Ghana and Rwanda Partner to Boost Fintech Growth With Licence Passporting And Cross-Border Payments
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The Bank of Ghana and the National Bank of Rwanda have signed a Memorandum of Understanding (MoU) to introduce a licence passporting framework and cross-border payment interoperability for regulated financial technology (fintech) companies.
The agreement was signed on February 25, 2025, at the Inclusive Fintech Forum in Rwanda, attended by John Rwangombwa, Governor of the National Bank of Rwanda, alongside key officials from both central banks. The forum, which ran from February 24 to 26, 2025, provided a platform for discussions on fintech integration across Africa.
Facilitating Seamless Fintech Expansion
The licence passporting framework is set to simplify cross-border operations for regulated fintech companies licensed by either country’s central bank. This initiative will allow fintechs in Ghana and Rwanda to expand with minimal additional regulatory requirements, fostering innovation, investment, and financial inclusion.
Dr. Johnson Asiama, Governor of the Bank of Ghana, emphasized the transformative impact of the partnership:
“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 and creating opportunities for an environment that encourages fintech innovation and investment, ultimately benefiting our economies, particularly MSMEs.”
Governor John Rwangombwa of the National Bank of Rwanda highlighted the importance of balancing innovation with regulation:
“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 nations believe that this collaboration will drive fintech growth, enhance payment infrastructure, and contribute to the economic development of micro, small, and medium enterprises (MSMEs) in the region.
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