BoG and Bank of Rwanda Launch Fintech Passport to Boost Cross-Border Payments in Africa

The Bank of Ghana (BoG) and the Bank of Rwanda are taking a major step toward enhancing financial integration in Africa by finalizing agreements for a fintech passport framework. Announced by BoG’s Second Deputy Governor, Matilda Asante-Asiedu, the initiative is designed to enable cross-border licensing of fintech companies and foster stronger trade cooperation across the continent.

Speaking at the African Prosperity Dialogues (APD) 2026 on February 4, Ms. Asante-Asiedu highlighted that the framework is part of broader efforts to streamline and simplify cross-border payment systems in Africa. She emphasized that making payments more interoperable is crucial to reducing the high cost and complexity of financial transactions between African nations.

“Expensive and slow cross-border payments remain a major barrier to intra-African trade and the full implementation of the African Continental Free Trade Area (AfCFTA),” Ms. Asante-Asiedu explained. She stressed that tackling these challenges is essential to unlock the continent’s trade potential and accelerate economic growth.

The fintech passport aims to create regulatory trust and ease licensing procedures, allowing fintech companies to operate seamlessly across multiple African markets. “This strategic collaboration between the Bank of Ghana and the Bank of Rwanda can be scaled across Africa to facilitate trade,” she added, underscoring the initiative’s potential to transform financial services in the region.

Experts believe that initiatives like the fintech passport could reshape Africa’s financial landscape by reducing transaction costs, improving speed, and fostering innovation. For businesses and consumers alike, smoother cross-border payments promise to make trade more accessible and efficient, bringing the continent closer to its vision of a unified digital economy.

source: citi newsroom