Tag: Specialized deposit-taking institutions
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Primary reserve requirement reduced to 6% to provide liquidity to SDIs
The Bank of Ghana has reduced the Primary Reserve Requirement for savings and loans companies, finance house companies, and rural and community banks from 8 percent to 6 percent, as well as the 10 percent primary reserve ratio for micro finance companies to 8 percent. This is part of measures to further provide economic relief…
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Minimum capital requirement deadline for payment service providers extended by 6-months
The Bank of Ghana has officially extended by 6 months, the deadline for meeting the new minimum capital requirements by all existing Payment Service Providers, Electronic Money Issuers, banks and specialized deposit-taking institutions, from June 30, 2020 to December 31, 2020. To operationalize the new Payment Systems and Services Act, 2019 (Act 987), which sought…