Greece is tightening oversight of consumer lending, introducing new rules that will affect how retailers finance purchases and how households obtain mortgages and personal loans, as the country seeks to strengthen financial transparency and consumer protection.
Under two regulatory decisions issued by the Bank of Greece, the country's central bank and financial supervisor, businesses offering credit directly to customers and intermediaries arranging loans will face stricter licensing, capital and professional requirements beginning Nov. 20, 2026.
The measures target an increasingly important segment of consumer finance: transactions in which retailers allow customers to pay in installments without relying on traditional bank financing.
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A household purchasing a €1,200 refrigerator, for example, could arrange 12 monthly payments directly with the retailer. Under the new framework, businesses engaging in such lending may need authorization from the central bank, depending on the nature of their activities.
Eligible retailers must demonstrate sufficient capital, submit three-year business plans and establish procedures for assessing customers' ability to repay. They must also maintain systems for handling complaints and overdue payments.
At least one executive board member must have an economics-related degree and five years of experience in credit activities.
The requirements could also affect car dealerships financing vehicle purchases directly. A dealer extending €15,000 in credit toward a €20,000 vehicle, for instance, may fall within the new licensing regime.
Mortgage and consumer-credit brokers will face additional scrutiny.
Mortgage intermediaries must meet educational and experience requirements, including an economics degree and two years of relevant experience, or professional certification combined with five years of experience. Professional liability insurance or equivalent guarantees will also be required.
Licensed mortgage brokers will be permitted to expand into consumer-credit intermediation without obtaining a separate license, provided they notify the central bank and receive no objection within two months.
The regulator will also maintain a public electronic registry allowing borrowers to verify whether intermediaries are authorized.
Brokers will face annual reporting obligations, regulatory inspections and potential license revocation.
