The National Bank of Georgia has issued a microbank license to JSC "Crystal" under the regulation governing microbanks. Previously a leading microfinance institution focused on financing small entrepreneurs, Crystal will be able to expand its service offering and introduce new financial products under the new authorisation. The release also notes that Crystal’s inclusion in the real-time gross settlement (RTGS) system is expected to strengthen its competitive position, and that the emergence of microbanks is expected to increase competition and diversify Georgia’s banking environment.
National Bank of Georgia 2025-02-12
National Bank of Georgia issues a microbank license to JSC Crystal
The National Bank of Georgia has granted a microbank license to JSC "Crystal," allowing it to expand its services and introduce new financial products. Crystal's inclusion in the real-time gross settlement system is anticipated to enhance its competitive position. The development is expected to increase competition and diversify Georgia's banking sector.