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 fintech companies.

The licence passporting framework aims to facilitate cross-border operations for fintechs licensed by either country’s central bank.

This initiative will enable fintechs in Ghana and Rwanda to expand with minimal additional regulatory requirements, promoting innovation and growth in the sector.

Governor of the Bank of Ghana, Dr Johnson Asiama, 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 and creates opportunities for an environment that encourages fintech innovation and investment, ultimately benefiting our economies, particularly MSMEs.”

John Rwangombwa, Governor of the National Bank of Rwanda, added,

“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 countries expect this cooperation to drive further development in the payment ecosystem.

Featured image credit: National Bank of Rwanda