The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has warned that weak authentication systems in digital financial services increase fraud risk, undermine credit quality and erode public trust in the sector.

Speaking at the 3i Africa Summit 2026, he said the next phase of progress will require stronger coordination across institutions, improved data quality and more robust identity systems.

He noted that stronger regulatory systems, improved digital identity and effective Know Your Customer (KYC) frameworks are essential to build confidence in financial services.

He said regulation must remain firm, protect the public and safeguard the integrity and stability of the financial system.

“Weak authentication increases fraud risk, it affects credit quality and it undermines trust in digital financial services.

"Stronger regulatory systems must be enabling, it must support responsible renovation and allow markets to develop in a structured predictable manner. So the next phase will require stronger coordination across institutions, improved data quality and more robust identity systems," he stated.

Dr Asiama added that the work ahead is not simply about issuing laws, guidelines or frameworks, but about strengthening the service infrastructure that underpins regulation.

He said processes must be clear, submissions must be trackable and decisions must be timely because confidence is built through the strength of digital identity.

The Governor also stressed the importance of supporting the development of indigenous firms to strengthen these efforts, adding that Africa’s digital finance ecosystem must not only grow, but mature.

“Regulations must remain firm, it must protect the public, it must safeguard the integrity of the financial system and it must preserve stability.

"Regulations and growth are not opposing forces, they must reinforce each other, we must also focus on the development of the indigenous firms in this endeavour, Africa's digital finance ecosystem must not only grow it must mature,” he said.