CBK: The number of beneficiaries who already have Payment Accounts with Basic Services exceeds the figure 320,000

01/02/2024

The Central Bank of the Republic of Kosovo announces that based on the latest available data, the number of accounts with basic services has exceeded the figure of 320 thousand beneficiaries, according to the determinations of Regulation on Access to Payment Account with Basic Services.

The regulation determines that for the categories of consumers who belong to the group of vulnerable consumers who benefit from the rights provided by the legislation regulating pensions and social assistance in the Republic of Kosovo, there will be no fee, i.e. they will be free of charge from 1 January 2024 .

Whereas, for other categories, the banks will offer the defined services with a reasonable monthly fee that cannot be higher than 0.12% of the value of the average net monthly salary in the Republic of Kosovo, recently published by the Kosovo Agency of Statistics.

The process of converting Current Accounts with Basic Services, according to the terms of the Regulation, as well as opening new ones, is an ongoing process that has no deadline, so the CBK calls on citizens to use the right to open bank accounts in any bank, taking advantage of the Regulation on Basic Accounts, where for vulnerable groups the bank account is free or for other groups, with reasonable fees.

In the framework of a proactive approach, with the aim of facilitating the process and reducing the burden on the citizen, for all those who already have a bank account and meet the criteria for a basic account, CBK has developed the online verification technical tool by its own initiative in any bank in the Register of Bank Accounts of the CBK. This enables the bank to verify easily and on the spot whether or not a citizen has another bank account, which enables more efficient conversion to a basic account, according to the defined criteria.

CBK, as part of its strategic objectives, is committed to increasing access to finance and the competitiveness of the financial system and with its decisions to move from the bank account to the payment account concept. The payment account can also be offered by non-banking institutions, which with the new regulatory changes will have a dedicated IBAN and all citizens will be able to accept payments.

With the new Draft Law on the Payment System, which is in the process of being finalized, even non-banking financial institutions will have the right to access the clearing system for small value payments, within the National Payment System, by thus enabling you to be competitive and effective in the payment circulation process in the country.

The Central Bank of the Republic of Kosovo expresses their gratitude to the banking system for its cooperation for the flexibility and up-to-dateness shown for the automatic conversion of all social and pension scheme accounts, respecting the CBK's suggestion that this process be enabled and carried out without the need for each citizen who is part of vulnerable groups to physically present themselves at bank offices. This has avoided such a procedure and represents a model of the necessary partnership and cooperation.