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Association of Non-bank Financial Institutions Established in Georgia

Association of Non-bank Financial Institutions has been founded in Georgia. Objective of the Foundation is to promote development of non-bank financial market, protect sector participants and shape healthy competition on whole financial market.

Givi Korinteli, founder of the association, told Business Course that all financial institutions will be united that operate in non-bank direction, including the organizations, which are not registered and are not regulated by National Bank of Georgia (NBG). 

“These entities should be united and they should shape a joint position, discuss problems. Their position should be taken into account, even in reforms development process”, Givi Korinteli said and he referred to changes set for microfinance organizations.

“Changes calling for introduction of supervisory capital creates problems to microfinance organizations. The project calls for growing the own capital, initially, twice, then three times and, finally, four times. Microfinance organizations cannot meet these changes prepared. Even Larization process was a hasty decision for the microfinance sector. We should have the same position in relation to microfinance organizations and commercial banks”, Givi Korinteli said.