Accra: Dr. Johnson Pandit Asiama, the Governor of Bank of Ghana (BoG), has called on banks to accelerate digital products development to meet the growing needs of Ghanaians. By developing innovative, customer-focused products, banks could increase their reach to the underserved, contributing more to supporting Ghana's economic growth and financial inclusion, he said. The Central Bank Governor spoke at a Thought Leadership Conference held by the Ghana Association of Banks and Absa Ghana LTD.
According to Ghana News Agency, the conference, held in Accra, was themed 'Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance.' It brought together bank executives, regulators, and customers to discuss ways to accelerate digital finance. As of March 2025, the value of mobile money (MoMo) transactions stood at GHC351.7 billion with the volume of transactions reaching 764 million. These figures have since increased to GHS365 billion in value and 778 million in volume for April 2025.
The March 2025 Summary of Economic and Financial Data showed that over 97 per cent of digital transaction volumes and 72 per cent of value were processed through mobile money platforms. Meanwhile, bank digital channels accounted for less than one per cent of the volume of digital transactions, with more than four million Ghanaians accessing unsecured mobile loans, often beyond the reach of traditional financial institutions.
Dr. Asiama stated that the bank's recent survey highlighted high digital account ownership and active usage, particularly for savings, credit, pensions, and insurance. However, these remained low among small-income populations, women, and rural dwellers. Governor Asiama emphasized that the real challenge was not just expanding infrastructure but designing relevant, inclusive financial products that meet the needs of ordinary Ghanaians.
He noted that industry-led strategies had become indispensable to deepening engagement, unlocking new value, and driving meaningful financial inclusion across every segment of Ghanaian society. These strategies included facilitating Application Programming Interface (API) standardisation across banks and Fintechs, driving competitive product layering, and empowering customers with data portability and consent-driven services.
Governor Asiama encouraged banks to embrace the next phase of transformation in the sector, which required a shift in focus from access to value and from connectivity to capability. He pledged the Bank of Ghana's support in ensuring regulatory reforms on data governance and consumer protection matched global best practices while being context-sensitive.
Dr. Edmund Nartey Botchway, the Managing Director of Absa, called for a balanced approach between innovation, rebuilding digital infrastructure, and addressing customer needs. He stressed the importance of effective data protection and management as the digital finance journey progresses. Dr. Botchway also encouraged customers to prioritize self-education on digital finance innovations to prevent exploitation.
He concluded by stating that collective efforts in managing these factors would lead to achieving the right outcomes for the sector and its customers.
