The Minister for Communication, Technology and Innovation, Sam George, has announced plans to introduce a framework that would allow mutual recognition of fintech and payment service provider (PSP) licences between Ghana and Zambia, aimed at easing cross-border business operations.
According to him, the current system requires companies licensed in one country to undergo a full licensing process again when entering another market, even when both jurisdictions operate under similar regulatory standards.
Speaking on the Citi Breakfast Show on Monday, April 20, Mr George described the situation as an unnecessary bureaucratic hurdle that slows private sector growth and innovation across borders.
He noted that Zambia’s fintech policy was developed with technical input from the Bank of Ghana, raising questions about the need for duplicated licensing processes.
“The Bank of Zambia fintech policy was modelled with expertise from the Bank of Ghana. If a company meets those standards and secures a licence in Zambia, must it come to Ghana and start the process all over again?” he asked.
Mr George explained that the proposed framework would enable companies licensed in either country to operate seamlessly across both markets without restarting the approval process.
He emphasised that the move would enhance ease of doing business, cut administrative delays, and deepen fintech collaboration between Ghana and Zambia.
