20/08/2024

The Governor of the Central Bank of the Republic of Kosovo (CBK), Mr. Ahmet Ismaili, and Mr. Nicolas Marquier, Regional Manager for the Western Balkans at the International Finance Corporation (IFC), a member of the World Bank Group, have formalized a cooperation agreement to enhance the digital financial services landscape in Kosovo. This partnership aligns with CBK’s Strategic Plan to advance digitalization and modernize processes and market infrastructure, in accordance with the draft law on payment services.

Through this agreement, the IFC will support CBK in catalyzing the development of a robust digital financial ecosystem that not only addresses the needs of the domestic market but also aligns with European standards. The initiative falls under the IFC’s Central and Eastern Europe Digital Financial Services and Embedded Finance Project, which provides essential advisory services to promote the growth and development of digital financial services in Kosovo. The project is financed by the Swiss State Secretariat for Economic Affairs (SECO), which aims to foster inclusive and sustainable economic growth in partner countries.

Additionally, the project aims to support the enhancement of regulatory framework and digital infrastructure to enable the growth of the digital financial services (DFS) sector and facilitate an environment for public-private dialogue within the sector. An important aspect of the project is to bring closer public and private stakeholders through knowledge-sharing events and a public-private platform.

Governor Ismaili stated, “This agreement marks a significant step forward in our strategic plan and objectives of advancing digitalization, improving market infrastructure, enhancing access to finance, and promoting financial education. We are grateful for the support of the IFC, and we believe that this collaboration will be instrumental in advancing our digital financial ecosystem that fosters innovation while maintaining robust regulatory standards.”

CBK is the first institution to benefit from the project, which commenced in March 2024. The project's goal is to increase the share of cashless transactions within the total value of transactions and to facilitate $45 million in financing for the entire region.

The Central Bank of the Republic of Kosovo (CBK) is committed to advancing the market infrastructure to meet European standards, thereby driving significant advancements in digital finance for the benefit of the citizens of Kosovo and paving the way for the potential future integration of its financial market into the European market.