The Governor of the Central Bank of Rwanda, John Rwangombwa, has announced that Ghana and Rwanda are taking a significant step towards fintech integration by introducing a license passporting regime. This initiative will enable fintech companies licensed in one jurisdiction to expand into the other with minimal additional regulatory requirements.
Backed by the Monetary Authority of Singapore, the initiative is set to be officially launched at the Inclusive FinTech Forum in Kigali from February 24-26, 2025.
The proposed framework aims to streamline cross-border fintech operations, reducing regulatory bottlenecks and fostering a more unified financial ecosystem within Africa. Under this regime, fintech companies with a valid license in one jurisdiction will only need to submit supplementary information to gain authorization to operate in the other country. This initiative will significantly cut down on costs, time, and administrative burdens, making it easier for companies to scale between the jurisdictions.
This move reflects a broader trend of regulatory harmonization across Africa. By creating an enabling environment for fintech growth, Ghana and Rwanda are positioning themselves as leaders in Africa’s fintech space.
As implementation details unfold, stakeholders will be keen to see how regulatory frameworks will be aligned to ensure smooth adoption of the system.
This development marks an exciting milestone for Africa’s fintech ecosystem, bringing the continent closer to a seamless, interconnected digital financial landscape.
