IMF Welcomes Measures to Boost Competition Among Payment Service Providers
The International Monetary Fund (IMF) has welcomed Georgia’s efforts to encourage increased competition among payment service providers, according to a statement released following the IMF mission’s visit to the country.
The remarks refer to recent amendments to the Organic Law on the National Bank of Georgia (NBG) and the Law on Payment Systems and Payment Services, which were adopted by Parliament at the third reading last week. The legislative changes focus on four key areas.
Under the amendments, the National Bank of Georgia will open settlement accounts for payment service providers to promote competition and improve efficiency in the payment market. Access to such accounts will allow providers to conduct settlements directly, without intermediating commercial banks. This is expected to reduce dependence on banks, lower costs, and ease operational constraints, resulting in faster and more flexible payment transactions for customers of registered payment service providers.
The amendments also expand opportunities for non-bank institutions involved in open banking, enabling them to compete more effectively with commercial banks. This is expected to support the development of innovative payment services and offer consumers faster, simpler, and more affordable financial solutions.
In addition, consumer protection measures have been strengthened. The maximum value of disputes reviewed by the NBG Dispute Resolution Commission has been increased from 50,000 GEL to 100,000 GEL, expanding access to regulatory dispute resolution for consumers.
The legislative package also introduces full regulatory supervision of virtual asset service providers by the National Bank of Georgia.
The IMF mission, led by Alejandro Hajdenberg, visited Georgia from December 10 to 16. During the visit, mission members assessed recent economic and financial developments in the country, as well as progress made in advancing key reform priorities.
