DASA 2025: Banks Told to Explore Blockchain Innovation

The Future of Finance in Africa: A Call for Innovation and Collaboration

At the Digital Assets Summit Africa (DASA) 2025, held in Accra, a number of industry leaders emphasized the importance of digital assets and blockchain technologies in shaping Africa’s financial future. Among them was Professor Tonya M. Evans, Board Director at Digital Currency Group and Fintech Strategist, who urged financial institutions to embrace these innovations.

Prof. Evans called on banks and other financial entities to partner with fintech companies and explore blockchain-based solutions for cross-border payments and trade. She stressed that digital assets should not be viewed as a threat to traditional banking but rather as an opportunity to enhance customer service and expand financial inclusion.

The summit focused on the theme “Unlocking Africa’s Digital Economy Through Innovation and Regulation,” highlighting the potential of digital assets—such as Bitcoin, stablecoins, and non-fungible tokens—to transform various sectors. These digital assets, which can be owned, transferred, and traded, are seen as key tools for economic growth and development.

Embracing Evidence-Based Regulation

Prof. Evans also addressed policymakers, urging them to adopt evidence-based regulation when designing frameworks for digital assets. She suggested that African nations study successful models from other regions and adapt them to local contexts. This approach, she argued, would help create a more robust and sustainable digital economy.

She further encouraged Ghanaian entrepreneurs to develop solutions that address real African challenges, particularly those arising from resource constraints. According to her, such innovations could unlock new opportunities in agriculture, supply chains, and trade.

Digital assets, she explained, have the potential to enable smart-contract settlements, transparent supply chains, and secure storage of value. They could also facilitate instant cross-border payments and programmable cash transfers, making trade across the continent faster and more efficient.

Addressing Risks and Ensuring Security

In addition to innovation, Prof. Evans highlighted the need for governments to address risks associated with digital assets. She advised that measures such as wallet protection, key management, and cyber resilience should be prioritized. She also warned against regulatory uncertainty, emphasizing that clarity is essential for building trust and attracting investment.

She further raised concerns about monetary sovereignty, advising individuals to avoid over-reliance on foreign private currencies. “The future is being written now, let Ghana hold the pen,” she concluded.

The Role of Data and Technology in Economic Transformation

Professor Samuel Kobina Annim, Director of the African Centre for Statistics, spoke about the importance of rethinking data and statistics in the context of rapid technological change. He emphasized the role of artificial intelligence in helping to determine what should be measured and how data can inform policy design.

According to him, statistics should serve as the foundation for policy decisions. He urged governments to integrate data into their decision-making processes and use it to evaluate the impact of policies effectively.

Shifting Demographics and the Rise of Fintech

Mr. Robert Dzato, CEO of the Chattered Institute of Bankers, Ghana, highlighted the changing demographics in Africa. He noted that younger generations are increasingly trusting alternative financial systems beyond traditional banks. This shift, he said, underscores the need for the financial sector to adapt and embrace digital solutions.

He emphasized that trust in the financial sector is built on character, competence, and conduct, all of which must be reinforced through proper regulation. He also pointed out the importance of addressing consequences for fraudulent activities in investments.

Focus on Stability and Interoperability

Ms. Mimi Kufuor, CEO of Koinkoin Ghana Limited, advised African nations to focus on their unique demographic needs, including inflation and the use of stablecoins. She highlighted the importance of interoperability for trade, especially in the face of climate and political changes.

She also discussed the risks associated with digital assets, noting that Bitcoin is volatile and better suited for everyday transactions rather than institutional use. Stablecoins, she added, could provide stability for daily transactions and prevent currency fluctuations.

Ms. Kufuor urged citizens to understand market movements and tax implications related to digital assets to make informed investment decisions.

Innovation Over Regulation

Mr. Todor Kostov, Corporate Finance Consultant and Board Advisor, emphasized that Africa should prioritize innovation in the digital assets space before focusing on regulation. He encouraged the continent to take advantage of the many cryptocurrency options available and leverage them for economic growth.