CBBH signed a Cooperation Agreement with the International Finance Corporation (IFC)

The Central Bank of Bosnia and Herzegovina (CBBH) has signed a Cooperation Agreement with the International Finance Corporation (IFC), within the Digital Financial Services Project for the Western Balkans. The IFC - a member of the World Bank Group - is the largest global development institution which is focused on private sectors in emerging markets. The agreement defines cooperation on a project aimed at improving digital financial services and strengthening financial infrastructure in Bosnia and Herzegovina.

The project includes support for the development of instant payment systems and open banking, as well as the improvement of non-cash payment systems. It also provides support to strengthening cyber resilience by raising awareness of security threats in the financial sector, advisory assistance in harmonising local regulations with the European Union directives and standards, as well as promoting financial literacy by creating educational content for users of financial services.

The Governor of the Central Bank of Bosnia and Herzegovina, Jasmina Selimović, Ph.D. stressed the importance of this project, pointing out that the digitalisation and modernisation of payment systems, strengthening the financial education of citizens and improving the resilience of information systems are some of the strategic goals defined in the new Strategic Plan of the CBBH. "This cooperation represents a significant step towards a more modern and resilient financial system, which will be in line with European standards and better prepared to respond to the challenges of the digital age," said the Governor.

The project is implemented in partnership with the State Secretariat for Economic Affairs of Switzerland SECO, and its implementation will contribute to better availability of good quality financial services, strengthening the resilience of the sector and stimulating the economic development of Bosnia and Herzegovina.