The Bank of Ghana and the National Bank of Rwanda have entered into a strategic partnership to introduce a licence passporting framework and cross-border payment interoperability for regulated financial technology (fintech) companies.

The landmark agreement was formalized through the signing of a Memorandum of Understanding (MoU) at the Inclusive Fintech Forum held in Rwanda from February 24 to 26, 2025. The signing ceremony was attended by Governor John Rwangombwa of the National Bank of Rwanda and key officials from both central banks.

The licence passporting framework is a groundbreaking initiative that aims to simplify cross-border operations for fintech firms that are licensed by either the Bank of Ghana or the National Bank of Rwanda.

Under this framework, regulated fintechs in Ghana and Rwanda will be able to expand their services across both markets with minimal additional regulatory requirements. This streamlined process will remove significant barriers to entry, allowing fintech firms to scale their operations more efficiently while fostering innovation and financial inclusion.

The introduction of cross-border payment interoperability further strengthens this partnership by enabling seamless transactions between the two countries. By integrating their payment systems, Ghana and Rwanda are facilitating faster, safer, and more cost-effective financial transactions, which will benefit businesses, consumers, and micro, small, and medium-sized enterprises (MSMEs).

Boosting Africa’s Integrated Digital Economy

Governor Dr. Johnson Asiama of the Bank of Ghana emphasized the broader impact of the MoU.

“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.”
Governor Dr. Johnson Asiama

This initiative aligns with the broader objectives of the African Continental Free Trade Area (AfCFTA), which aims to promote seamless trade and financial integration across the continent. By enabling fintech companies to operate more freely between Ghana and Rwanda, this collaboration sets the stage for increased investment in digital financial services, ultimately supporting Africa’s digital transformation agenda.

Governor John Rwangombwa of the National Bank of Rwanda also underscored the importance of a strong regulatory foundation for the success of cross-border payment systems.

“We recognise that creating an effective cross-border payment infrastructure requires more than just innovation. It demands a forward-fitting regulatory framework that balances risks and opportunities.”
Governor John Rwangombwa

His remarks highlight the necessity of regulatory cooperation to ensure secure and efficient cross-border financial transactions.

MSMEs and the Fintech Ecosystem

The MoU is expected to bring significant benefits to MSMEs in both Ghana and Rwanda by providing them with enhanced access to digital financial services. MSMEs, which form the backbone of both economies, often face challenges in accessing financial products and services. The improved interoperability between the two nations’ payment systems will enable businesses to make and receive payments more seamlessly, reducing transaction costs and improving financial inclusion.

Furthermore, the licence passporting framework will create a more conducive environment for fintech start-ups and established players to innovate and expand. By eliminating redundant regulatory processes, fintech companies can focus on developing new solutions that cater to the needs of underserved populations, thereby driving financial inclusion and economic growth.

The agreement between Ghana and Rwanda marks a significant step in strengthening bilateral cooperation in the fintech and digital payments sector. It also sets a precedent for other African nations to follow, as more countries seek to establish similar frameworks to enhance regional financial integration.

The success of this partnership could encourage other central banks across Africa to explore similar agreements, leading to a more interconnected and efficient digital financial ecosystem across the continent. With Ghana and Rwanda leading the way, this collaboration signals a new era of fintech-driven economic development in Africa.

By implementing a licence passporting framework and enhancing cross-border payment interoperability, both countries are paving the way for a more integrated, innovative, and financially inclusive Africa.