National Bank of Georgia has completed work on draft law about micro banks.
It is likely that the parliament will discuss the proposal during the autumn session, which envisions a new type of financial organization, a micro bank.
MBC is one of the candidates for the micro bank status.
As a result of the law, financial institutions with micro bank status will be able to open savings and accounts, and provide complete banking services to their customers. Also, the lending limit will increase significantly.
In the opinion of Gia Petriashvili, the general director of MBC, the emergence of micro banking organizations in the market will likely lower interest rates by several points, which in turn will benefit the customers.
Micro banks are expected to appear in the financial market of Georgia in the spring of 2023.
For more information, please see the Business Post story.
