The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has warned that weak authentication systems in digital financial services are increasing fraud risk and undermining trust in the sector.
Speaking at the 3i Africa Summit 2026 in Accra on Wednesday, May 6, Dr Asiama said strengthening the regulatory and technological framework is critical to sustaining growth in Africa’s fintech space.
He noted that the challenge goes beyond issuing regulations, stressing the need for a robust system where processes are transparent, submissions can be tracked, and decisions are made promptly.
“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 said.
According to the Governor, building confidence in digital finance will depend largely on the strength of digital identity systems and effective Know Your Customer (KYC) frameworks.
He called for stronger coordination among institutions, improved data quality, and more reliable identity systems to support the next phase of fintech growth across the continent.
Dr Asiama also urged greater support for local fintech companies, emphasising that Africa’s digital finance sector must not only expand but mature. He said indigenous firms need better access to capital, partnerships, and infrastructure to scale sustainably.
