Governor of the Bank of Ghana, Johnson Pandit Asiama, has raised concerns over gaps in digital authentication systems, warning that weaknesses in identity verification are exposing the financial sector to fraud and undermining confidence in digital banking services.
He made the remarks on Wednesday, May 6, during the 3i Africa Summit 2026, which is focused on “Innovation, Investment and Impact in Africa’s Fintech Ecosystem.”
Dr Asiama stressed that strengthening Africa’s digital financial landscape will require more than just regulatory policies, arguing that effective systems must be backed by strong operational infrastructure that ensures transparency and accountability.
He noted that regulatory processes must be efficient, with clear submission pathways, traceable applications, and timely decision-making in order to build trust across the financial ecosystem.
According to him, the integrity of digital finance systems is closely tied to the effectiveness of digital identity and Know Your Customer (KYC) frameworks, which remain weak in some areas.
“Weak authentication increases fraud risk, it affects credit quality, and it undermines trust in digital financial services,” he cautioned, adding that stronger systems are urgently needed to protect the sector.
The Governor also called for closer coordination among financial institutions, improved data management, and stronger identity verification systems to support the next phase of fintech growth on the continent.
He further emphasised the need to prioritise and empower local fintech companies, noting that Africa’s digital financial sector must evolve beyond rapid expansion to sustainable development.
Dr Asiama said indigenous firms should be supported with access to capital, strategic partnerships, and reliable infrastructure to enable them to scale and compete effectively in the global digital economy.
