Opportunity International Savings and Loans Limited (OISL) has obtained the internationally recognised Payment Card Industry Data Security Standard Certification (PCIDSS).
OISL was presented with an Attestation of Compliance (AoC) by the global certification company, Kyte Consultants, an independent auditor on May 8, 2024, after a thorough audit and compliance validation was performed.
Kyte Consultants Ltd (with its headquarters based in Malta) is accredited by the major card brands, through the Payment Card Industry Security Standards Council (PCI SSC), as a Qualified Security Assessor Company.
The certification is the latest for the company after it obtained the ISO27001 certification in January this year.
Mr. Benjamin Kusi, the Board Chairman, Cyber and IT Committee, expressed his delight for the milestone, which, he said, was a confirmation of OISL’s commitment to protecting and providing a safe and secure environment for its customers.
Mr. Kwame Owusu-Boateng, the Chief Executive Officer (CEO) of OISL, noted that the certifications followed the Bank of Ghana’s directive on Cyber Security and Electronic Payment channels.
“This emphasises OISL’s commitment to adopting global best practices and standards in ensuring the integrity of its customer information and a secure banking operating environment,” he said.
Dr. Francis Takyi, Chief Risk Officer and Director of Cyber Security of OISL, also said that ‘PCI DSS was an information security standard designed to prevent or reduce payment card fraud by increasing security controls around cardholder data”.
He explained that the comprehensive set of security standards was developed by the PCI Security Standard Council to safeguard debit, credit, prepaid and cash card transactions, and to prevent the misuse of cardholder data.
“Payment security is vital for every organisation that stores, processes or transmits cardholder data.”
Mr. Eric Amoako, the Chief Information Security Officer of OISL, highlighted the benefits of the certifications, which included improving OISL’s information security position, guaranteeing customer assurances on risk mitigation, and enhancing customer experiences.
PCI DSS compliance is required by all card brands. It is the global standard that any organisation of any size must adhere to accept payment cards, and to store, process, and/or transmit cardholder data.
PCI DSS compliance is adherence to the set of policies and procedures developed to protect credit, debit, and cash card transactions and to prevent the misuse of cardholders’ personal information.
Opportunity International Savings and Loans Ltd is one of the leading Financial Institutions in the country and currently has thirty- eight (38) branches in ten (10) out of the sixteen (16) regions of Ghana, serving more than 660,000 clients across the country.
It is a subsidiary of Opportunity International, a global organisation with headquarters in Chicago, USA.
The Institution delivers services and programmes to clients in 30 countries across the globe, serving more than 20 million customers with Micro Banking, Micro Insurance, Agriculture, Education Finance, and Innovative Non-Financial Services.
GNA
BAS
13 May 2024
