African banks must adopt digital assets to modernize payments, expand financial access, and support trade. This shift helps banks maintain relevance and manage risks effectively. The continent's financial system has already made significant strides through mobile money, instant payments, and digital lending.
These advancements, along with broader access to finance and stronger regulatory oversight, provide a solid foundation for responsible digital asset adoption. In 2024, mobile money processed approximately 108 billion transactions valued at over US$1.68 trillion. This was supported by more than 2 billion registered accounts and over 500 million monthly active users, highlighting the immense scale of digital financial engagement.
This digital transformation unfolds against a backdrop of increasing financial inclusion and evolving regulatory frameworks. Ghana, like many African nations, experiences high remittance costs, with Sub-Saharan Africa averaging 8.37% in 2024. This makes efficient channels such as real-time payments, stablecoins, and the Pan African Payment and Settlement System (PAPSS) essential. PAPSS has expanded to 16 countries and 15 financial institutions, facilitating local-currency settlements. Digital assets in banking include cryptocurrencies, stablecoins, and central bank digital currencies.
Carl Odame-Gyenti stated on July 8, 2026, that African banks cannot afford to ignore digital assets. He emphasized that digital assets offer a clear path to modernize payments and expand financial inclusion. This requires careful risk management from banks.
The move towards digital assets will likely spur further innovation in local financial markets. Decision-makers and market participants will closely watch developments in payment systems and regulatory responses. The continued growth of mobile money and real-time payment systems in Ghana and other African countries will shape the future of banking. Banks must adapt to these changes to remain competitive and serve a rapidly digitizing customer base.
Global banks are also embracing digital assets but with a different focus. J.P. Morgan uses Kinexys and JPM Coin for blockchain-based payments and near real-time settlements. HSBC's Orion platform supports tokenized bonds and real-world assets, including tokenized gold. These initiatives address long-standing challenges in efficiency, liquidity, and client service. BNY Mellon, Standard Chartered, and Societe Generale are active in regulated custody and tokenized bonds.
African adoption is driven by practical needs such as cheaper remittances and access to finance. Global banks focus on improving institutional finance through faster settlement and tokenized assets. African banks face challenges like uneven regulation and limited infrastructure. However, their strengths include strong demand and mobile-first adoption. Global banks bring scale, compliance infrastructure, and trusted client relationships.
This dual approach to digital asset adoption highlights distinct paths and priorities. Both aim to leverage technology for financial benefit. The eventual convergence or continued divergence of these strategies will be a key area of observation. Regulators will also play a critical role in shaping the environment for these new financial tools. Therefore, the strategic integration of digital assets is crucial for the future financial stability and growth across Africa.