The Central Bank of Bosnia and Herzegovina has signed an agreement on cooperation with the International Finance Corporation (IFC – International Finance Corporation), as part of the project of digital financial services for the Western Balkans. IFC – Member of the World Bank Group (World Bank) – is the largest global development institution that focuses on the private sector in emerging markets.
The agreement defines the cooperation on the project aimed at improving digital financial services and strengthening financial infrastructure in Bosnia and Herzegovina.
The project includes support for the development of the Instant Payment and Open Banking System as well as the improvement of systems of non-cash payments. Additionally, it provides support for strengthening cyber resistance through raising awareness of the financial sector, advisory assistance in harmonizing local regulations with directives and European Union’s promotion through the creation of educational content for financial services users.
Central Bank Governor of Bosnia and Herzegovina dr. Jasmina Selimović emphasized the importance of this project, that the digitization and modernization of payment systems, strengthening the financial education of citizens and improving the information systems defined in the new strategic plan of the CBBH, MARX BA transmissions.
– This cooperation is a significant step towards a more modern and more resistant financial system, which will be harmonized with European standards and willing to respond to the challenges of the digital age, said the governor.
The project is implemented in partnership with the Secretariat for Economic Affairs of Switzerland SECO, and its implementation will contribute to greater availability of quality financial services, strengthening the resistance of the sector and encourage the economic development of Bosnia and Herzegovina.
