital finance industry must move beyond basic payment systems into more sophisticated financial solutions such as digital credit, embedded finance, supply chain finance and cross-border financial services.

Speaking at the 2026 edition of the 3i Africa Summit, Dr. Asiama said the continent has reached a turning point where the focus should no longer be limited to access to financial services, but rather the development of scalable, inclusive and innovation-driven financial ecosystems.

“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,” he stated.

According to him, the next layer includes “digital credit, maintenance payments, embedded finance, supply chain finance and cross-border services,” adding that these products must be designed to address the realities of women, MSMEs, young people and businesses operating within the informal sector.

Dr. Asiama noted that while Africa has made significant progress in digital payments and financial inclusion, major constraints remain.

“The issue is no longer access alone. It is fragmentation, it is cost, and it is uneven regulatory alignment. The challenge is no longer building systems. It is connecting them,” he stressed.

He explained that the Bank of Ghana is taking deliberate steps to build a regulatory and market environment that supports innovation while maintaining stability and public trust.

“At the Bank of Ghana, we have taken a deliberate approach. Our objective has been clear, and that is to build a regulatory and market environment that supports innovation while maintaining stability and trust,” he said.

The Governor outlined some of the central bank’s ongoing digital finance reforms, including “advancing the regulatory regime for virtual assets, issuing guidelines for digital credit, progressing open banking and supporting cross-border fintech activity.”

“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 underscored the importance of balancing innovation with regulation, insisting that regulation should not be viewed as a barrier to growth.

“Regulation and growth are not opposing forces. They must reinforce each other,” he said.

He further warned that weak digital identity and Know Your Customer systems could undermine confidence in digital financial services and expose institutions to higher fraud risks.

“Weak authentication increases fraud risk. It affects credit quality, and it undermines trust in digital financial services,” he cautioned, calling for stronger coordination among institutions and improved data quality across the financial ecosystem.

The Governor also pushed for greater support for indigenous African fintech firms, arguing that local companies need stronger partnerships, access to capital and infrastructure to scale sustainably and compete globally.

“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, hosted 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, brought together regulators, fintech firms, financial institutions and policymakers to discuss the future of digital finance and financial inclusion across Africa.