Lithuanian electronic money institution TransferGo has announced an extension of its license that now enables customers to withdraw cash from their payment accounts. According to the Bank of Lithuania, this extension includes additional services that facilitate the issuance of payment instruments and the processing of incoming payments. The CEO of TransferGo, Daumantas Dvilinskas, emphasized that this license upgrade is a response to changing customer expectations over the past decade regarding the use of financial services.

Dvilinskas noted that customers' needs and habits for financial services have shifted significantly, and the expanded license will allow TransferGo to provide a broader spectrum of services. Enhanced service offerings will ensure smoother daily transactions and payments for customers, improving the overall user experience. This move indicates a proactive approach by TransferGo to adapt to the evolving financial landscape and customer demand in Lithuania and possibly beyond.

Since its original license was granted in July 2018, TransferGo Lithuania has been authorized to conduct payment operations from payment accounts and offer money transfer services. As of the third quarter of last year, TransferGo was recognized among the top three institutions based on its licensed operational revenue, generating €35.1 million. Such growth and innovations in service offerings position TransferGo favorably in the competitive financial service market in Lithuania, underpinning its commitment to meeting diverse customer needs in a rapidly changing environment.