In a major step toward financial integration and innovation, the Bank of Ghana (BoG) and the National Bank of Rwanda (NBR) have signed a Memorandum of Understanding (MoU) to introduce a groundbreaking licence passporting framework and cross-border payment interoperability for regulated fintech companies.
The agreement, signed on February 25, 2025, at the Inclusive Fintech Forum in Rwanda, marks a significant milestone in fostering seamless financial transactions between the two nations.
The event, held from February 24 to 26, brought together top banking officials, including the Governor of the National Bank of Rwanda, Mr. John Rwangombwa, and representatives from the Bank of Ghana.
Transforming Cross-Border Fintech Operations
The licence passporting framework will make it easier for regulated fintechs in Ghana and Rwanda to operate across both markets with minimal additional regulatory hurdles. This initiative aims to drive financial innovation, expand fintech services, and encourage investment within both economies, particularly benefiting micro, small, and medium enterprises (MSMEs).
Speaking at the signing ceremony, Governor of the Bank of Ghana, Dr. Johnson Asiama, emphasized the broader vision behind 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 creates opportunities for an environment that encourages fintech innovation and investment, ultimately benefiting our economies, particularly MSMEs.”
A Forward-Thinking Approach to Cross-Border Payments
The agreement also lays the groundwork for interoperable cross-border payments, allowing businesses and individuals in both countries to conduct digital transactions seamlessly.
Governor of the National Bank of Rwanda, Mr. John Rwangombwa, highlighted the importance of regulatory collaboration:
“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.”
A Boost for Africa’s Fintech Ecosystem
With this partnership, Ghana and Rwanda are taking a bold step toward regional financial integration, aligning with Africa’s broader digital transformation agenda. By removing regulatory bottlenecks and enabling smoother transactions, the initiative is expected to drive economic growth, enhance financial inclusion, and create new opportunities for fintech entrepreneurs.
Both nations remain optimistic that this enhanced cooperation will pave the way for stronger, more efficient financial ecosystems, ultimately contributing to greater prosperity across Africa.
-ModernGhana
