In everyday usage this procedure is called a payment licence. The specific type of registration and the requirements depend on the services you intend to offer.
Applicant Requirements
- A legal entity incorporated in Georgia (LLC or JSC).
- Minimum share capital set by the NBG according to the licence type.
- Implemented anti-money laundering (AML) and know-your-customer (KYC) procedures.
- Technology infrastructure ensuring transaction security and client data protection.
- Qualified management with demonstrated experience in the financial sector.
Documents Required
The application package includes: constitutional documents of the company, a business plan, a description of the internal control system, AML/KYC policies, information on beneficial owners and directors, and documents confirming the qualifications of key personnel. The exact list is determined by the type of licence requested.
Timeline and Outcome
The National Bank reviews the application within 3 to 6 months. Upon approval, the provider is registered and may provide the relevant services throughout Georgia. Registered providers are subject to ongoing NBG supervision and are required to submit regular reports.
Which acts regulate payment services
The main law in this area is the Law of Georgia on Payment System and Payment Services, applied together with the Organic Law on the National Bank of Georgia. On its basis the NBG has adopted bylaws:
- the Rule of Registration and Regulation of the Payment Service Provider: how registration is granted and cancelled
- the Regulation on Capital Adequacy Requirements for Payment Service Providers: minimum regulatory capital for significant providers, including important electronic money providers, and for payment initiation service providers, in effect since 1 January 2024
- the Regulation on Strong Customer Authentication
- the Regulation on Execution of Payment Transactions and the Regulation on Card-based Instruments
Capital requirements depend on whether the provider is treated as significant, so they are worth assessing at the business plan stage. Services involving virtual assets follow separate rules, described on our VASP registration in Georgia page.
FAQ
Can payment services be provided in Georgia without a licence?
No. Operating without an NBG licence violates Georgian law and may result in administrative and criminal liability.
What types of payment licences are available?
Payment service providers, including electronic money issuers, are registered with the NBG. The requirements depend on the specific services planned.
What is the minimum share capital requirement?
The amount is set by the NBG and depends on the licence type. We recommend requesting a consultation for current figures.
How long does it take to obtain a licence?
The NBG review takes 3 to 6 months. Preparing a complete application package prior to submission may require additional time.
Can a foreign company obtain a payment licence in Georgia?
Registration is granted to a legal entity incorporated in Georgia. Foreign founders may establish a Georgian LLC or JSC and apply through that entity.
Is it a licence or a registration?
Formally a registration. According to the NBG, commercial banks are licensed, while payment service providers are registered with the National Bank under the Rule of Registration and Regulation of the Payment Service Provider. In the market this procedure is often called a payment licence.
Are there capital requirements?
Yes, for significant payment service providers, including important electronic money providers, and for payment initiation service providers. The Regulation on Capital Adequacy Requirements has applied since 1 January 2024 and sets out the methodology for calculating regulatory capital.