The Bank of Ghana (BoG) and the National Bank of Rwanda (NBR) have recently taken a significant step towards advancing financial technology innovation and integration in Africa. The two countries have signed a Memorandum of Understanding (MoU) to establish a licence passporting framework and enhance cross-border payment interoperability for regulated fintech companies.
The MoU was signed during the Inclusive Fintech Forum in Rwanda, a three-day event that brought together key stakeholders in the financial technology sector. The signing ceremony was attended by the Governor of the National Bank of Rwanda, Mr John Rwangombwa, the Governor of the Bank of Ghana, Dr Johnson Asiama, and other key officials from both central banks.
The newly established licence passporting framework aims to ease cross-border operations for regulated fintechs licensed in either Ghana or Rwanda. With this initiative, fintech companies from both countries can expand their services with minimal additional regulatory hurdles, thereby accelerating innovation and supporting the growth of the financial technology sector across borders.
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