The Bank of Ghana and the National Bank of Rwanda have signed a Memorandum of Understanding (MoU) to enhance cross-border payment interoperability for licensed fintech companies.
A press release issued by the BoG on Wednesday, February 26, 2025, said the initiative will 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.
It said there would be a licence passport framework designed to facilitate easier cross-border operations for regulated fintechs licenced by either country’s central bank.
The Governor of the Bank of Ghana, Dr. Johnson Asiama, during the ceremony, highlighted the significance of this 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. John Rwangombwa, Governor of the National Bank of Rwanda, also said: “we recognise that creating an effective cross-border payment infrastructure requires more than just innovation, but demands a forward-fitting regulatory framework that balances risks and opportunities”
The release said both countries were optimistic that this enhanced cooperation would lead to greater prosperity and development within the payment ecosystem.
Ghana and Rwanda have long-standing bilateral relations, making this partnership a significant step towards achieving Africa’s broader financial integration goals, reducing transaction costs, and improving efficiency for businesses and consumers.
