BAKU, Azerbaijan, Sept. 22
Tamilla Mammadova – Trend:
The first micro-bank will appear on the Georgian financial market in 2022, Trend reports via the National bank of Georgia (NBG).
The National bank of Georgia has already finished working on the draft bill, which it will submit to the parliament in the fall.
According to the draft bill, micro-bank can be founded with a capital of 10 million and 70 percent of their loan portfolio must be business or agriculture loans. On the one hand, micro-bank can issue loans in foreign currency and on the other, they can lend to small and medium-sized businesses.
According to the draft bill, micro-banks will be able to receive deposits, open accounts and provide full service to the customers.
Some 3 out of 39 microfinance companies are interested in obtaining a micro-bank license, including Crystal and Lazika Capital together with MBC.
A total of 39 microfinance organizations are registered in Georgia today. Their total assets are 1.5 billion lari ($482.7 million) and their loan portfolio is 1.25 billion lari ($402.4 million).
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