The Minister for Communication, Digital Technology and Innovations, Samuel Nartey George, has disclosed that Ghana is considering a framework for the mutual recognition of fintech and payment service provider licences with Zambia to ease cross-border business operations.
Speaking during a recent media engagement, the minister outlined the proposal as part of ongoing discussions aimed at strengthening digital financial cooperation between the two countries.
The move comes against the backdrop of persistent regulatory challenges faced by fintech companies operating across borders, where firms are often required to restart the entire licensing process despite meeting similar compliance standards.
He explained that Zambia’s fintech regulatory framework was developed with technical support from the Bank of Ghana, making both systems largely aligned and raising questions about the necessity of duplicative approval processes.
“The Bank of Zambia fintech policy was modelled and structured by technical expertise from the Bank of Ghana, so they are very similar platforms. So if a company in Zambia, using those benchmarks that have been created, goes through the rigorous process of getting a PSP licence, if that company comes to Ghana, must it start afresh from the beginning again when they have gone through a similar regulatory regime?”he stated.
He further emphasised the importance of reducing bureaucratic bottlenecks to support private sector growth.
“Can Ghana recognise the licence issued by the Central Bank of Zambia, and can Zambia recognise the licence issued by the Bank of Ghana? So that it makes it easy for our businesses… they have to start all over again. Bureaucratic bottlenecks. How do we ease up business for our private sector?” He added.
Pointing to the broader implications for financial integration, he noted that improved cooperation could transform cross-border transactions.
“From there we can begin to talk about remittances between Ghana and Zambia without it having to go through a corresponding bank in America or Europe”,he added.
The proposed framework is expected to reduce operational costs for fintech firms, accelerate market entry and strengthen digital financial services across both countries.
It also aligns with wider continental efforts to promote seamless financial interoperability and intra-African trade, where efficient and direct payment systems remain key to economic integration. financial interoperability and intra-African trade, where efficient and direct payment systems remain key to economic integration.
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