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Business News of Tuesday, 31 March 2020

Source: Class FM

BoG extends MCR deadline for PCI-DSS, ISO 27001 certification

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The Bank of Ghana has extended the deadline for the minimum capital requirements of the Payment Card Industry Data Security Standard (PCI-DSS) and ISO 27001 certification from June 30, 2020, to December 31, 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.

On account of security concerns, all existing financial technology firms that intend to integrate with the Ghana Interbank Payment and Settlement Systems (GhIPSS) are also required to meet GhIPSS’ minimum security and control requirements by December 31, 2020.

Also, the deadline for meeting the minimum infrastructure and governance requirements has been extended from June 2020 to December 2020.

Th central bank had earlier extended the minimum capital requirement of Mobile Money Operators from June 2020 to December 2020.

The new minimum capital requirement was GHS20 million.

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