The Governor of the Bank of Ghana (BoG), Johnson Pandit Asiama, says Africa must urgently shift beyond basic digital payments and focus on building higher-value financial services to remain competitive in the global economy.

Addressing participants at the 3i Africa Summit, he noted that while mobile money has driven financial inclusion across the continent, the next phase of growth will depend on deeper financial innovation.

“The next phase of digital finance will not be defined by payments alone,” he said.

He outlined key areas that will drive this transformation, including digital credit, embedded finance, supply chain finance and cross-border financial services.

“The opportunity now lies in building the next layer of value,” he explained.

Dr. Asiama pointed out that Africa’s progress in financial inclusion has been significant, with about 49% of adults in Sub-Saharan Africa now having access to digital financial accounts.

“Africa is not starting from zero. We are starting from momentum,” he stressed.

However, he warned that access alone is no longer sufficient to drive economic transformation.

“Access must translate into scale and access must translate into value,” he said.

The Governor also highlighted the importance of trust, identity systems and strong infrastructure in sustaining digital finance growth.

“Weak authentication increases fraud risk, affects credit quality and undermines trust in digital financial services,” he cautioned.

He further called for stronger indigenous fintech development, noting that African firms must be supported with capital, partnerships and infrastructure to scale sustainably.

“Africa’s digital finance ecosystem must not only grow—it must mature,” he stated.

Dr. Asiama concluded with a challenge to policymakers and industry leaders across the continent.

“The question before us is straightforward: will Africa simply adopt the next phase of finance, or will Africa help to shape it?” he asked.

He emphasised that Africa now has an opportunity not just to participate in global finance, but to lead if deliberate action and coordination are prioritised.