Governor of the Bank of Ghana, Dr. Johnson Asiama has underscored the need for more proactive approach towards cross border payments and digital transformation of Africa’s financial systems.
Delivering a speech at the IMF SSA Central Bank Network seminar on CBDC and Digital Payments on Monday, May 12, 2025 at The Bank Square in Accra, Dr. Asiama urged stakeholders to propose new ideas in strengthening cross-border payments.
The forum was under the theme: “Remittances, Compliance and Interoperability.”
“In this regard, our gathering is not simply technical – it is profoundly strategic. We are here to co-create a regional vision where digital finance serves people, supports markets, and safeguards trust.
“So over the next two days, I encourage each of us to engage in open, forward-looking, and critical dialogue. Share experiences – yes – but also be bold in proposing new ideas, questioning old assumptions, and identifying areas for concrete cooperation.
“Let us leave this seminar not just informed, but inspired to strengthen cross-border payments, elevate compliance practices, and build a truly interoperable African digital economy,” the Governor noted.
Dr. Asiama noted that while Africa is witnessing an acceleration in digital innovation – fueled by infrastructure upgrades, evolving consumer expectations, and the growing influence of both FinTechs and non-bank actors, there are also some impediments slowing the growth of the digital economy.
According to Dr. Asiama, challenges associated with cross-border payments 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.
“For our continent, the stakes are high. Remittances, often lifelines for families, remain costly and inefficient. Small businesses struggle with the high friction of cross-border trade settlements. And regulators face growing complexity in balancing openness with oversight,” he stated.
The Governor explained that the Central Bank in dealing with some of these challenges has carried out a number of measures
“At the Bank of Ghana, our response has been to champion regional cooperation and responsible innovation. Ghana’s active participation in the Pan-African Payment and Settlement System (PAPSS) reflects our commitment to building scalable infrastructure for intra-African payments.
“With 15 central banks, 12 switches, and over 50 commercial banks on board, PAPSS is an important step toward reducing dependency on non-African clearing pathways and strengthening our financial sovereignty,” Dr. Asiama said.
He added that the Central Bank together with the National Bank of Rwanda are overseeing tow projects to help in this regard.
In parallel, we are co-leading with the National Bank of Rwanda on two pioneering initiatives:
- The FinTech License Passporting Framework, which supports regulatory coherence and facilitates cross-border market entry for trusted digital firms; and
- The Africa NextGen Digital Payment Infrastructure (DPI) initiative, which aims to explore secure, interoperable, and inclusive payment architecture designed for African use cases.
Read Governor Asiama’s full speech below.
The post BoG Governor calls for more proactive approach to strengthen African digital economy first appeared on 3News.
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