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Georgia: fintech & payments regulation

Regulated

NBG-regulated fintech: Payment services, sandbox, and strict licensing

Lead regulator:
National Bank of Georgia
Key law:
Law of Georgia on Payment Systems and Payment Services (2021)
Last updated:
2026-07-12

The National Bank of Georgia (NBG) serves as the primary supervisor for fintech and payment activities, operating under a comprehensive legal framework centered on the 2021 Law on Payment Systems and Payment Services. This regime mandates registration for payment service providers and system operators, enforcing strict operational standards including Strong Customer Authentication (SCA) and card-based instrument regulations.

Innovation is supported through a formal Regulatory Sandbox framework approved in 2025, allowing supervised entities to test novel products that may conflict with existing rules. The NBG also oversees related financial infrastructure, including mortgage covered bonds, credit information bureaus, and brokerage companies, ensuring robust capital and governance requirements across the sector.

Who regulates

  • National Bank of Georgia

    Primary supervisor for payment systems, payment service providers, and financial market infrastructure.

    [1][2][3]

Core laws & rules

  • Law of Georgia on Payment Systems and Payment Services (2021)

    Establishes the regulatory framework for the safe and effective functioning of payment systems and services, empowering the NBG to register operators and enforce standards.

    [1]

  • Rule of Registration And Regulation of the Payment Service Provider (2023)

    Defines the scope of activities, registration procedures, and specific obligations for payment service providers under NBG oversight.

    [2]

  • Rule on Strong Customer Authentication (2020)

    Mandates secure verification for payment service users, requiring authentication based on at least two independent elements.

    [4]

Licensing & registration

  • Payment Service Provider

    Entities must undergo registration and regulation under the 2023 Rule, adhering to defined scope of activities and operational obligations.

    [2]

  • Payment System Operator

    Operators must be registered with the NBG, submitting documentation including ownership details and system schematics.

    [5][1]

  • Regulatory Sandbox Participant

    Supervised entities may test innovative services conflicting with existing rules by demonstrating technological novelty and consumer benefits.

    [3]

Restrictions & warnings

  • Strong Customer Authentication is mandatory for payment service users, requiring at least two independent elements of knowledge, possession, or inherence.

    [4]

  • Card-based instruments are governed by comprehensive rules covering issuance, servicing, and security for issuers, acquirers, and merchants.

Direction of travel

  • The NBG is actively modernizing its framework, evidenced by the 2025 approval of a Regulatory Sandbox and recent rules on pension asset management and mortgage covered bonds.

    [3][6]

Sources

  1. Law of Georgia on Payment Systems and Payment Services · 2021-04-15
  2. Rule of Registration And Regulation of the Payment Service Provider · 2023-05-01
  3. Regulation on the Creation and Use of a Regulatory Sandbox Framework by the National Bank of Georgia · 2025-05-23
  4. Rule on Strong Customer Authentication · 2020-09-02
  5. Rule of Registration and Cancellation of Registration of Payment System Operator in the National Bank of Georgia · 2012-10-12
  6. Law of Georgia on Mortgage Covered Bonds · 2023-01-25

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This guide is compiled automatically from 6 primary-source documents published by Georgia's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.