The Bank of Ghana and the National Bank of Rwanda have signed an MoU to launch a fintech licence passporting framework, enabling cross-border operations and payment interoperability for regulated fintech companies. This initiative aims to facilitate service expansion while promoting innovation and economic growth in both countries’ fintech sectors.
On February 25, 2025, the Bank of Ghana and the National Bank of Rwanda formalized their collaboration by signing a Memorandum of Understanding (MoU) to implement a fintech licence passporting framework. This agreement was announced at the Inclusive Fintech Forum held in Rwanda from February 24 to 26, 2025, and was attended by distinguished officials including Mr. John Rwangombwa, Governor of the National Bank of Rwanda, and representatives from the Bank of Ghana.
The newly established licence passporting framework aims to streamline cross-border operations for regulated fintech companies recognized by either nation’s central bank. By facilitating easier service expansions with minimal regulatory hurdles, the initiative is expected to foster innovation and growth within the fintech sectors of both Ghana and Rwanda.
During the ceremony, Dr. Johnson Asiama, Governor of the Bank of Ghana, emphasized the importance of this agreement, stating that it demonstrates a commitment to establishing an integrated African market that enhances citizen livelihoods and promotes fintech innovation and investment, especially benefitting micro, small, and medium enterprises (MSMEs).
Moreover, Mr. John Rwangombwa remarked on the necessity of an effective cross-border payment infrastructure, noting that it transcends mere innovation and requires a suitable regulatory framework that harmonizes risks and opportunities for both countries.
The initiative represents a significant step towards improved cooperation between Ghana and Rwanda, as both nations remain optimistic that this collaboration will stimulate prosperity and development within the region’s payment ecosystem.
The signing of the MoU between the Bank of Ghana and the National Bank of Rwanda marks a pivotal development in the fintech landscape of both countries. By enabling regulated fintech companies to operate across borders with fewer regulations, this initiative aims to enhance innovation and support economic growth, particularly amongst MSMEs. Both governments anticipate that this collaboration will lay the groundwork for a more integrated financial ecosystem in Africa.
Original Source: techafricanews.com
