Rwanda, Ghana & PAPSS sign new fintech licensing passport systems at IFF 2025

The Inclusive Fintech Forum 2025, held recently, has brought about significant progress in the fintech sector, with Rwanda and Ghana at the forefront of innovation. During the forum, a Memorandum of Understanding was signed between Rwanda, Ghana, and the Pan-African Payment and Settlement System to establish a unified passporting framework for digital payments. This framework aims to facilitate the entry of fintech companies into different markets without facing licensing issues. Leila Rwagasana, Fintech Lead at Rwanda Finance Limited, shared insights on Rwanda's ambitious plans to expand its fintech ecosystem and other key takeaways from the event. One of the key highlights from the forum is the collaboration between Rwanda and Ghana to enable fintechs to operate seamlessly across borders. By simplifying licensing procedures, innovators can scale their businesses with ease. This initiative, known as license portability, is a significant step towards fostering innovation and growth in the fintech industry. Rwanda and Ghana's partnership sets a precedent for future collaborations among African nations to further develop the digital payments landscape. Another key takeaway from the event is the platform it provides for fintech innovators to connect with investors. In a bid to support the growth of the fintech ecosystem, Rwanda hosted a successful pitch event in 2018, where promising startups had the opportunity to secure funding. Building on this momentum, the forum serves as a catalyst for fostering partnerships between private and public sectors, attracting investments, and driving the fintech industry forward. Moreover, the Inclusive Fintech Forum has emerged as a pivotal platform for advancing conversations around fintech in Africa. With an increasing number of attendees and engaging sessions, the forum has become a cornerstone for strengthening the dialogue on financial technology across the continent. Rwanda, in particular, is positioning itself as a financial hub by spearheading initiatives that promote collaboration and innovation within the industry. In terms of creating an enabling environment for fintech growth, Rwanda has taken proactive measures by launching the National Fintech Strategy in 2024. This strategic framework outlines a roadmap for enhancing the fintech ecosystem, including infrastructure development and policy implementations. Additionally, the recent launch of the Rwanda National Development Digital Payment System signifies a significant milestone in advancing digital payment solutions, showcasing the government's commitment to fostering partnerships with private sector entities. Reflecting on the current state of fintech in Rwanda, Leila Rwagasana highlighted the challenges faced by industry players, particularly in accessing funding. While Rwanda boasts 80 active fintech companies, securing funding remains a key obstacle for many startups. Across Africa, there has been a decline in external funding for fintech ventures, prompting the need for alternative funding mechanisms such as public-private partnerships. Looking ahead, Rwanda aims to scale its fintech ecosystem by increasing the number of players to 300 within the next four years. With a target investment of $200 million, the country's ambitious goals underscore its commitment to driving innovation and attracting capital within the fintech sector. By leveraging platforms like the Inclusive Fintech Forum, Rwanda is poised to achieve its targets and emerge as a leading hub for fintech innovation in Africa.