The Bank of Ghana and the National Bank of Rwanda have signed an MoU to implement a fintech licence passporting framework. This initiative will enhance cross-border operations and payment interoperability for regulated fintech companies, fostering growth and innovation in the financial technology sectors of both countries.
The Bank of Ghana and the National Bank of Rwanda have established a transformative fintech licence passporting framework through a Memorandum of Understanding (MoU). This initiative will streamline cross-border operations and payment interoperability for regulated fintech firms from both nations. The signing took place on February 25, 2025, during the Inclusive Fintech Forum held in Rwanda, attended by senior officials from both banking authorities.
This framework is tailored to simplify the expansion of services for fintechs licensed by either central bank, allowing them to operate with reduced regulatory burdens in the respective countries. Such a move is anticipated to foster innovation and promote growth within the financial technology sectors of both Ghana and Rwanda.
Dr. Johnson Asiama, the Governor of the Bank of Ghana, emphasized the importance of this agreement, stating, “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 creates opportunities for an environment that encourages fintech innovation and investment, ultimately benefiting our economies particularly MSMEs.”
Mr. John Rwangombwa, Governor of the National Bank of Rwanda, 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.”
Both nations express optimism that this cooperation will enhance prosperity and development within their payment ecosystems, contributing to overall economic progress.
In summary, the agreement between the Bank of Ghana and the National Bank of Rwanda introduces a significant framework for facilitating cross-border fintech operations. By simplifying regulatory requirements, the framework aims to bolster innovation and promote economic growth. Leaders from both banks highlight the prospects for an integrated African market and emphasize the necessity for a balanced regulatory approach to effectively develop the fintech landscape.
Original Source: techafricanews.com
