Ghana, Rwanda Partner On Licence Passporting, Payment Interoperability

 

 

The Bank of Ghana (BOG) and the National Bank of Rwanda have signed a Memorandum of Understanding (MoU) to introduce a licence passporting framework and cross-border payment interoperability aimed at facilitating easier cross-border operations for regulated fintechs licensed by the Central banks of both countries.

A statement issued on Wednesday February 26, 2025, by the BoG Communications Department said the agreement signed at the Inclusive Fintech Forum in Rwanda, with the Governor of the National Bank of Rwanda, John Rwangombwa and key officials from the National Bank of Rwanda and the Bank of Ghana in attendance.

It said the initiative which includes cross border payment interoperability for regulated financial technology (fintech) companies will also enable the regulated fintechs in Ghana and Rwanda to expand their services with minimal additional regulatory requirements, thereby promoting innovation and growth in the financial technology sector of both countries.

The release said the BoG Governor, Dr. Johnson Asiama, highlighted the significance of the agreement, stating, “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.”

Mr. Rwangombwa, in his remarks said, “We recognise that creating of an effective cross-border payment infrastructure requires more than just innovation. It demands a forward-fitting regulatory framework that balances risks and opportunities”

“Both countries are optimistic that this enhanced cooperation will lead to greater prosperity and development within the payment ecosystem,” it added.

By Ebenezer K. Amponsah

 

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