Deputy Governor Shileku-Shala: The CBK engages and supports initiatives for the financial inclusion of women entrepreneurs

“The engagement of Central Bank of the Republic of Kosova in the financial inclusion of women entrepreneurs is not only an objective, it is rather an investment in the future”, said Deputy Governor for General Functions, Mrs. Nesrin Shileku-Shala at the conference “Access to finance of women entrepreneurs”, which is being co-organized by the CBK and the Association of Microfinance Institutions of Kosova (AMIK) in the framework of the Global Money Week.

The Deputy Governor Shileku-Shala, in her welcoming speech, emphasized that “through a multifaceted approach to financial inclusion, the CBK is contributing to a brighter economic future for the citizens of the Republic of Kosova”.

“The Central Bank of the Republic of Kosova, within its constitutional and legal mandate, and through its strategy, is committed to advancing the regulatory framework and supervisory infrastructure aiming to align with the legislation and policies of the European Union and to support initiatives that increase access to finance and sustainability”, stated Deputy Governor Shileku-Shala at this conference.

According to Deputy Governor Shileku-Shala “achieving financial inclusion and women’s access to finance requires a collective effort”.

The Deputy Governor Shileku-Shala said that “financial sector, especially banks, microfinance institutions, but also non-bank financial institutions provide opportunities, as well as products and services intended for women entrepreneurs”.

“In this regard, women entrepreneurs need more training and activities from the actors of financial sector and beyond. Contribution of financial sector institutions should have been greater in educating women in terms of education and training for services and opportunities, which would also increase respective portfolios of financial institutions, and would positively contribute to the overall financial health of the sector”, she added.

In this regard, financial knowledge as the cornerstone of financial empowerment would enable women entrepreneurs to:

• • Better understand various financial products and services that are already available;
• • Develop sound business plans and manage their finances in a strategic manner;
• • Negotiate effectively with lending (credit) institutions; and
• • Make informed financial decisions to ensure the long-term success of their businesses.

Speaking about addressing the challenges and obstacles that women entrepreneurs face with their businesses, the Deputy Governor for General Functions pointed out that the CBK, through Financial Education programs, will contribute to their information and education.

The Deputy Governor for General Functions of the CBK said that “The Central Bank of the Republic of Kosova will encourage innovative projects, campaigns and dedicated programs in the field of Financial Education, in order to contribute to the elimination of obstacles that women entrepreneurs face every day in accessing and using variety of financial products and services that are provided in the local market. This is in line with the 5th objective of the CBK’s Strategic Plan”.

At the end of her speech, the Deputy Governor Shileku-Shala said that “the CBK will be committed to collecting and publishing gender-disaggregated data on access to finance, data that will provide valuable insights on specific challenges faced by women entrepreneurs in the Republic of Kosova”.

Global Money Week is an annual global awareness campaign, organized by the Organization for Economic Cooperation and Development (OECD), which aims to inform citizens from an early age and gradually acquire knowledge, skills, attitudes and behaviours needed to make sound financial decisions and achieve financial well-being and stability.

This year is the 12th edition of Global Money Week, which is organized by the CBK, alongside central banks around the world, and the motto for this year is “Protect your money, secure your future”.