Central Bank of Montenegro revokes Alta Pay Group license

The Central Bank of Montenegro (CBCG) has revoked the license of the payment institution Alta Pay Group DOO Podgorica. The decision follows a comprehensive assessment which determined that the company no longer meets the legal requirements for providing payment services under the Law on Payment Transactions.

The CBCG stated that the criteria for revocation included the suitability of qualified shareholders and the necessity of ensuring stable, secure, and lawful business operations. The central bank emphasized that this move does not pose a risk to the financial stability of Montenegro, nor does it affect the regular functioning of the national payment system.

As Alta Pay Group is not a bank and does not accept deposits from citizens or businesses, the CBCG noted it has no impact on the stability of the Montenegrin financial system. The bank stated it has taken all necessary actions to ensure the orderly fulfillment of the institution's obligations and to protect user interests.

This regulatory action follows recent developments involving related entities, including the National Bank of Serbia revoking the license of Alta Banka A.D. Beograd and the National Bank of North Macedonia introducing temporary administration over Alta Banka A.D. Bitolj.