Fintechs to Gain Easier Access Between Ghana And Rwanda With New Passport System
In a move designed to boost cross-border financial technology operations, Ghana and Rwanda are establishing a license passporting system.
This innovative approach will allow fintech companies authorized in one country to quickly gain access to the market in the other, simplifying expansion and reducing regulatory complexities.
Central Bank of Rwanda Governor John Rwangombwa unveiled the plan, noting the support of the Monetary Authority of Singapore. The official launch is set to take place at the Inclusive FinTech Forum in Kigali, Rwanda, from February 24-26, 2025.
The passporting regime will streamline the process for fintech firms seeking to operate in both Ghana and Rwanda. Instead of undergoing a full licensing procedure in each country, companies will be able to leverage their existing license, submitting only supplementary information for approval in the second jurisdiction. This is expected to significantly decrease the time and cost associated with cross-border expansion.
This initiative is part of a wider movement towards regulatory harmonization in Africa, with Ghana and Rwanda taking a leading role in fostering a more integrated and accessible fintech environment. The simplified regulatory process is anticipated to encourage innovation and investment in the sector.
The final points of implementation are still being worked out, and stakeholders are eager to understand how the regulatory alignment will be achieved. However, the overall development is seen as a major step forward for the African fintech landscape, paving the way for a more connected and dynamic digital financial ecosystem.
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