On February 25, 2025, the Bank of Ghana and the National Bank of Rwanda signed a Memorandum of Understanding to create a fintech licence passporting framework, which will facilitate cross-border operations and payment interoperability for regulated fintech companies. The agreement, celebrated at the Inclusive Fintech Forum, aims to promote growth and innovation while easing regulatory requirements for fintechs in both countries.
The Bank of Ghana and the National Bank of Rwanda have recently entered into a Memorandum of Understanding to establish a fintech licence passporting framework aimed at facilitating cross-border operations and enhancing payment interoperability. This significant agreement was formalized during the Inclusive Fintech Forum held in Rwanda from February 24 to 26, 2025, attended by key officials including Mr. John Rwangombwa, Governor of the National Bank of Rwanda, and Dr. Johnson Asiama, Governor of the Bank of Ghana.
The newly introduced licence passporting framework is tailored to assist regulated fintech companies licensed by either the Ghanaian or Rwandan central banks in simplifying their cross-border operations. This initiative is poised to enable these fintechs to broaden their service offerings with minimal additional regulatory burdens, thereby fostering innovation and growth within both nations’ financial technology sectors.
During the ceremony, Dr. Johnson Asiama acknowledged the importance of the MoU, emphasizing its role in advancing an integrated African marketplace. He noted, “The signing of this memorandum of understanding reaffirms our commitment to the broader idea of an integrated African market… that encourages fintech innovation and investment, ultimately benefiting our economies particularly MSMEs.”
Mr. John Rwangombwa also underscored the necessity of a robust regulatory framework alongside technological advancement, stating, “We recognise that creating an effective cross-border payment infrastructure requires more than just innovation. It demands a forward-fitting regulatory framework that balances risks and opportunities.”
Both Ghana and Rwanda anticipate that this collaborative effort will yield notable benefits, enhancing prosperity and development within the regional payment ecosystem.
In summary, the partnership between the Bank of Ghana and the National Bank of Rwanda through the fintech licence passporting framework is a significant advancement for the financial technology sectors in both nations. This initiative not only simplifies cross-border operations but also fosters an environment conducive to innovation and investment, ultimately leading to economic growth and improved services for citizens.
Original Source: techafricanews.com
