The National Bank of Rwanda (NBR) has revealed that it is in active discussions with the Bank of Ghana to establish a framework that will allow fintech companies from both countries to operate across each other’s borders.
Speaking 3i Africa Summit yesterday,the Deputy Governor of the NBR, Nick Barigye, made the highlighted the growing urgency for regulatory cooperation as financial technology innovation continues to outpace existing cross-border frameworks.
“As regulation is still fragmented, and together as two central banks, we are working to see how we facilitate a fintech in Ghana to come and operate in Rwanda, how a fintech in Rwanda can operate in Ghana,” Barigye stated.
The Deputy Governor identified regulatory fragmentation as the central challenge confronting African central banks in their efforts to support fintech growth, noting that while innovation has become increasingly borderless, regulation has largely remained domestic in scope.
“Innovation is moving beyond borders, but regulation does not. So that’s the challenge that we see in Rwanda that we are grappling with,” he said, adding that the NBR has been actively engaging peer central banks to develop coordinated solutions.
Barigye expressed appreciation for the collaborative relationships being built between African monetary authorities, describing the challenge as ongoing but one the central bank is committed to addressing.
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