Lithuania Post opens first on-street banking kiosks

Lithuania Post has opened its first on street financial services kiosks after acquiring the retail network from liquidated firm Bankas Snoras. The national postal operator snapped up the network of 214 on-street banking outlets last month, a year after Bankas Snoras was put into liquidation as a result of its risky investment strategy.

It has now opened 23 rebranded “PayPost” outlets, in locations including Vilnius, Kaunas, Klaipėda, Panevėžys, Šiauliai, and Kuršėnai.

Plans are to open about 70 PayPost outlets by the end of the current year.

One of the first “PayPoint” outlets opening under Lithuania Post’s ownership

The PayPoint kiosks allow residents to access various financial services, including bill payment, international money orders, receiving of consumer rebates and access to government bond services.

In the future, new services including currency exchange and money deposits will be made available.

Lina Minderiene, the CEO of Lithuania Post said: “For now, the first PayPost points have opened their doors in the largest Lithuanian cities. In a short time, these points providing financial services will be put into operation all over Lithuania. We believe that with PayPost residents will have a more convenient and easier access to financial services.”

So far, Lithuania Post has more than 20 new employees working on the PayPost network, but this number should rise to about 100 employees by the end of the current year.

The Post said the launch of its PayPost network would not affect the provision of financial services at its post offices, where customers will continue to receive access to all financial services currently provided by Lithuania Post.

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