Peysera Georgia Pioneers Digital Banking with Newly Granted Lending Rights

The National Bank of Georgia has given the green light to Peysera Bank Georgia JSC to commence its customer services in earnest, effective June 15, 2023. The digitally licensed bank successfully completed its trial phase, thus marking a significant milestone in the digital banking landscape of Georgia.

Peysera Bank Georgia JSC, recognized as the first digital banking license holder in Georgia, was licensed by the National Bank of Georgia on November 17, 2022, under the auspices of digital banking licensing principles. It brings European fintech products and services to Georgian customers under the license granted to Georgia's Commercial Bank.

"We have successfully navigated through crucial stages, and I extend my gratitude to all participants involved in the process: the team from the National Bank of Georgia who diligently facilitated product and process adaptation, as well as the Georgian and international teams at Peysera," said Kumsishvili.

Thanks to the National Bank of Georgia's push for innovative business models coupled with Peysera's private initiative, Georgian consumers are now integrated into the Single Euro Payments Area (SEPA). Effective immediately, payments in Euros are as straightforward as in Georgian Lari (GEL), with transactions up to 100,000 Euros processed around the clock, provided the receiving bank is also SEPA-compliant.

"Our prime service channels will be our Paysera Super App and Internet Bank. However, we also maintain a physical branch at 2/4 Akaki Tsereteli Avenue in Tbilisi to serve customers, commencing account opening from June 26," Kumsishvili explained.

He added that the bank has plans to unveil a variety of intriguing banking operational products throughout 2023, with credit products being introduced in 2024. Peysera Bank Georgia aims to serve as a gateway to unlimited European opportunities for Georgian customers.

Kumsishvili further disclosed that transfers to Euros within Europe will be charged at a flat rate of seven Euros, applicable to both individual and corporate customers.

"Peysera Bank Georgia has successfully achieved a significant integration between Georgia and the European financial system," Kumsishvili affirmed.

The financial report states that Peysera's assets amount to 6.8 million GEL. The bank's key partners include Dimitri Kumsishvili, Irakli Vekua, Ivane Tevdorashvili, Mindia Sabanadze, and Zaza Buadze.