April 8 (SeeNews) - Lithuanian payment services provider Paysera said on Thursday that its Albanian franchisee, Paysera Albania, was granted an electronic money institution (EMI) licence by the Albanian central bank to conduct transactions in the country.
The company plans to expand to Serbia, Montenegro, Bosnia and Herzegovina and other Balkan countries in the coming years, it said in a statement.
Paysera Albania will start providing financial services in the country after adapting the Paysera system to the local currency and accounting, as it already has the necessary human resources and is legally prepared, the company quoted Paysera Albania head Idlir Ahmati as saying.
"The arrival of Paysera will be a huge stimulus for competition in the financial sector and will put pressure on banks and other fintech companies to change their fees," Ahmati said.
Paysera's network currently includes companies in Lithuania, Latvia, Estonia, Romania, Bulgaria, Spain, Kosovo, Albania and Ukraine.