Iute Pay Macedonia Receives EMI License in North Macedonia

Payments
25.07.2025 01:55 pm

IutePay Macedonia, a subsidiary of Iute Group, has received an Electronic Money Institution (EMI) license from the Central Bank of the Republic of North Macedonia. The license enables Iute to offer a wide range of digital payment services to customers across the country.

"The electronic money institution license is a significant step and not just a regulatory approval, but the beginning of a revolution in the way financial services are offered and used in North Macedonia,” said Aleksandar Petkovski, CEO of IutePay Macedonia. “The Estonian technology has already transformed the way payments are made in several countries in and outside the EU. Now, that technology will be available in Macedonia,” he added.

From now on, customers in North Macedonia will be able to open payment accounts, top up their digital wallet, access their funds through cardless ATMs, make cashless money transfers in real time, and make quick payments to merchants using a QR code.

With the EMI license, Iute Macedonia completes its service ecosystem. Having initially focused on loan products, the company expanded into insurance brokerage last year with the launch of IuteSafe, and is now entering the market of digital payments. The new license enables the issuance of electronic money and the provision of payment services, without the mediation of traditional banks.

“Unlike classic financial institutions, electronic money institutions focus on the latest technology, digital solutions, speed and flexibility, allowing users full control through mobile and online platforms,” explained Petkovski. “Our mission is clear - to offer fast, seamless and user-oriented solutions, with the highest standards of security and innovation.”

IutePay Macedonia plans to launch payment services during the first quarter of 2026, once the necessary developments and integrations have been completed.

Iute Group is a fintech company established in 2008 in Estonia. The Group specializes in consumer finance, payment services, banking, and insurance products. It serves customers in Albania, Bulgaria, Moldova, and North Macedonia. Iute Group finances its loan portfolios with equity, deposits, and secured bonds on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.