Cross-border digital payments gaining traction, easing trade frictions in Africa — BoG Governor

Dr. Johnson Pandit Asiamah, the Governor of the Bank of Ghana

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiamah, has highlighted the significant progress of cross-border digital payments on the African continent.

He said electronic transactions conducted between individuals, businesses, or governments across borders are helping to reduce trade frictions and improve regional commerce.

Speaking at the opening of the 2025 3i Africa Policy Forum on Wednesday, May 14, Dr. Asiamah noted that the current focus is on implementation.

This, he said, includes scaling up fintech, digital assets, and cross-border payment solutions to deepen financial inclusion and boost intra-African trade in alignment with the AfCFTA.

“Across the continent, the signs of progress are encouraging. Fintech is bridging access gaps, particularly for underserved and remote communities.

“Cross-border digital payments are gaining traction, promising to ease trade frictions and accelerate regional commerce. Regulatory sandboxes and innovation hubs are taking root, offering safe environments to test new technologies within the realities of our African contexts,” he said.

Dr. Asiamah also cited the Pan-African Payment and Settlement System (PAPSS) and the Bank of Ghana’s collaboration with Rwanda’s central bank as examples of how trust-based partnerships can make regional integration achievable.

“Our work with the Pan-African Payment and Settlement System (PAPSS), and more recently our bilateral fintech passporting collaboration with the National Bank of Rwanda, reflects our conviction that regional integration is achievable through trust-based partnerships,” he added.

The central bank’s collaboration with the National Bank of Rwanda and the Global Financial Technology Network (Singapore) will also give birth to the Next-Gen Digital Payment Infrastructure Project (DPI).

This initiative aims to modernise Africa’s cross-border payments ecosystem through a central bank-led, innovation-driven approach, co-developed with fintechs and financial institutions.