After a two-day session of the House of Representatives of the FBiH Parliament, a set of financial laws was adopted, proposed by the FBiH Ministry of Finance. In order for them to enter into force, they need to be adopted by the People’s House of the FBiH Parliament.
The Government of FBiH stated that they are key to the comprehensive and strategic reform of the financial and payment system of the Federation of BiH. It is about one of the most significant institutional and economic reforms in this mandate of the Government, it was also stated by the Government in connection with these laws.
– With this reform package, the Federation of Bosnia and Herzegovina establishes a modern, secure and European-harmonized legal framework for digital payments, strengthening the protection of users of financial services and long-term stability of the financial system, while creating all the key prerequisites for Bosnia and Herzegovina’s accession to the Single Payment Area in Euros (SEPA), the proponent points out.
Faster and cheaper payments
The reform package includes the law on payment services, the law on electronic money, the law on payment accounts, amendments to the Law on the Protection of Users of Financial Services, amendments to the Law on Banks and amendments to the Law on Microcredit Companies.
Joining the SEPA payment area brings citizens faster and cheaper payments, lower business costs for the economy, and stronger supervision and greater stability for the financial system. These laws are a key regulatory prerequisite for joining the SEPA area and a strong incentive for overall economic development, the Government also stated.
According to the Government’s explanation, the Law on Payment Services is the central pillar of the reform because it systematically regulates modern payment transactions in the Federation of Bosnia and Herzegovina for the first time, opens the market for innovations and new payment service providers, while at the same time setting high security standards and strong regulatory supervision.
Together with the law on electronic money and the law on payment accounts, citizens and the economy are guaranteed faster, cheaper and safer digital payments, greater transparency of fees and strengthening of legal certainty.
Amendments to the law on banks, microcredit companies and the protection of users of financial services ensure full compliance of the entire financial system with the new rules, strengthen supervision and additionally protect the rights of citizens.
A clear message
With this package of laws, the Government of the Federation of Bosnia and Herzegovina sends a clear and strong message – the Federation is decisively entering a new phase of modernization of the financial system. It is a strategic decision that provides citizens and the economy with lower costs, greater security and financial services as they exist in the European Union, they explained.
Entry into the SEPA system means concrete benefits for every citizen, every entrepreneur and public institution. It is a European standard that is now being built in the Federation of Bosnia and Herzegovina, the Government of the Federation of Bosnia and Herzegovina pointed out, explaining the aforementioned acts.
With this reform package, the Government confirms a clear political will for in-depth and responsible reforms in the interest of the citizens, the economy and the European path of Bosnia and Herzegovina, it is also stated, it is written Avaz.
