Ghana and Rwanda forge partnership to boost cross-border Fintech integration
The two central banks signed a Memorandum of Understanding (MoU) on February 25, 2025, during the Inclusive Fintech Forum in Rwanda, which was held from February 24 to 26.
In a move aimed at enhancing financial technology collaboration in Africa, the Bank of Ghana (BoG) and the National Bank of Rwanda (NBR) have formalized an agreement to streamline fintech operations between the two nations.
The two central banks signed a Memorandum of Understanding (MoU) on February 25, 2025, during the Inclusive Fintech Forum in Rwanda, which was held from February 24 to 26. This strategic pact establishes a license passporting framework and facilitates cross-border payment interoperability for fintech firms operating within both countries.
Driving Innovation and Expansion
The MoU was endorsed by Dr. Johnson Asiama, Governor of the Bank of Ghana, and Mr. John Rwangombwa, Governor of the National Bank of Rwanda, in the presence of senior officials from both institutions.
A key feature of this partnership is the licence passporting framework, which simplifies the expansion process for regulated fintech companies licensed in either Ghana or Rwanda. This will minimize regulatory bottlenecks, allowing fintech firms to extend their services across borders more efficiently, fostering innovation and strengthening the financial technology ecosystem in both countries.
Speaking at the signing ceremony, Dr. Johnson Asiama emphasized the broader impact of this agreement on Africa’s financial landscape:
“This memorandum of understanding reinforces our commitment to a more integrated African market. It presents a great opportunity to improve financial accessibility, drive fintech innovation, and enhance business growth—especially for micro, small, and medium-sized enterprises (MSMEs).”
On his part, Mr. John Rwangombwa underscored the need for a well-balanced regulatory approach to ensure the smooth operation of cross-border payment systems:
“Innovation alone is not enough to develop a sustainable cross-border payment infrastructure. A robust regulatory framework is essential to manage both risks and opportunities effectively.”
Strengthening Africa’s Digital Economy
Both the Bank of Ghana and the National Bank of Rwanda have expressed confidence that this collaboration will stimulate economic growth, enhance financial inclusion, and boost competition in the fintech sector. By reducing barriers for fintech firms to operate across borders, the agreement is expected to accelerate digital transformation and create a more dynamic financial ecosystem.
This initiative aligns with the broader vision of the African Continental Free Trade Area (AfCFTA), which seeks to facilitate seamless trade and financial integration across the continent. As fintech continues to play a transformative role in delivering financial services, the partnership between Ghana and Rwanda is set to become a model for regional cooperation in Africa’s evolving digital economy.
