The Bank of Ghana (BoG) has announced plans to roll out a fintech passport alongside critical digital financial infrastructure aimed at accelerating seamless cross-border payments across Africa and beyond.
According to the Deputy Governor of the central bank, the fintech passport will allow licensed fintech companies operating in Ghana to expand into other participating jurisdictions with fewer regulatory barriers, reducing duplication of approvals and cutting the cost and time required to operate across borders.
Speaking at a financial sector engagement, the Deputy Governor explained that the initiative forms part of BoG’s broader strategy to modernise Ghana’s payment ecosystem, promote regional trade, and support the objectives of the African Continental Free Trade Area (AfCFTA).
He noted that despite the rapid growth of digital finance in Africa, cross-border payments remain slow, expensive and fragmented, largely due to differing regulatory frameworks and weak interoperability between national payment systems. The fintech passport, he said, is designed to address these challenges by fostering regulatory harmonisation and trust among participating countries.
In addition to the passport system, BoG is investing in robust digital infrastructure, including payment switches and settlement platforms that will enable real-time, secure and low-cost transactions across borders. This infrastructure is expected to strengthen interoperability between banks, mobile money operators and fintech firms.
The Deputy Governor stressed that the initiative will not only benefit financial institutions but also traders, SMEs, remittance recipients and consumers, who often bear the brunt of high fees and delays associated with international transfers.
He reaffirmed BoG’s commitment to maintaining financial stability, consumer protection and cybersecurity as digital payments expand, adding that stakeholder collaboration will be key to the successful rollout of the new framework.
With the fintech passport and enhanced digital infrastructure, Ghana is positioning itself as a regional fintech hub, leveraging innovation to drive financial inclusion, boost intra-African trade and deepen economic integration.
