Payment Service Provider (PSP) License Registration in Georgia

TaxAdvisory.ge offers comprehensive support for companies aiming to register as Payment Service Providers (PSPs) in Georgia. Whether you're a fintech startup or an established financial institution, our services ensure a smooth and compliant registration process with the National Bank of Georgia (NBG).

In Georgia’s evolving financial services landscape, the operation of payment services is subject to a robust regulatory framework aimed at ensuring transparency, security, and overall system integrity. Central to this ecosystem are entities known as Payment Service Providers (PSPs)—a vital category of institutions that facilitate the execution of financial transactions both locally and internationally. A Payment Service Provider may take various legal forms, including commercial banks, microbanks, or microfinance organizations. These entities act as intermediaries, enabling users to interact seamlessly with the payment infrastructure.

Under Georgian legislation, PSPs are required to undergo registration with the National Bank of Georgia (NBG), the primary regulatory authority overseeing payment operations. This registration ensures compliance with legal standards and protects the interests of consumers and stakeholders. However, it’s important to note that commercial banks, microbanks, and microfinance institutions are granted automatic authorization to offer payment services and are not subject to the same registration procedures. For all other entities wishing to act as a Payment Service Provider—whether based in Tbilisi, Batumi, or elsewhere in Georgia—formal registration with the NBG is a legal prerequisite.

The Georgian market is home to several prominent players offering licensed payment services. These include major institutions like JSC TBC Bank, as well as specialized platforms such as CPAY, OPPA, and eMoney Georgia—all of which have successfully obtained their PSP license from the National Bank of Georgia.

The range of services that a Payment Service Provider is authorized to offer under Georgian law is comprehensive. PSPs may process payments by debiting funds from a payer’s account, crediting recipients, and facilitating transfers using direct debits, payment cards, and other electronic methods. They may also issue or acquire payment instruments and conduct money remittances. In addition, PSPs are permitted to issue electronic money—such as digital tokens or cryptocurrency—as well as handle the exchange between fiat and virtual currencies. These transactions may be executed via mobile apps, websites, or other digital channels.

Moreover, PSPs can process payments based on user consent given through telecommunications or IT systems, where the network operator serves as an intermediary between the payer and the merchant. This model is particularly relevant for digital marketplaces and mobile payment platforms. Many PSPs also offer payment initiation services, enabling more efficient integration with merchant and consumer applications.

Any company intending to perform these activities must first complete the registration process as a Payment Service Provider with the NBG. This process begins with the establishment of a legal entity in Georgia. The applicant must then submit a full package of documentation, including general company information, a detailed list of proposed payment services, background data on administrators, shareholder and beneficial ownership disclosures, and technical details about the payment system infrastructure.

All submitted documents must be either originals or notarized copies. Foreign documents must be legalized and translated into Georgian. The National Bank of Georgia may request additional information or documentation at any point and may even require a demonstration of the technological system that will support the payment services. Site visits to the company’s office in Tbilisi or Batumi may also be conducted as part of the review process.

If the initial documentation is incomplete or non-compliant, the NBG allows a 30-day window for the applicant to address any deficiencies. Once the submission is deemed complete, the NBG proceeds with a thorough review, typically concluded within 60 calendar days. During this time, the authority may request further clarification or information. Upon successful completion, the NBG issues an administrative decision confirming the company’s status as a registered PSP, along with a description of the specific payment services it is authorized to provide.

Following approval, the only fee payable to the NBG is the one-time application review fee of GEL 5,000. There are no additional licensing fees. However, all registered Payment Service Providers must comply with general regulatory obligations applicable to financial institutions in Georgia. This includes strict qualification requirements for administrators—whether board members or other legally authorized individuals. These individuals must not have a history of serious criminal offenses, must adhere to fiduciary and regulatory duties, and must possess relevant education and experience in finance or management.

Additionally, Georgian legislation identifies all Payment Service Providers as “accountable entities” under Anti-Money Laundering (AML) and Anti-Terrorism Financing laws. PSPs are therefore obligated to conduct customer due diligence, identify and verify beneficial owners using reliable sources, and continuously monitor client activity to ensure compliance with national security laws.

Our Service Levels

1. PSP Company Setup by Client – Legal Supervision & Registration Assistance

This service is designed for clients who wish to be actively involved in the setup process while benefiting from our legal expertise.

• Guidance on company registration and PSP application
• Review of client-prepared documents, including AML/CFT policies
• Assistance with NBG submission and communication
• Templates for internal policies and risk assessments

2. Turnkey PSP Company Setup – Fully Managed by TaxAdvisory.ge

Our turnkey solution is ideal for clients seeking a hassle-free setup, with all aspects managed by our experienced team.

• Complete company registration and PSP license application
• Preparation of all required documentation, including AML/CFT policies
• Provision of local office address and nominee director (if needed)
• Full liaison with NBG throughout the registration process
• Post-registration support and compliance services

PSP License Requirements in Georgia

• Registration of a legal entity in Georgia (LLC or JSC)
• Physical office presence within Georgia
• Appointment of at least one local director
• Comprehensive business plan and operational manuals
• AML/CFT policies in line with NBG standards
• Minimum capital requirements as stipulated by NBG

Timeline

• Company Incorporation: 1–3 business days
• PSP License Registration: Approximately 2–3 months, depending on document readiness and NBG processing times

Why Choose Georgia for Your PSP License?

• Strategic location bridging Europe and Asia
• Business-friendly regulatory environment
• Competitive tax rates and incentives
• Access to a growing fintech ecosystem
• Cost-effective setup and operational expenses

In conclusion, the Georgian framework for the regulation of Payment Service Providers emphasizes strong compliance, transparency, and operational readiness. Whether you plan to register a PSP in Tbilisi, Batumi, or elsewhere, navigating the registration and licensing process with the National Bank of Georgia is key to entering the financial services market. For businesses committed to regulatory compliance and innovation in digital payments, Georgia offers a structured yet accessible path to becoming a licensed PSP and contributing to the country's growing fintech landscape.

Get Started Today

Embark on your journey to becoming a licensed Payment Service Provider in Georgia with TaxAdvisory.ge. Contact us to discuss the best service level for your needs and to receive a personalized quote.