Banking the Last Mile: Governor Asiama’s Vision for a Digitally Inclusive Ghana

Governor of the Bank of Ghana,  Dr. Johnson P. Asiama, has issued a rallying call to banks, fintechs, and policymakers that the future of Ghana’s financial ecosystem must be open, inclusive, and driven by industry-wide collaboration.

The Governor made this call in an address he delivered at the Ghana Association of Banks‘ Industry Thought Leadership event on the theme, “Banking the Last Mile: An Industry-led Strategy for Accelerating Digital Finance.”

Dr. Asiama’s message signaled that the future of Ghana’s banking must go beyond just access but must embed value, trust, and innovation at every point of Ghana’s financial terrain.

An Emerging Digital Divide in Plain Sight

Ghana’s financial system is rapidly digitizing. But beneath the surface, Dr. Asiama revealed a telling reality that mobile money platforms now process over 97% of digital transactions by volume, while traditional bank digital channels account for less than 1%.

Furthermore, over 4 million Ghanaians have accessed unsecured mobile loans, often outside the reach of regulated banks.

This divergence, the governor said, is not merely statistics, but it is structural. Dr. Asiama remarked that Fintechs and telcos are defining access, and therefore, banks must redefine relevance.

To him, Ghana’s challenge is no longer just financial access. It’s about ensuring meaningful usage of digital services, especially for rural communities, women, and low-income earners. Owning a digital account means little if it’s not used for credit, savings, pensions, or insurance.

Reframing the Cedi Narrative

Governor Asiama also tackled another headline issue, which is the cedi. Contrary to fears of artificial interventions in some quarters, he insisted that the cedi’s recent stability reflects sound monetary policy, better FX auction systems, and stronger external fundamentals.

He said the cedi’s performance is not magic but rather the result of discipline, macro-fiscal reforms, disinflation, and credible policies anchored in transparency.

He was quick to add that the Bank of Ghana remains committed to a flexible exchange rate regime, not a fixed one, and is prepared to act swiftly to maintain market stability amid global tensions, including the ongoing Iran–Israel conflict.

A Blueprint for Industry-Led Inclusion

Dr. Asiama’s vision for an industry-spearheaded financial inclusion rests on three pillars;

Open Banking Infrastructure

Banks must reclaim trust by embracing open APIs, enabling data portability, and collaborating with fintechs to layer services that serve the end user.

He pledged that the Bank of Ghana will back this shift by modernizing data governance laws and consumer protection regulations, ensuring they reflect both global best practice and the Ghanaian context.

Interoperable Digital Identity

The next step is building a universal digital ID layer across all financial services. This, he says, will enable seamless Know Your Customer (KYC) processes and prevent fraud. It is also expected to support rural and underbanked populations to access formal services

With biometric verification in the pipeline, onboarding will soon be simpler and safer, unlocking access to micro-credit, pensions, and savings tools.

Collaborative Inclusion Models

The governor further stated that Banks, telcos, and fintechs must move beyond competition and embrace blended models.

He advocated for agent banking tied to mobile platforms and micro-loans co-designed and backed by formal credit analytics, in addition to insurance and pensions delivered through informal cooperatives

Dr. Asiama is convinced that a regulatory sandbox will soon evolve to test such innovations with light-touch oversight, signaling the Bank’s support for experimentation without compromising stability.

New Commitments from the Central Bank

Dr. Asiama closed his address with three key policy announcements.

He revealed a National Digital Finance Interoperability Forum, which will be launched by Q4 2025. This is a quarterly platform that will bring banks, telcos, fintechs, and regulators together to align strategies.

There is also going to be a Digital Identity Integration Mandate. With this mandate, all financial service providers will be required to implement interoperable digital ID systems as part of their KYC and fraud controls.

Lastly, there is the AI and Risk Governance Working Group. The Central Bank will be partnering with the Ghana Fintech and Payments Association and will craft policies on AI in credit scoring and fraud detection.

The Bigger Picture

Dr. Asiama is challenging Ghana’s financial ecosystem to think bigger. He said, “Let us not make Ghana just a model for Africa. Let’s make it a model for the world.”

And in a final note on geopolitical risks and economic shocks, he reminded the audience that Ghana now has stronger buffers, including robust reserves, falling inflation, and rising investor confidence, to weather the storm.

“Let us bank the last mile” was Governor Asiama’s parting message.

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