…as mobile money takes 97% Digital Transactions
In a blunt assessment of Ghana’s financial landscape, the Governor of the Bank of Ghana (BoG), Dr. Johnson P. Asiama, delivered a powerful message to the nation’s banking giants today: adapt or be left behind in the digital revolution.
Speaking at the Ghana Association of Banks (GAB) Industry Thought Leadership Event, Dr. Asiama practically threw down the gauntlet, urging traditional banks to embrace “open banking” and shared digital identity systems to compete with the surging power of mobile money and fintech.
The Governor’s words served as a stark reminder of the shifting sands beneath Ghana’s financial sector.
Dr. Asiama revealed eye-opening statistics from the BoG’s March 2025 data, showing that a staggering 97% of digital transaction volumes and 72% of value are now handled by mobile money platforms.
In stark contrast, traditional bank digital channels account for a paltry less than 1% of volume.
This isn’t just a statistical blip, Dr. Asiama warned, it’s a “structural” change where fintechs and telcos are now calling the shots in financial access and consumer behavior.
“The imperative to ‘bank the last mile’ is no longer just a moral or developmental goal, it is a strategic necessity,” Dr. Asiama declared, emphasizing that the traditional banking sector must “reimagine their role within a digitally fragmented environment.”
While acknowledging Ghana’s progress in building robust digital payment infrastructure, including over 24.2 million active mobile money accounts, the Governor highlighted a critical flaw: despite high digital account ownership, active usage for vital services like savings, credit, pensions, and insurance remains depressingly low, especially among low-income populations, women, and rural dwellers.
“It is not only about expanding infrastructure; it is about designing relevant, inclusive financial products that meet the real needs of ordinary Ghanaians,” he stressed, calling for industry-led strategies to drive “meaningful financial inclusion across every segment of society.”
Dr. Asiama didn’t mince words about the path forward. He championed “open banking” as the key for traditional banks to “reclaim trust, redefining convenience, and renewing relevance.”
He enthusiastically supported the planned formation of a Technical Working Group on Open Banking Readiness, envisioning a future where banks and fintechs seamlessly share data and services through standardized APIs, empowering customers with greater control over their financial information.
Another critical piece of the puzzle, according to the Governor, is a “shared digital identity layer.” This, he explained, would be the “bedrock of last-mile inclusion,” enabling seamless customer onboarding, robust fraud prevention, and continuous financial access for the underbanked, particularly in rural areas.
The BoG is already in talks with government and private sector partners to integrate biometric authentication into the payment ecosystem, aiming to unlock access to formal credit and micro-insurance.
Dr. Asiama was clear: no single player can win this race alone. He urged collaborative models, envisioning “blended delivery models” and “co-created products” between banks, fintechs, and telcos.
He cited examples like agent banking integrated with mobile experiences and micro-loan products jointly designed by banks and fintechs. The BoG, he assured, is committed to enabling these innovations through its “Regulatory Sandbox,” which is set to become an even more “agile, digital-first testbed.”
Amidst the digital transformation drive, Dr. Asiama also took time to address the performance of the Ghana Cedi, assuring the public that its recent stability is not a fluke but a result of “sound monetary policy” and “enhanced transparency.”
He emphasized that the BoG is not targeting a rigid exchange rate but remains committed to a flexible regime, ready to act to preserve market order.
Finally, the Governor briefly touched on the volatile geopolitical tensions in the Middle East, assuring Ghanaians that the nation’s “macroeconomic buffers are stronger today than they have been in recent years,” with solid foreign reserves and ongoing fiscal adjustments providing a “cushion” against external shocks.
Dr. Asiama’s message was unequivocal: for Ghana’s financial sector to thrive, banks must shed their traditional shells, embrace open collaboration, and lead the charge in truly “banking the last mile.”
The future, he asserted, is open, digital, and inclusive, and Ghana can, and must, lead the way in Africa.