The Central Bank of Bosnia and Herzegovina (CBBiH) signed a cooperation agreement with the International Finance Corporation (IFC), within the framework of the digital financial services project for the Western Balkans.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. The agreement defines cooperation on a project aimed at improving digital financial services and strengthening financial infrastructure in BiH.
The project includes support for the development of an instant payment system and open banking, as well as the improvement of the cashless payment system. Additionally, it provides support for strengthening cyber resilience through raising awareness about security threats in the financial sector, advisory assistance in aligning local regulations with European Union (EU) directives and standards, as well as promoting financial literacy through the creation of educational content for users of financial services.
The Governor of the CBBiH, Jasmina Selimovic, emphasized the importance of this project, highlighting that the digitalization and modernization of payment systems, strengthening of citizens’ financial education, and improvement of information systems resilience are some of the strategic goals defined in the new Strategic Plan of the CBBiH.
“This cooperation represents a significant step toward a more modern and resilient financial system, which will be aligned with European standards and more prepared to respond to the challenges of the digital age,” said the Governor.
The project is being implemented in partnership with the State Secretariat for Economic Affairs of Switzerland (SECO), and its implementation will contribute to greater availability of quality financial services, strengthening the sector’s resilience, and encouraging the economic development of BiH.
