Kenya and Rwanda are developing a shared regulatory framework that would allow fintech firms to operate in both countries under a single licence, potentially removing one of the biggest obstacles to regional expansion for African digital payments companies.
Under the proposed system, regulators in Nairobi and Kigali would recognise each other’s approvals, while retaining joint oversight and cooperating on supervision. At present, startups must secure separate licences in each country, a duplication that pushes up compliance costs and slows the rollout of cross‑border payment services.
By moving towards mutual recognition, the two central banks hope to support the responsible growth of fintechs and deepen regulatory collaboration. If adopted, the framework could speed up the expansion of East Africa’s digital payments market by making it easier for companies to scale across borders.
Read the original article here: https://businessday.ng/technology/article/kenya-rwanda-move-toward-single-licence-for-cross-border-fintech-expansion/#google_vignette