Bulgaria EMI and PI License in 2026: BNB Complete Guide
A 2026 deep dive into the Bulgarian EMI and PI licence: Bulgarian National Bank (BNB) authorisation, EUR 20k-EUR 350k capital, 3-month statutory clock, BNB fees, a Balkan market inside the euro area since 2026 and the PSD3 transition.
Bulgaria in the euro area since 2026
The Bulgarian National Bank (BNB, Българска народна банка) is the supervisor for credit institutions, PIs and EMIs. The FSC (Financial Supervision Commission) covers securities markets and investment firms.
Bulgaria joined ERM II in 2020 and adopted the euro on 1 January 2026, converting lev balances at the fixed rate of 1.95583. The BNB closed RINGS, its lev settlement system, and euro payments now settle in T2, the Eurosystem RTGS that replaced TARGET2 in March 2023. Most PIs and EMIs reach T2 through a participant bank; the rules of BORICA's BISERA system also admit BNB-licensed PIs and EMIs as participants. Since the Instant Payments Regulation amended the Settlement Finality Directive, authorised non-banks can apply for their own T2 and TIPS accounts, but only if they meet the ECB and BNB conditions, and they get no intraday credit. From 1 January 2027 Bulgarian payment service providers must check the payee name before a euro transfer (Verification of Payee) and charge no more for instant transfers than for regular ones.
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Capital, scope and process
- PI capital. EUR 20k / 50k / 125k per PSD2 Article 7.
- EMI capital. EUR 350k per EMD2.
- No small PI. The Law on Payment Services and Payment Systems has no small or registered PI regime, so every PI needs the full BNB licence.
- BNB fees. EUR 5,000 to review an EMI application and EUR 4,000 for a PI licence, set in euro since 1 January 2026.
- Incorporation. Bulgarian OOD (limited) or AD (joint-stock), registered office in Bulgaria.
- File preparation. Business plan, governance, AML/CFT (Bulgarian Measures Against Money Laundering Act), safeguarding, ICT/DORA, outsourcing register, fit-and-proper files.
- Submission. Written application to the BNB, filed on paper and on an electronic data carrier. Documents are in Bulgarian: every foreign-language document comes in the original with a Bulgarian translation, and official foreign documents must be legalised.
- Statutory clock. 3 months from complete file per PSD2.
- Real timeline. 6 to 10 months end-to-end for a PI, 8 to 12 for an EMI.
- Substance. Registered office and head office in Bulgaria, at the place where the company is actually managed, with at least part of the payment business carried out in Bulgaria; real Bulgarian office; local AML officer.
Ship a Bulgarian EMI or PI product with Crassula
Crassula provides the core-banking platform behind a Bulgarian PI or EMI: ledger, euro accounts with IBANs from connected account providers, card issuing through pre-integrated issuers, SEPA and SEPA Instant transfers, KYC onboarding through identity verification providers, and transaction and balance exports for your finance team. Regulatory reporting to the BNB, safeguarding reconciliation and AML transaction monitoring stay with your compliance team and the providers you choose.
FAQ
Bulgarian National Bank (BNB). FSC covers securities markets and investment firms.
Statutory 3 months from complete file. Real-world 6 to 10 months for a PI, 8 to 12 for an EMI.
Bulgaria adopted the euro on 1 January 2026. Lev balances converted at 1.95583, capital tiers and BNB fees are now set in euro, and RINGS closed. Euro payments settle in T2 (which replaced TARGET2 in 2023), usually through a participant bank, and SEPA Instant applies on euro area terms. Verification of Payee and equal pricing of instant transfers apply to Bulgarian payment service providers from 1 January 2027.
Crassula provides the core-banking platform: ledger, euro accounts with IBANs from connected providers, cards through pre-integrated issuers, SEPA rails, KYC onboarding and exports for your finance team. BNB reporting, safeguarding reconciliation and AML monitoring stay with your compliance team.
