“Only procedural part of Micro Banks’s reform is left. As you know, a change is needed in the law for that. We want it to be done as soon as possible, but due to the plans and schedule of the Parliament, it will be difficult for me to talk about the exact timeframe,” said Papuna Lezhava, Vice President of the National Bank of Georgia.
The National Bank of Georgia has completed to work on the relevant bill in October 2021.
"We do not spare any effort to implement the reform of micro-banks as soon as possible. It is difficult to say if the bill will be submitted for consideration during the spring session. The National Bank has no right of legislative initiative and this process is not fully under our control.
After the adoption of the law, 6 months will be necessary to write certain sub-articles under the new law. So, after the adoption of the law, we can fully implement this process.
The reform of micro-banks is focused on lending to small and medium-sized businesses, providing financial services. After the reform, Microfinance Organizations will be able to provide more comprehensive services, including payment services, serving current accounts and deposits," Lezhava said.
