Banks in Kosovo reduce some service fees, due to increased competition and financial transparency
Commercial banks in Kosovo announce that they have made changes to their price lists, reducing the fees for some of their services used by citizens and businesses. These changes are being seen as a positive step towards reducing costs for citizens and encouraging the use of financial services.
Among the banks that have published new price lists are ProCredit Bank, TEB Bank and NLB Bank, which have reflected changes in fees for accounts, payments, bank cards and other financial services.
In a written response to Ekonomia Online, the Central Bank of Kosovo (CBK) has clarified that bank fees are determined by commercial banks themselves, while the CBK oversees market practices, transparency and the manner in which fees are disclosed to customers.
The CBK emphasizes that free market principles are applied in Kosovo and that banks operate in accordance with applicable legislation and that recent developments do not indicate a general phenomenon of increased banking fees, but individual cases of price changes, accompanied by reductions in fees by some banks.
"First of all, we would like to clarify that bank fees are determined by banks according to their methodologies, which are subject to the supervision of the Central Bank of the Republic of Kosovo (CBK) in terms of practices. Also, in terms of transparency, disclosure and other aspects, they are under the monitoring of the CBK. However, the principles of the free market are applied to their operation and functioning according to the laws in force. For your information, you have encountered reductions in fees of some of the banks, at least in three of them, the announcements for which you find in the public, where some are from the first part of this year, some others have entered into force since June. So, we do not have a phenomenon called an increase in fees, but individual cases and in competition, in addition to cases of reduction in fees, some of the banks have not changed or have only adjusted them. So everyone has the possibility of a solution between banks and recently even non-banks, and the platform for comparing them highlights them," the response of CBK.
According to the CBK, citizens now have more options to choose from, not only between banks, but also through non-bank financial institutions and electronic payment service providers, which have expanded their range of products and services.
"The CBK has recently undertaken a series of initiatives aimed at increasing competition in the financial sector, facilitating citizens' access to the Payment Account with Basic Services, as well as improving transparency by providing better opportunities for comparing banking products and fees. Also, non-banking financial institutions (NBFIs) and electronic payment institutions have expanded the range of financial products and services, offering new and more competitive alternatives for citizens and businesses. These measures aim to strengthen consumer protection and increase financial inclusion in the country, as well as increase competition in the market", the CBK assesses.
Furthermore, the CBK also announces that the Platform for Comparison of Financial Products and Services has now been operationalized, a mechanism that aims to provide citizens with clearer and easier information for comparing financial offers.
"In order to increase transparency and consumer information, the CBK has approved the regulation and put into operation the Platform for Comparison of Financial Products and Services: https://krahaso.bqk-kos.org/. This platform enables citizens to easily compare the products, services and fees of financial institutions, helping them make more informed and favorable decisions for their financial needs, increasing transparency and competition among them," the CBK emphasizes.
The supervisory institution announces that it has also advanced the supervision processes related to the methodologies for setting and publishing prices of financial products and services, while it is in the final stage of approving a new regulatory framework.
"In addition to the above, within the framework of the processes of supervision and advancement of market practices, the CBK has advanced supervision in terms of methodologies for setting and disclosing prices of financial products and services through a special supervisory structure, while it is in the final stage of approving an advanced regulatory framework in this regard, which includes the manner of notification, disclosure, publication and transparency of products to the public, which will further contribute to these objectives," concludes the CBK's response to Ekonomia Online.
Recent developments in the banking sector are being seen as an indicator of an increasingly competitive market, where the focus is shifting towards providing more affordable, more transparent and more tailored services to the needs of citizens and businesses.
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