What is EMI?
An electronic money institution (EMI) is a market participant licensed by the Bank of Lithuania to issue electronic money. Electronic money is prepaid monetary value issued by an electronic money institution and stored in electronic media that can be used for payment purposes. An electronic money institution may also carry out money remittances, payment transactions, cash deposit and withdrawal services, direct debit, and credit transfers, etc.
The status of EMI in Lithuania
During the first quarter of 2021 Lithuania has amassed 84 electronic money institutions that, in turn, have generated 88.9 million euros in revenues. More information about the first quarter can be found here.
The types of EMI licenses
An electronic money institution may have a limited operating license, its managers are subject to lighter requirements, it is not subject to capital and shareholder eligibility requirements, but it is subject to limits on the average amount of electronic money outstanding and/or the turnover of payment transactions, and it may only operate in Lithuania.
Although, an electronic money institution with an unlimited license can operate throughout the EU and is subject to capital requirements of not less than 350 thousand euros.
Want to know more?
If you are interested in EMI and would like to familiarize yourself with the licensing process in Lithuania – we offer a brief overview of the process here.
We also provide a synopsis of The Bank of Lithuania’s issued guidelines for an electronic money institution license here.
Lastly, Sintesi Consulting is a business that provides a plethora of services such as: business management consulting, preparation of business plans, project management and administration and preparation of EU-funded project applications. So, if you would like to obtain an electronic money institution license in Lithuania, please contact us to get a free consultation on the topic.
Source : Bank of Lithuania