The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has emphasized the urgent need for Africa to prioritize interoperability and consumer protection in cross-border trade and payment systems.
Speaking at a high-level meeting of Central Bank Governors in Accra, which also included senior officials from the International Monetary Fund (IMF) and World Bank, Dr. Asiama highlighted that building a robust and efficient payment ecosystem requires more than just physical infrastructure.
While acknowledging the progress made in establishing payment infrastructure across the continent, the BoG Governor was clear that this alone would not be sufficient to drive a truly transformative payment system in Ghana and the wider African region. “Infrastructure alone is not enough to build a robust and efficient payment system in Ghana and the rest of the Africa continent,” Dr. Asiama stated.
He argued that for digital payment ecosystems to become resilient, inclusive, and efficient, they must be underpinned by coherent policies, responsive regulations, and collaborative innovation frameworks. Without these, he warned, the continent risks falling behind in the fast-paced digital financial environment.
Regulatory Innovation and SupTech
To achieve this vision, the Governor advocated for the use of Supervisory Technologies (SupTech) and regulatory sandboxes that promote innovation without compromising stability. These tools, he noted, can help central banks and regulators monitor compliance in real-time, facilitate cross-border data flows, and improve coordination among different regulatory bodies.
“We see strong potential in tools such as multi-regulator sandboxes, which bring regulators, innovators, and governments into a shared testing environment. Similarly, Supervisory Technologies (SupTech) can enhance real-time compliance monitoring, cross-border data flows, and information sharing.”
Dr. Johnson Asiama
By harnessing these tools, Africa can create a more integrated regulatory framework that not only supports innovation but also ensures safety, trust, and transparency in digital financial services.
Addressing the Frictions in Cross-Border Payments
One of the key issues highlighted by Dr. Asiama was the persistent friction in cross-border payments. He noted that high transaction costs, slow processing times, limited transparency, and a lack of interoperability are hampering inclusive growth and placing unnecessary burdens on businesses and individuals alike.
“These challenges arise from a patchwork of regulatory frameworks, legacy systems, differing time zones, and a lack of alignment on data standards, consumer protections, and compliance protocols.”
Dr. Johnson Asiama
In particular, he emphasized the impact on small businesses and low-income families. For many households in Ghana and across Africa, remittances serve as a lifeline, yet the current inefficiencies in cross-border payments make these transfers costly and unreliable.
“Remittances, often lifelines for families, remain costly and inefficient,” Dr. Asiama pointed out. “In addition, small businesses struggle with the high friction of cross-border trade settlements, and regulators face growing complexity in balancing openness with oversight.”
Inclusive Digital Standards and Human-Centered Reforms
The BoG Governor stressed the importance of Africa taking an active role in shaping international digital standards, particularly in areas such as anti-money laundering and countering the financing of terrorism (AML/CFT), digital identity, and data privacy. These standards, he noted, must reflect Africa’s unique realities rather than being imposed externally.
“We must also be proactive in shaping international digital standards – in areas such as AML/CFT, digital identity, and data privacy – so that they are inclusive of our contexts rather than imposed from outside. Digital trade agreements, when thoughtfully constructed, can also promote interoperability and trust.”
Dr. Johnson Asiama
But even as systems and standards are developed, Dr. Asiama called on stakeholders not to lose sight of the human dimension of these reforms.
“But as we talk about systems and standards, let us not lose sight of the real human stories behind these reforms. The single mother receiving remittances to keep her children in school. The young entrepreneur seeking payment channels to export their goods. The regulator striving to ensure innovation does not outpace resilience. These are the lives we must center in our work.”
Dr. Johnson Asiama
The seminar, which ends on May 13, 2025, brought together key stakeholders from across the continent to deliberate on the future of digital payments. In closing, Dr. Asiama urged all participants to engage in open, forward-looking, and critical dialogue to build a truly inclusive and interoperable payment system for Africa.
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