With the acceleration of digital transformation in Africa, cooperation between countries is becoming crucial. It facilitates access to technology, optimizes resources, and fosters innovation.

The Bank of Ghana (BoG) and the National Bank of Rwanda (NBR) signed a memorandum of understanding on Tuesday, February 25, during the Inclusive Fintech Forum recently held in Rwanda. The agreement establishes a "license passporting" framework, allowing fintech companies that comply with regulations to operate freely in both countries, facilitating their expansion while reducing regulatory barriers.

"The signing of this memorandum of understanding reaffirms our commitment to the broader idea of an integrated African market. It holds the prospect of enhancing the livelihoods of our citizens and creates opportunities for an environment that encourages fintech innovation and investment, ultimately benefiting our economies, particularly micro, small, and medium-sized enterprises (MSMEs)," said Johnson Asiama, former Deputy Governor of the Bank of Ghana.

This partnership aligns with a broader strategy to strengthen Africa’s fintech ecosystem and promote regional economic integration. Rwanda, which aims to attract 300 fintech firms by 2029, create 7,500 direct jobs, and secure $200 million in investments, recently launched a National Fintech Strategy and a national digital payment system. Ghana, a key player in financial technology, continues to enhance its payment infrastructure and support innovative initiatives.

By facilitating the integration of digital financial services, this agreement plays a vital role in advancing the vision of the African Continental Free Trade Area (AfCFTA) and accelerating the continent’s digital transformation. As Africa’s fintech sector experiences rapid growth, the continent has the potential to emerge as a global fintech hub—provided it can overcome challenges related to digitization and financial inclusion.

In 2024, African fintech startups raised $1.034 billion, accounting for 47% of all funding secured by startups across the continent, up from 42% in 2023, according to Africa: The Big Deal.

By Samira Njoya,

Editing by Sèna D. B. de Sodji