Tbilisi (GBC) - The Finance-Budget Committee of the Parliament of Georgia discussed the amendment to the Law "On the Activities of Microbanks" on November 28, which provides for simplification of the licensing procedure, in the first reading and supported it.

According to Nino Tsilosani, one of the initiators of the draft law, chairman of the Agrarian Affairs Committee, upon adoption of the draft law, the microbank seeking a license will be obliged to submit to the National Bank of Georgia general information about the structure of the group or the ownership structure of the license seeker. Also about intermediate owners and beneficial owners.

As of her, in case of adoption of legislative changes, microbank license seekers will no longer be obliged to submit detailed information on each shareholder. Tsilosani says that such an approach created an unjustified barrier in the process of obtaining a license.

As of today, the application for transformation into a microbank has been submitted to the National Bank only by the microfinance organization "MBC" (November 18), "Crystal" and "Lazika Capital" companies are planning to transform into microbanks.