Digital Payments & Fintech · Georgia
Fintech & payments regulation in Georgia (2026)
Georgia shaded by its digital payments & fintech status
Fintech and digital payments in Georgia: licensing regime.
FrameworkLaw of Georgia on Payment Systems and Payment Services (as amended), administered by the National Bank of Georgia (NBG)
Georgia has a well-established payment services licensing regime under which non-banking institutions may register with the National Bank of Georgia (NBG) as Payment Service Providers (PSPs), covering payment initiation, account information, card services, and e-money issuance. Open Banking rules are actively in force, capital adequacy requirements for PSPs took effect in January 2024, and an NBG-led national Instant Payment System is in advanced development targeting Q4 2026 launch.
Key points
Under the Law on Payment Systems and Payment Services, only commercial banks, microfinance organisations, and NBG-registered non-banking PSPs (must be incorporated as an LLC or JSC) may provide payment services. Permitted activities include payment card issuance/acquiring, e-money issuance via mobile/internet, payment initiation, and account information services. No separate e-money institution (EMI) licence category exists; e-money issuance is covered under the standard PSP registration.
Open Banking rules are set out in NBG Order No. 80/04 ('On Approval of the Rule on Inclusion in Open Banking'). The framework mandates that licensed banks and eligible PSPs expose standardised APIs for account data sharing and payment initiation. As of 2023, the NBG extended Open Banking participation to non-banking institutions. As of April 2025, four entities were registered as Payment Initiation Service Providers (PISPs) with five more applications pending.
The NBG approved a dedicated Regulation on Capital Adequacy Requirements for Payment Service Providers, which entered into force on 1 January 2024. PSPs must maintain minimum authorised capital throughout their operational period and submit monthly, quarterly, and annual compliance reports to the NBG.
The NBG is developing a national Instant Payment System offering 24/7/365 GEL-denominated retail payments with immediate settlement. Public and business rollout is targeted for Q4 2026. The system is designed to be open to both commercial banks and non-bank PSPs, supporting further development of the open banking ecosystem.
The NBG published an updated National Fintech Development Strategy (2025 edition) focusing on proactive regulatory policy, early-stage technology experimentation (including a digital sandbox for synthetic data access), and international cooperation. The NBG's Regulatory Sandbox allows regulated and non-regulated entities to test innovations including equity crowdfunding and open finance services.
No specific Buy Now Pay Later (BNPL) regulatory framework has been identified in Georgia. BNPL providers operating in Georgia are subject to general PSP registration requirements and consumer credit rules under the existing Law on Payment Systems and Payment Services and related NBG regulations, with no standalone BNPL licence or supervisory framework in place as of 2026.
Timeline - major decisions & events
All NBG-registered Virtual Asset Service Providers must now visibly display their official NBG registration confirmation across every service channel — branches, websites, self-service kiosks, and mobile apps. The rule extends consumer-protection obligations to crypto firms on par with traditional payment institutions.
Georgia Today (reporting NBG administrative order) ↗Amendments to the Organic Law on the National Bank of Georgia formally vest the NBG with comprehensive prudential supervision, consumer-rights protection, cybersecurity oversight, and operational-risk management powers over Virtual Asset Service Providers. This closes the last regulatory gap, placing crypto firms on the same statutory supervisory footing as licensed payment service providers.
National Bank of Georgia ↗An NBG regulation setting minimum regulatory capital requirements and a calculation methodology for payment service providers — including payment-initiation service providers — came into force. It raises prudential entry barriers for significant PSPs and aligns Georgia's framework with international standards.
National Bank of Georgia ↗The NBG licensed Pave Bank Georgia JSC as the country's second digital bank. Pave operated in mandatory test mode for seven months before a full public launch, confirming the graduated-capital, sandbox-entry model as a viable pathway for international neobanks entering the Georgian market.
National Bank of Georgia ↗NBG President's Order No. 80/04 approved the 'Rule on Inclusion in Open Banking,' enabling non-banking entities — including firms previously unregulated by the NBG — to register as account-information service providers (AISPs) and payment-initiation service providers (PISPs). This opened Georgia's banking APIs to third-party fintechs for the first time.
National Bank of Georgia ↗The NBG's revised Regulation on Registration and Regulation of Payment Service Providers took effect, formally adding account-information and payment-initiation services to the licensed-activity list in line with EU PSD2 principles. Any legal entity could now register as a PSP specifically to offer Open Banking services without needing a full banking licence.
National Bank of Georgia ↗The NBG granted Paysera Georgia JSC the country's first-ever digital bank licence, applying newly published digital-bank licensing principles. The milestone established that branchless, technology-first institutions could obtain a full banking charter in Georgia through a graduated-capital model.
National Bank of Georgia ↗A significant package of legislative amendments to the foundational 2012 Payment Systems law took effect, updating the legal basis for payment services to reflect modern fintech practices and establishing the groundwork for Open Banking obligations and new PSP categories aligned with EU PSD2.
Legislative Herald of Georgia (Matsne) ↗The National Bank of Georgia published its principles for licensing digital (branchless) banks, specifying a graduated capital-requirement model and a mandatory testing-mode phase before full public launch. This regulatory blueprint directly attracted international neobanks and created a new category of financial institution in Georgia.
National Bank of Georgia ↗Georgia - other topics
Digital Payments & Fintech in other countries
Last verified 5/24/2026 · Orientation, not legal advice - verify against the primary sources linked above. Methodology & how to cite · State of Technology Regulation 2026 · Explore the full world map →