Business News of Friday, 3 April 2020Source: goldstreetbusiness.comLicensing requirements deadline further extended for payment service providersBank of GhanaThe Bank of Ghana has further extended the deadline for meeting the licensing requirement it has set for payment services providers, in order to operationalize the Payment Systems and Services Act, 2019 (Act 987). The first aspect of the deadline extension is the deadline for meeting the minimum capital requirements by all existing Payment Service Providers and Electronic Money Issuers as well as banks and specialized deposit-taking institutions which has been extended 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. The regulator has also extended the deadline for meeting the minimum infrastructure and governance requirements from June 2020 to December 2020. To operationalize the Act 987, the central bank on September 12, 2019 issued a notice on the minimum capital requirements, permissible activities, fees, governance and systems requirements for Payment Service Providers and Electronic Money Issuers.

Source: GhanaWeb April 03, 2020 06:11 UTC