Steady growth in revenues of Electronic money institutions (EMIs)


According to the Bank of Lithuania, during the first three quarters of 2020 a great increase in number of new Electronic money institutions (EMIs) and Payment institutions (PI) was noticed. These institutions make a big part of Lithuanian FinTech sector. Also, there was a significant increase in payment transactions and revenues.

During the third quarter of 2020 the amount of payment transactions increased by 16 percent compared to the same quarter in 2019.

EMIs and PIs not only withstood the crisis caused by COVID-19 but they continue grow. Due to Brexit, the number of EMI‘s and PI‘s will grow even more in Lithuania.

At the end of September there were 121 EMIs and PIs registered in Lithuania. Lithuania continues to be the leader in terms of the number of licensed institutions in continental Europe. At the moment Bank of Lithuania has 40 applications for new licenses and it is planned that the number will increase to 100 in 2021.

The Bank of Lithuania continues to carefully assess how banks comply with Regulations in regards to opening the new bank accounts for Electronic money institutions and Payment institutions. It aims to ensure that EMIs and PIs have access to open new bank accounts for the purpose of holding customer funds. This would allow them to efficiently provide payment services to customers.


Source: Bank of Lithuania

If you are interested in applying for Electronic money institution or Payment institution license, please contact us.

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