The Financial institution of Ghana (BoG) and the Nationwide Financial institution of Rwanda (NBR) have taken a major step in direction of advancing monetary know-how innovation and integration in Africa.
The 2 nations have signed a Memorandum of Understanding (MoU) to determine a licence passporting framework and improve cross-border fee interoperability for regulated fintech corporations.
The MoU was signed on February 25, 2025, throughout the Inclusive Fintech Discussion board in Rwanda, which ran from February 24 to 26.
The signing ceremony was attended by the Governor of the Nationwide Financial institution of Rwanda, Mr. John Rwangombwa, and the Governor of the Financial institution of Ghana, Dr. Johnson Asiama, together with different key officers from each central banks.
The newly established licence passporting framework goals to ease cross-border operations for regulated fintechs licensed in both Ghana or Rwanda.
With this initiative, fintech corporations from each nations will have the ability to broaden their providers with minimal extra regulatory hurdles, thereby accelerating innovation and supporting the expansion of the monetary know-how sector throughout borders.
Highlighting the significance of the settlement, Dr. Johnson Asiama acknowledged, “The signing of this memorandum of understanding reaffirms our dedication to the broader thought of an built-in African market.
“It holds the prospect of enhancing the livelihoods of our residents and creates alternatives for an setting that encourages fintech innovation and funding, finally benefiting our economies, notably micro, small, and medium-sized enterprises (MSMEs).”
Echoing related sentiments, Mr John Rwangombwa emphasised the necessity for a balanced method in creating cross-border fee programs.
“We recognise that creating an efficient cross-border fee infrastructure requires extra than simply innovation. It calls for a forward-fitting regulatory framework that balances dangers and alternatives,” he famous.
Each the Financial institution of Ghana and the Nationwide Financial institution of Rwanda expressed optimism that this enhanced cooperation will spur prosperity and improvement inside the digital fee ecosystem of each nations.
By fostering simpler entry for fintech corporations to function throughout borders, the 2 central banks purpose to advertise monetary inclusion, improve competitiveness, and stimulate financial progress of their respective markets.
This settlement marks a major stride towards realising the African Continental Free Commerce Space (AfCFTA) imaginative and prescient of seamless commerce and monetary integration throughout the continent.
With fintech taking part in a pivotal function in reshaping how monetary providers are delivered, the partnership between Ghana and Rwanda is anticipated to set a brand new benchmark for regional collaboration in Africa’s quickly evolving digital financial system.
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