Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has raised concerns over weak authentication systems in digital financial services, warning that they increase fraud risk, affect credit quality, and undermine trust in the sector.
Speaking at the 3i Africa Summit 2026 on Wednesday, May 6, themed “Innovation, Investment and Impact in Africa’s Fintech Ecosystem,” Dr Asiama said the work ahead goes beyond issuing laws, guidelines, or regulatory frameworks, calling for a strengthened and critical regulatory infrastructure
The process he noted must be clear, submissions trackable, and decisions timely to build confidence in the financial system.
According to him, confidence in digital finance will also depend heavily on the strength of digital identity systems and Know Your Customer (KYC) frameworks.
“Weak authentication increases fraud risk, it affects credit quality, and it undermines trust in digital financial services. We must also focus on the development of indigenous firms,” he cautioned.
Dr Asiama urged a stronger coordination among institutions, improved data quality, and more robust identity systems in the next phase of growth in Africa’s fintech ecosystem.
He further called for increased support for indigenous fintech firms, adding that Africa’s digital finance sector must not only grow but also mature, with strong companies given access to capital, partnerships, and infrastructure to scale sustainably.
