Crystal Submits an Application for a Micro Bank License

The financial inclusion organization “Crystal” has officially applied for a micro bank license to the National Bank of Georgia.

The submission of the license was preceded by hard and intensive work, aimed at aligning the company’s procedures, information technologies, internal organizational and business processes with the relevant legislation, regulations and the specifics of the banking sector, from the legal point of view.

“In 2023, we were actively preparing for license application. We managed to successfully complete a number of labor-intensive stages, and took a very important step at the end of the year: we submitted an application for a microbank license to the National Bank of Georgia. This is the result of the dynamic efforts that “Crystal” has been continuously taking in recent years. We hope that in the near future, we will be one of the first companies to operate as a new type of a financial institution in Georgia”, states Ilia Revia, Crystal’s Chief Executive Officer.

The company has been operating in the financial market of Georgia for 25 years already, enhancing the access to finances throughout the country, supporting business activities of micro, small and medium entrepreneurs, and promoting overall well-being and economic development in the country. “Crystal” is distinguished by its sustainable corporate social values, and the various initiatives implemented by the company in this direction have earned it a number of awards, local and international.

After receiving the new license, Crystal will focus on the development of the existing brand, customer base and  branch infrastructure. Important steps will be taken to diversify product offerings to existing and new customers and to develop digital channels, with particular focus on agricultural sector and small entrepreneurs. It is noteworthy that after obtaining the microbank license, “Crystal” will have the best standard of corporate management.

As expected, the National Bank of Georgia will review the application within a period of 6 months.