Registration of Payment Service Providers in Georgia

Updated Regulatory Framework for Payment Service Providers (PSPs) in Georgia

Effective Date: May 1, 2023

The National Bank of Georgia (NBG) has enacted substantial amendments to the regulations governing Payment Service Providers (PSPs). These changes enhance transparency, consumer protection, and the integrity of the digital payments ecosystem.

Regulatory Authority

The National Bank of Georgia (NBG) is now solely responsible for the registration and supervision of all PSPs operating in Georgia. Entities offering payment services must complete the registration process in accordance with Georgian legislation.

Legal Obligation to Register

It is illegal to provide payment services in Georgia without official registration. Unauthorized activity may result in fines, operational suspension, and other legal consequences.

Scope of Regulated PSP Activities

The following services fall under regulated PSP activities:

• Cash withdrawal operations
• Fund transfers to recipient accounts
• Payments using payer’s balance
• Direct debit services, including one-time debits
• Payments via cards or other electronic means
• Credit transfers (e.g. standing orders)
• Payments from credit lines or financing sources
• Issuance of payment instruments, including e-money tools
• Merchant acquiring services
• Money remittance services
• Issuance and transaction processing of electronic money
• Payment initiation services (PIS)
• Account information services (AIS)

Implications for Businesses

If your company is engaged in any of the services listed above, you must evaluate your legal obligations and register with the NBG as a PSP. Failure to comply may result in legal penalties and risk severing ties with financial partners or networks.

Contact Us

For consultations or inquiries about PSP registration in Georgia, please contact us for professional assistance.