CBK launches the Platform for Comparing Financial Products and Services: More transparency and decision-making power for citizens

The Central Bank of the Republic of Kosovo (CBK) with the aim of fulfilling its vision to increase transparency, financial inclusion, and empower citizens to make informed financial decisions, has officially launched the Platform for Comparing Financial Products and Services at a dedicated ceremony.

The Governor of the CBK, Mr. Ahmet Ismaili, in his remarks at the launch ceremony, emphasized that today’s launch of the platform represents a concrete and significant step toward advancing transparency and empowering consumers. It provides users with a tool to compare and choose the products that best suit their needs, while simultaneously strengthening trust in the financial sector and increasing the accountability of financial institutions.

As financiers of the project, the Head of the EU Office in Kosovo, Ambassador Aivo Orav, and the representative of the European Fund for Southeast Europe, Ms. Venera Hoxha, also attended the ceremony and delivered welcoming remarks.

In developing a solution that reflects the level of development of the financial sector in the country, the regulatory and supervisory framework, along with the best EU standards and practices, have served as a basis. Nevertheless, this platform is unique in terms of including the entire financial sector, as well as the number of standardized products and services it contains.

The Platform includes data from 50 financial institutions, including banks, microfinance institutions, non-bank institutions, and insurance companies. It reflects 17 product categories, divided into 60 sub-products and 203 detailed sections, with over 10,000 data points available for comparison and decision-making.

The Platform is available in Albanian, Serbian, and English on the official CBK website or   directly via the dedicated link [https://krahaso.bqk-kos.org/], and it offers neutrality and user-friendly access. The platform will operate in a testing phase until the end of the year with the aim of aligning and adapting it to technical and regulatory requirements.

For this purpose, CBK has previously approved the Regulation on the Platform for Comparing Financial Products and Services as well as the corresponding guidelines containing all necessary implementation details. To facilitate its use, the CBK has also prepared explanatory materials, video tutorials, a glossary of financial terms, and a section of frequently asked questions.

According to the approved regulation, financial institutions have a legal obligation to report and update their products and services data on the Platform. Therefore, it is the responsibility of each financial institution to provide and maintain accurate data that reflect the official fees published by the institution.

In addition to its informational function, the Platform will also serve as a supervisory tool for the CBK, ensuring that financial institutions provide accurate data and remain compliant with the regulations.

Financial education remains one of the strategic priorities of the Central Bank of the Republic of Kosovo aiming to expand citizens’ knowledge about financial products and services so they can negotiate better terms and make well-informed decisions. In this context, numerous educational and awareness-raising activities have been undertaken, with one of the most significant efforts being the development and today’s launch of the Financial Products and Services Comparison Platform.

In closing this event, Governor Ismaili emphasized that the Financial Products and Services Comparison Platform launched today is not merely a technical project but a strategic step by the CBK toward a more transparent, competitive, and fair financial market for everyone. However, the platform as a tool for comparing, analyzing, and making informed decisions about financial products and services that directly impact citizens’ well-being does not replace citizens’ right or need to seek the market for preferred products or preferential rates offered by the financial sector.

This project was implemented with the support of the European Fund for Southeast Europe and co-financed by the European Union. On this occasion, CBK expresses its gratitude for the partnership with the European Union and EFSE, as well as to the financial institutions for their contribution in providing the necessary data and enabling the Platform’s functionality.

The Central Bank of the Republic of Kosovo through this project reaffirms its commitment to promoting financial education, consumer protection, innovation, and improved communication with all stakeholders, while remaining dedicated to advancing the financial sector in line with its strategic commitments.