BoG Governor calls for trust-based partnerships to accelerate fintech, digital initiatives

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, emphasized collaboration in fintech. He believes this will enhance Africa’s integration.

Dr. Asiama noted that fintech bridges access gaps for underserved communities. Cross-border digital payments are growing and can ease trade frictions. This growth promises to accelerate regional commerce.

He spoke at the 3i Africa Policy Forum. The theme was “One Africa, One Market: Driving Innovation, Investment, and Impact for a Connected Future.”

The forum aimed to build shared momentum for Africa’s digital financial integration. It focused on attracting sustainable investment into fintech and digital finance. It also sought to align regulatory approaches for cross-border payments.

Empowering SMEs as drivers of regional trade was another key focus. Other topics included operationalizing the Digital Trade Protocol and ensuring responsible adoption of stablecoins.

Leaders from policy, regulation, finance, and technology attended the forum. They are shaping Africa’s digital transformation.

Dr. Asiama stated that the forum aimed to create executable strategies from last year’s Summit outcomes. He stressed the importance of implementation in scaling fintech solutions.

He highlighted regulatory sandboxes and innovation hubs as safe testing environments for new technologies. These initiatives cater to African contexts.

Modern regulatory approaches support inclusive finance and enhance SME participation. They also aim to unleash creativity among Africa’s youth and entrepreneurs.

The Governor reaffirmed the Bank's commitment to regional integration through partnerships. Their work with the Pan-African Payment and Settlement System (PAPSS) reflects this belief.

He announced a collaboration with the National Bank of Rwanda on a new project. This initiative aims to modernize Africa’s cross-border payments ecosystem through innovative approaches.

The project will support scalable pilots across the continent, enhancing interoperability in digital payments.

In a keynote address, Vitaliy Kramarenko from the IMF urged policymakers to develop supporting infrastructure for digital finance innovation. He emphasized regional trade facilitation as a priority.

Kramarenko noted significant progress in mobile penetration since 2000 in sub-Saharan Africa but called for more efforts in traditional finance access.

Despite challenges with commercial bank accounts per adult, he acknowledged advances in mobile financial access like mobile money accounts.

He urged governments to provide essential payment infrastructure and sound policies to mitigate risks while harnessing benefits from digital payments.