The initiative is aligned with the East Africa Community (EAC) Cross-Border Payment System Masterplan, which envisions a more integrated and efficient regional payments ecosystem.
The Central Bank of Kenya (CBK) and the National Bank of Rwanda (NBR) have signed a Memorandum of Understanding (MoU) to establish a Licence Passporting Framework for Payment Service Providers (PSPs) across the two countries. This framework is designed to streamline licensing processes by promoting mutual recognition of regulatory requirements, reducing duplication while maintaining strong oversight and supervisory standards.
The initiative is aligned with the East Africa Community (EAC) Cross-Border Payment System Masterplan, which envisions a more integrated and efficient regional payments ecosystem. By creating a standardized approach for licensing PSPs, the framework aims to enhance cross-border payment services, enabling licensed providers to operate more freely between Kenya and Rwanda.
The agreement highlights the commitment of both central banks to foster regional collaboration and support the growth of secure and inclusive digital payment systems. The framework is expected to facilitate the expansion of financial services, improve market efficiency, and strengthen the overall payments infrastructure in the region.
