The Bank of Ghana and National Bank of Rwanda have signed an MoU for a fintech licence passporting framework, allowing regulated fintech companies to operate across borders. This initiative is aimed at enhancing payment interoperability and fostering growth in the financial technology sector. Key officials from both banks attended the signing event during the Inclusive Fintech Forum on February 25, 2025.
The Bank of Ghana and the National Bank of Rwanda have introduced an innovative fintech licence passporting framework through a Memorandum of Understanding (MoU), signed on February 25, 2025. This framework facilitates seamless cross-border operations and payment interoperability for regulated financial technology (fintech) companies in both countries. The signing was part of the Inclusive Fintech Forum held from February 24-26, 2025, in Rwanda, attended by key officials, including the governors of both central banks.
Designed to promote growth and innovation in the fintech sector, the licence passporting framework allows fintech firms licensed in either Ghana or Rwanda to operate across borders with reduced regulatory barriers. This initiative is pivotal for enhancing service expansion and accelerating the development of the financial technology landscape in both nations.
During the ceremony, Dr. Johnson Asiama, Governor of the Bank of Ghana, emphasized the importance of integrated African markets for improving citizens’ livelihoods. He stated, “The signing of this memorandum of understanding reaffirms our commitment to the broader idea of an integrated African market which holds the prospects of enhancing the livelihoods of our citizens…” This sentiment highlights the mutual benefits expected from this collaboration.
Furthermore, Mr. John Rwangombwa, Governor of the National Bank of Rwanda, noted that successful cross-border payment systems require effective regulation. He remarked, “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.” This underscores the necessity for regulatory measures to support fintech advancements.
Overall, both the Bank of Ghana and the National Bank of Rwanda believe that this cooperative framework will lead to economic growth and greater development within their respective payment ecosystems, positively impacting local fintech industries and users.
The recent MoU between the Bank of Ghana and the National Bank of Rwanda establishes a fintech licence passporting framework aimed at enhancing cross-border operations for fintech companies. This initiative fosters an integrated African market, stimulating growth in the fintech sector while balancing regulation with innovation. The partnership is set to elevate the payment ecosystem’s efficiency and economic development in both nations.
Original Source: techafricanews.com
