The President of the Banking Association of Georgia, Aleksandre Dzneladze, announces the entry of another new digital bank into the market. According to him, the new digital bank will enter the market in 2024.
As of Aleksandre Dzneladze, one more microbank will appear on the market next year, therefore the number of banks in the sector will increase to 18.
During 2023, the credits of the banking sector reached GEL 51.2 billion (an increase of GEL 7.6 billion), and the deposit portfolio increased by GEL 7.8 billion to 50.4 billion. This year, 2 new digital banks were added to the market - "Hash Bank" and "Payvi".
"Georgia's banking system consists of 16 players, two digital banking licenses were granted at the end of the year, Paysera digital bank is already serving customers.
Next year we expect new digital banks. We also expect the issuance of a microbank license, on which a certain agreement has already been reached between the National Bank and the microfinance organization regarding the problems that were named by them.
All this is a prerequisite for increasing competition. Although we often talk about concentration, there has always been competition in the banking sector, although we are talking about competition based on specific products, which is very important for the further development of the sector," Aleksandre Dzneladze told TV-program "Business Morning".
