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The Bank of Ghana and the National Bank of Rwanda have formalized a strategic partnership aimed at advancing fintech integration through licence passporting and cross-border payment interoperability. This initiative seeks to streamline regulatory processes for fintech companies, fostering financial innovation and inclusion across both nations.
Accelerating Fintech Expansion Across Borders
The Memorandum of Understanding (MoU) was signed on February 25, 2025, during the Inclusive Fintech Forum in Rwanda, a key event that convened financial sector leaders to discuss Africa’s fintech landscape. The agreement enables regulated fintech firms licensed by either central bank to expand seamlessly into the partner country without facing extensive additional regulatory hurdles.
This framework is expected to spur fintech innovation, attract investments, and strengthen financial inclusion, particularly benefiting micro, small, and medium enterprises (MSMEs).
Dr. Johnson Asiama, Governor of the Bank of Ghana, highlighted the transformative potential of this partnership:
“This MoU reinforces our shared vision of an integrated African financial ecosystem. By reducing regulatory barriers, we are creating an enabling environment for fintech growth, innovation, and investment, which will ultimately drive economic progress and improve livelihoods.”
Enhancing Payment Infrastructure and Regulatory Oversight
Beyond fintech licence passporting, the agreement establishes a cross-border payment framework aimed at fostering smoother and more efficient financial transactions between Ghana and Rwanda. The interoperability of payment systems is expected to reduce transaction costs, enhance transparency, and improve access to financial services for businesses and consumers alike.
Governor John Rwangombwa of the National Bank of Rwanda emphasized the critical balance between innovation and regulatory oversight:
“A successful cross-border payment infrastructure is not just about innovation—it requires a proactive regulatory framework that effectively manages risks while maximizing opportunities for financial inclusion and economic growth.”
Driving Fintech Growth and Economic Development
This collaboration is a significant step towards harmonizing Africa’s fintech regulations, reducing compliance burdens, and expanding market opportunities for fintech startups and enterprises. By improving cross-border payment systems and easing fintech licensing requirements, Ghana and Rwanda are setting a precedent for regional financial cooperation.
With the digital economy playing an increasingly pivotal role in Africa’s economic development, this partnership is expected to drive fintech adoption, enhance digital payments, and empower MSMEs, strengthening the financial ecosystems of both nations.
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