A workshop was held today at the Head Office of the National Bank of Georgia within the framework of the World Bank's Georgia Financial Inclusion and Accountability Project, funded by the European Union.

 

The meeting discussed the prospects of digitization of remittances based on the Greenback Project approach and to invite potential partners for inclusion in the project.

 

The Greenback Project seeks to help increase the efficiency and usefulness of international remittances, bringing prosperity to both individual families and the economy in general.

 

This goal can be achieved by identifying the needs of senders and recipients of remittances and by planning and implementing projects to enhance financial inclusion and financial education.

 

Availability of cashless payment services in the shopping facilities where recipients of remittances make purchases, is one of the most important prerequisites for the complete digitization of remittances.

 

Therefore, the enhanced availability of electronic payments system ensures universal access to the benefits of digital remittances.

 

The representatives of the World Bank reviewed the remittances market in Georgia during the meeting, and presented to the participants the main findings of the focus groups conducted with the participation of the senders and recipients of remittances, as well as the owners of shopping facilities.

 

Potential partners discussed prospects for cooperation on financial education, and raising awareness of remittances and electronic payments.

 

The working meeting was attended by representatives of the local financial and insurance sector: Basisbank JSC; TBC Bank JSC; Credo Bank JSC; Liberty Bank JSC; Bank of Georgia JSC; Tera Bank JSC; Microfinance Institution MBC; State Insurance Supervision Service of Georgia; Banking Association of Georgia; Junior Achievement Georgia, as well as international organizations: German Sparkassenstiftung for International Cooperation (DSIK); Mercy Corps; USAID.