Ghana and Rwanda Sign Landmark Fintech Agreement to Boost Cross-Border Payments
Ghana and Rwanda have entered into a strategic financial agreement aimed at enhancing cross-border fintech operations and strengthening payment interoperability across both nations. The Memorandum of Understanding (MoU), signed on February 25, 2025, at the Inclusive Fintech Forum in Rwanda, establishes a licence passporting framework designed to facilitate seamless expansion for regulated financial technology firms.
The agreement was signed 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 financial regulators and industry stakeholders. The Inclusive Fintech Forum, which ran from February 24 to 26, 2025, provided a backdrop for deliberations on Africa’s rapidly evolving digital finance ecosystem.
A Boost for Africa’s Fintech Ecosystem
The newly introduced licence passporting framework will ease regulatory restrictions for fintech companies licensed by either the Bank of Ghana (BoG) or the National Bank of Rwanda (NBR). By removing redundant licensing barriers, the initiative is expected to spur innovation and attract investments into the financial technology sector in both countries.
Dr. Asiama hailed the agreement as a milestone in Africa’s journey toward a fully integrated digital financial market. He stated, “The signing of this memorandum reaffirms our commitment to the broader idea of an integrated African market, which holds the potential to enhance livelihoods and create opportunities for fintech innovation and investment. This, in turn, will benefit our economies, particularly micro, small, and medium enterprises (MSMEs).”
Governor Rwangombwa echoed similar sentiments, stressing the need for a forward-looking regulatory framework to support Africa’s digital payments infrastructure. “We recognize that creating an effective cross-border payment system requires more than just technological innovation. It demands a regulatory approach that balances both risks and opportunities,” he remarked.
Driving Economic Growth Through Digital Finance
The agreement between Ghana and Rwanda is expected to enhance cross-border digital transactions, improve financial inclusion, and promote economic cooperation between the two countries. The initiative aligns with broader African Continental Free Trade Area (AfCFTA) objectives, which seek to harmonize trade and financial systems across Africa.
With fintech adoption surging across the continent, experts believe that such partnerships could pave the way for greater regulatory alignment and deeper financial integration. Industry analysts predict that the framework will reduce operational costs for fintech firms, enhance digital payment security, and provide a unified regulatory model that could be replicated in other African markets.
As both nations push forward with this agreement, industry players are keenly observing its implementation and the potential ripple effects on Africa’s broader digital finance landscape. If successful, the Ghana-Rwanda model could serve as a blueprint for other African central banks looking to foster cross-border fintech collaborations.
