Banking Association of Georgia says that intensive consultations are taking place with the National Bank of Georgia (NBG) regarding the draft law that proposes capping payment commissions.
According to Aleksandre Dzneladze, President of the Banking Association of Georgia, the issue is complex and cannot be assessed unambiguously. The parliamentary majority has initiated legislation that would set the maximum commission fee for card payments or transactions through payment system operators at 0.5% of the transaction value. Lawmakers say the reform aims to protect businesses and consumers.
“The purpose is not absolutely clear, unfortunately, because we are still in the process of discussion,” Dzneladze said on the TV program Business Morning.
He noted that the proposed changes involve several interrelated issues, not just commissions.
“This is not just about fees. There are several directions within the draft, and complex discussions are currently underway with the National Bank. There are questions and recommendations. This initiative was also proposed earlier, but was postponed; it concerned the mutual settlement commission and several other issues that require significant discussion. We cannot assess this unambiguously. Regulation might seem beneficial from one angle, but we must also weigh the risks it could carry in the long term and how it might affect the system differently,” Dzneladze explained.
The Banking Association emphasizes the need for a careful approach before setting limits on payment commissions, as the decision could have broad implications for financial institutions, businesses, and consumers alike.
