Payment service provider granted authorization in Macedonia for operation
IutePay Macedonia Secures Electronic Money Institution License, Set to Revolutionize Financial Services
IutePay Macedonia, a subsidiary of the Estonian-based fintech company Iute Group, has received an Electronic Money Institution (EMI) license from the Central Bank of the Republic of North Macedonia. This significant milestone marks the beginning of a revolution in the way financial services are offered and used in North Macedonia.
Founded in 2008, Iute Group specializes in consumer finance, payment services, banking, and insurance products. With the EMI license, Iute Macedonia can now issue electronic money and provide payment services without the mediation of traditional banks.
IutePay Macedonia's services will be primarily based on digital solutions and mobile platforms. From now on, customers in North Macedonia will be able to open payment accounts, top up their digital wallets, access their funds through cardless ATMs, make cashless money transfers in real time, and make quick payments to merchants using a QR code.
Unlike classic financial institutions, IutePay Macedonia focuses on the latest technology, speed, flexibility, and full control for users through mobile and online platforms. The company's technology has already transformed the way payments are made in several countries within and outside the EU.
The CEO of IutePay Macedonia, Aleksandar Petkovski, emphasizes the significance of the EMI license as the beginning of a revolution in the way financial services are offered and used in North Macedonia. Prior to the EMI license, Iute had initially focused on loan products and expanded into insurance brokerage last year with the launch of IuteSafe.
IutePay Macedonia received its EMI license on July 28, 2025. While the licensing date is known, the exact planned launch date or timeline for service rollout after the license grant is not publicly detailed in the available information. The company has, however, announced plans to launch payment services during the first quarter of 2026.
The mission of IutePay Macedonia is to offer fast, seamless, and user-oriented solutions with a focus on security and innovation. As the fintech landscape continues to evolve, IutePay Macedonia is poised to lead the charge in North Macedonia, bringing a new era of financial services to the region.
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Technology will be the backbone of IutePay Macedonia's services, as they focus on digital solutions and mobile platforms for payment accounts, wallet toppings, cardless ATMs, real-time money transfers, and QR code payments. With the Electronic Money Institution license, Iute Pay Macedonia can leverage technology to revolutionize finance in North Macedonia.
