Digital finance has become a lifeline – BoG

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has underscored the growing role of digital finance in driving inclusion and prosperity across Africa, describing it as a critical lifeline for millions of households, small businesses, women and underserved communities.

Speaking at the 2026 African Prosperity Dialogue (APD) in Accra, Dr. Asiama said Africa’s rapid adoption of digital financial services is already transforming livelihoods and positioning the continent to unlock the full benefits of the African Continental Free Trade Area (AfCFTA)  .

According to him, Africa has emerged as a global leader in digital finance innovation, hosting more than half of the world’s mobile money accounts. This progress, he noted, has expanded access to financial services and strengthened economic participation, particularly among groups traditionally excluded from formal banking systems  .

“Digital finance has become a lifeline for households, microenterprises, women and underserved communities,” the Governor stated, stressing that these gains must now be extended beyond national borders to support Africa’s single market vision  .

Dr. Asiama explained that as Africa advances implementation of AfCFTA, efficient and reliable payment systems have become central to trade, integration and long-term economic transformation. He noted that while trade agreements open markets, it is payment systems that make trade possible by allowing value to move securely and efficiently across borders  .

He highlighted Ghana’s progress in building a modern, interoperable and resilient payment ecosystem, connecting banks, mobile money operators and fintech firms to enable real-time transactions. These domestic successes, he said, provide a strong foundation for deeper regional and continental integration  .

Ghana’s active participation in the Pan-African Payment and Settlement System (PAPSS) was also cited as a major step towards lowering transaction costs and simplifying cross-border trade by allowing settlements in local African currencies  .

“Our vision is clear,” Dr. Asiama said. “African trade must increasingly be settled in African currencies, through African infrastructure, and supported by African institutions”  .

The Governor further outlined regulatory and policy initiatives aimed at sustaining innovation while safeguarding financial stability. These include fintech licence passporting in collaboration with Rwanda, designed to ease cross-border operations for fintech firms, as well as Ghana’s newly passed Virtual Asset Service Providers Act, which provides oversight for emerging digital payment channels  .

He stressed that small and medium-sized enterprises, which account for over 90 percent of African businesses, stand to gain significantly from improved payment systems. Women and young entrepreneurs, who dominate informal and digital trade, would also benefit from lower costs, faster settlements and wider market access  .

Dr. Asiama called for continued collaboration among African countries to harmonise regulations, strengthen digital public infrastructure and build trust through robust cybersecurity frameworks, describing these measures as essential for sustaining momentum  .

He concluded on an optimistic note, saying that with innovation, collaboration and strong institutions, digital finance can become a powerful catalyst for Africa’s shared prosperity under AfCFTA  .

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