Bank of Ghana and National Bank of Rwanda Launch Fintech Licence…

The Bank of Ghana and the National Bank of Rwanda have signed a Memorandum of Understanding to implement a fintech licence passporting framework that promotes seamless cross-border operations for regulated fintech companies. This initiative aims to reduce regulatory barriers, enhance innovation, and support economic development in both countries, with key officials emphasizing the importance of collaborative regulatory frameworks.

The Bank of Ghana and the National Bank of Rwanda have formalized their collaboration through a Memorandum of Understanding, aiming to implement a fintech licence passporting framework for regulated financial technology enterprises. This landmark agreement was signed on February 25, 2025, at the Inclusive Fintech Forum held in Rwanda, wherein key banking officials from both nations participated.

The proposed licence passporting framework is intended to streamline cross-border operations for fintech companies licensed by the respective central banks of Ghana and Rwanda. With this initiative, fintech firms in either country will be able to extend their services with minimal additional regulatory hurdles, thereby fostering innovation and growth within the financial technology sectors of both nations.

Dr. Johnson Asiama, Governor of the Bank of Ghana, emphasized the significance of the MoU by stating that it reflects a commitment to building an integrated African market, which aims to enhance citizens’ livelihoods and foster opportunities for fintech innovation that ultimately benefits local economies, particularly Micro, Small, and Medium Enterprises (MSMEs).

Mr. John Rwangombwa, Governor of the National Bank of Rwanda, reiterated the necessity of establishing a robust cross-border payment infrastructure, stating that it necessitates not only innovation but also a strategic regulatory framework that effectively addresses associated risks while seizing emerging opportunities.

In summary, the collaboration between the Bank of Ghana and the National Bank of Rwanda through the fintech licence passporting framework marks a significant advancement in fostering cross-border fintech operations. This initiative is anticipated to enhance innovation in the financial technology landscape, benefiting both countries and their economies. The shared optimism for prosperity underscores the potential impact of such regulatory harmonization within the regional payment ecosystem.

Original Source: techafricanews.com