Fintechs have 6 months to meet new cyber security standards – BoG warns

The Bank of Ghana (BoG) has urged all fintechs operating in the country to improve their cybersecurity systems to meet international standard requirements ahead of the passage of the Payment Systems and Services Bill by end of 2018.

According to the central bank, the new law will take into account technology, innovation, and consumers’ demand for better services.

Speaking at Citi Fm and Citi TV’s FinTech Summit, the Head of Payment Systems at the Bank of Ghana, Dr. Settor Amediku said telcos and fintechs will be required by law to meet certain strict cybersecurity standards by close of the year.

He maintained that the central bank wants to avoid a situation where lapses in the operations of fintechs will cause a problem for the financial system.

“We have not regularize MTN money, Vodafone Cash and Airtel Tigo Cash. They all have these six months to regularize their activities to meet the minimum cyber security. In the microfinance [collapse], people chastised the Bank of Ghana. We don’t want to wait for you to come and tell us that your money on Hubtel [or any fintech company] is no more there,” he stressed.

He warned that the fintech industry is an emerging market that must be properly regulated to protect the funds of Ghanaians.

He assured that there will be a transnational period for all telcos and fintechs to allow a smooth implementation of the regulation in accordance with the new law.

Dr. Amediku spoke at a panel discussion as part of the Annual Citi Business Festival.

The panel was made up of the CEO of Ghana Interbank Payment and Settlement Systems (GhIIPSS), Mr. Archie Hesse, the CTO of PaySwitch, Emmanuel Osei Akoto, the CEO of Rancard Solutions, Kofi Dadzie, the CEO of Hubtel- Alex Brahm, and William Derban from Fidelity Bank.

They discussed the topic the “Future of Financial Ecosystem in Ghana”.