Ghana, Rwanda to Introduce Cross-Border Payment Interoperability for Fintech Companies

Licensed financial technology (fintech) companies in Ghana and Rwanda will soon experience a seamless cross-border payment ecosystem.

This is in the wake of a Memorandum of Understanding (MoU) signed on February 25 at the Inclusive Fintech Forum in Rwanda by the Central Banks of the two countries.

By the MoU, they will be introducing a groundbreaking licence passporting framework and cross-border payment interoperability for regulated financial technology (fintech) companies.

According to a communique issued by the Bank of Ghana on February 26, the licence passporting framework is designed to facilitate easier cross-border operations for regulated fintechs licensed by either country’s central bank.

“This 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.”

In a general sense, the Governor of the BoG, Dr. Johnson Asiama, said the initiative will promote an integrated African market which holds the prospects of enhancing the livelihoods of our citizens.

Additionally, he said it will create opportunities for an environment that encourages fintech innovation and investment, ultimately benefiting our economies, particularly Mirco, Small and Medium-size Entreprises (MSMEs).

For his part, Mr. John Rwangombwa, Governor of the National Bank of Rwanda, remarked, “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.”

Source: opemsuo.com/Hajara Fuseini