The Bank of Ghana (BoG) has extended the minimum capital requirement for banks and specialised deposit-taking institutions as well as all existing Payment Service Providers and Electronic Money Issuers from June 30, 2020 to December 31, 2020.
The deadline for meeting the Payment Card Industry Data Security Standard (PCI-DSS) and ISO 27001 certification requirements has also been extended from June 2020 to December 2020. This applies to all existing Electronic Money Issuers and Payment Service Providers that fall under the licence category required to meet the above certification.
In a statement copied to the Businessweekghana.com, the BoG further noted that, all existing financial technology firms that intend to integrate with GhIPSS are required to meet GhIPSS’ minimum security and control requirements by December 31, 2020.
“The deadline for meeting the minimum infrastructure and governance requirements is extended from June 2020 to December 2020” the statement stated.
To operationalize the Payment Systems and Services Act, 2019 (Act 987), the Bank of Ghana on September 12, 2019 issued a notice (NOTICE NO BG/GOV/SEC/2019/16) on the minimum capital requirements, permissible activities, fees, governance and systems requirements for Payment Service Providers and Electronic Money Issuers but due to the COVID-19 pandemic, the BoG has had to adjust the deadlines for meeting these requirements.
Source: Kofi Ahovi//Businessweekghana.com
