Tbilisi (GBC) - The Bank of Georgia has signed a memorandum with 3 banks - Credo, Basisbank, ProCredit Bank - to introduce instant transfers.

The service will be available to customers soon.

The service is being introduced for the first time in Georgia and an individual will be given the opportunity to instantly transfer money between the listed Georgian banks using only a mobile phone number, in GEL, EUR and USD. Transfers can be made during the day, with unlimited frequency.

“The innovation is an important step towards improving the customer experience. I am pleased and believe that this is an important stage in the digital transformation of the country's financial infrastructure. In order for as many customers as possible to benefit from this innovation, it is necessary to involve other banks in the process,” said Archil Gachechiladze, General Director of the Bank of Georgia.