Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has raised concerns over weak authentication systems in digital financial services, warning that they are increasing fraud risks and undermining trust in the sector.
Speaking at the 3i Africa Summit 2026 on Wednesday, May 6, Dr. Asiama said strengthening Africa’s fintech ecosystem will require more than just policies and regulations.
He noted that while laws and guidelines are important, the focus must now shift to building a more effective regulatory infrastructure that promotes transparency and efficiency.
According to him, processes within the system must be clear, submissions properly tracked, and decisions made promptly to build confidence among users and investors.
Dr. Asiama emphasised that trust in digital financial services will largely depend on the strength of digital identity systems and Know Your Customer (KYC) frameworks.
“Weak authentication increases fraud risk, it affects credit quality, and it undermines trust in digital financial services. We must also focus on the development of indigenous firms,” he cautioned.
He called for stronger coordination among institutions, improved data quality, and more robust identity systems as the sector enters its next phase of growth.
The BoG Governor also urged greater support for local fintech companies, stressing that Africa’s digital finance space must not only expand but also mature.
He said indigenous firms need access to capital, strategic partnerships, and the right infrastructure to scale sustainably and compete globally.
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