BoG relaxes deadlines for financial institutions

The Bank of Ghana has extended almost all deadlines for financial institutions, including when to meet its minimum capital requirement.

Though no reasons were given, it is apparent that this has been necessitated by the effects of the coronavirus pandemic.

A notice issued by Sandra Thompson, the Secretary of the Central Bank, said the deadline for meeting the minimum capital requirement by all existing payment service providers and electronic money issuers as well as banks and specialised deposit-taking institutions 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 to December.

“This applies to all existing Electornic Money Issuers and Payment Service Providers that fall under the licence category required to meet the above certification.”

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

The deadline for meeting the minimum infrastructure and governance requirements has also been extended from June to December.