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Terabank: SMS code instead of signature

Terabank is offering increased flexibility to its clients in some of its banking operations. Going forward, if the requested banking operations do not exceed GEL 1,500, the clients need only to provide an SMS signature and are not required to provide the signed paper copies of the documents. This new …

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In Georgia, tens of MFIs and online loan organizations might be closed

In the near future, tens of microfinance institutions and online organizations might be closed due to the new regulation that limits their activities. The regulation aims at restricting online loan services. There were 41 online loans and approximately 71 microfinance organizations registered in Georgia’s Creditinfo database. In the near future …

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Creative fees offset Georgian attempts at cheaper financing

Some lenders are setting traps for customers in their online services designed to compensate for financial losses suffered following stricter interest rate regulations imposed by the government of Georgia. One such example that has appeared is the ‘Quick Transfer’ service fee, which transfers loan funds to approved clients more quickly …

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President signs restrictions for online loans

Economic adviser Maya Mikeladze announced that the recently approved bill, aimed at restricting online loan services, has been signed by the President. The bill was put forward as a way to protect borrowers from high-risk products and to limit online lending abuses. Maya Mikeladze gave assurances that the reform had …

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Georgia’s securities system to be revamped

2017 will mark the beginning of a large-scale remodeling of the capital market needs in Georgia. Georgia’s National Bank, Central Depository and stock market will all be infused with new technology that will make financial transactions faster, easier and more secure. More specifically, a new system is being installed for …

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VTB Bank deploys 5,000 quick pay terminals in Georgia

VTB Bank’s express money transfer system now includes Nova quick payment terminals. All across Georgia, five thousand Nova terminals have been placed, allowing money to be sent within minutes. Transfer amounts via the terminals range from as small as GEL 5 to up to GEL 1,000. There is a fee …

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