The former First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, has said Africa’s banking future will be driven not by institutions, but by increasingly empowered consumers who demand convenience, transparency, and security.

“With digitalisation, power has shifted from traditional banks to consumers,” he argued in a thought leadership article titled, The Empowered Consumer: Shaping the Future of Digital Banking in Africa.

“Today’s consumer demands seamless access to banking services anytime, anywhere, and across multiple digital channels,” Dr Opoku-Afari explained.

BoG leverages academia to shape digital currency future

He noted that Africa is emerging as a global trendsetter in digital banking, citing the continent’s 856 million registered mobile money accounts in 2023 and the growing adoption of FinTech-driven services.

Companies such as Nigeria’s OPay and South Africa’s TymeBank, he said, demonstrate how innovation tailored to consumer needs can expand financial access at scale.

“AI-driven credit assessment tools now allow consumers, especially those without formal credit histories, to access loans based on alternative data. This has significantly expanded financial inclusion,” the former first deputy governor of BoG said.

However, Dr Opoku-Afari cautioned that the rapid rise of digital banking also raises concerns around cybersecurity, fraud, and data privacy.

He pointed to Ghana’s recognition as the global leader in the GSMA Mobile Money Regulatory Index as evidence that strong consumer protection frameworks must underpin innovation.

Dr Opoku-Afari further stressed that the future of African banking requires interoperability, regulatory collaboration, and continuous consumer education.

“Ultimately, the success of digital banking in Africa hinges on how well the empowered consumer is understood and served,” he said.

“The modern African banking customer is informed, connected, and expects financial services that are accessible, transparent, and tailored to their needs,” he concluded.

'Over 38.3 million cellular mobiles now digitally connected' - CSA Director-General

MA