The licence passporting framework was designed to facilitate easier cross-border operations for regulated fintechs licensed by either country’s central bank.
In addition, this initiative will enable the regulated fintechs in the regions of Ghana and Rwanda to expand their suite of services with minimal additional regulatory requirements, as well as promote development and growth in the financial technology sector of both countries.
According to the official press release, the Memorandum of Understanding also reaffirms the Bank of Ghana’s commitment to the overall idea of an integrated and secure African market, which holds multiple prospects of improving the livelihoods of citizens and customers. In addition, it will also focus on the development of new opportunities for an environment that encourages fintech optimisation and investment, aiming to boost economies and the growth of MSMEs. The institutions will also focus on optimising the overall customer experience while accelerating the development of the financial landscapes as well.
At the same time, both countries will continue to enhance cooperation in order to lead to improved prosperity and development within the payment ecosystem. The Bank of Ghana and the National Bank of Rwanda will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries as well.
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