Bank of Ghana and National Bank of Rwanda Launch Fintech Licence Passporting Framework

The Bank of Ghana and National Bank of Rwanda have signed an MoU to establish a fintech licence passporting framework aimed at enhancing cross-border operations and payment interoperability. This initiative allows regulated fintech companies from both nations to expand their services with fewer regulatory burdens, promoting growth and innovation. The cooperation is expected to improve the payment ecosystem, benefitting both economies.

On February 25, 2025, at the Inclusive Fintech Forum in Rwanda, the Bank of Ghana and the National Bank of Rwanda signed a Memorandum of Understanding (MoU) to establish a fintech licence passporting framework. This framework aims to enhance cross-border operations and payment interoperability for regulated financial technology companies from both nations. The forum took place from February 24 to 26, highlighting the collaborative efforts between the two countries in the fintech domain.

The licence passporting framework is intended to simplify cross-border operations for fintech firms licensed by either country’s central bank. By minimizing additional regulatory burdens, this initiative promotes innovation and growth within the fintech sectors of Ghana and Rwanda, enabling these enterprises to expand their services more effectively.

Dr. Johnson Asiama, Governor of the Bank of Ghana, emphasized the importance of the agreement, noting, “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.”

In alignment with this sentiment, Mr. John Rwangombwa, Governor of the National Bank of Rwanda, stated, “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 Ghana and Rwanda express optimism that this strengthened partnership will foster greater prosperity and development in their payment ecosystems, benefiting their respective citizens in the long term.

The Bank of Ghana and National Bank of Rwanda’s agreement to implement a fintech licence passporting framework marks a significant step towards advancing financial technology in both countries. This collaboration is poised to facilitate smoother cross-border operations, encourage fintech innovation, and enhance the overall payment ecosystem, ultimately contributing to economic growth and improved livelihoods.

Original Source: techafricanews.com