First microbank to open in Georgia

Maria Novoselova/Vestnik Kavkaza

The National Bank of Georgia expects that the first microbank will open in the republic soon. This statement was made by the acting head of the regulator.

"I had a meeting with representatives of industry, the financial sector. I talked with organizations that are considering applying",

 

Natia Turnava said

She emphasized that the legislation in this area still needs to be finalized, since this is a completely new practice.

"The regulations may need some improvement, since this is a new practice, and we are always ready and open to dialogue. We think that the first microbank will appear in our country in the near future",

 

Acting Head of the National Bank said.

According to her, this license will help attract new investors.

"The introduction of a new license for microbanks serves to create an additional, interesting, attractive financial institution for investors, which to some extent will become a transitional stage between microfinance organizations and full-fledged banks",
 

Natia Turnava said.

Let us remind you that amendments to the law, which provide for the legalization of this type of banks in the republic, came into force on July 1.

© Photo :Maria Novoselova/Vestnik Kavkaza
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