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NEWS | First National Strategy on Financial Education and Financial Inclusion in North Macedonia

On July 8th 2021, the National Bank of North Macedonia organized an online event to promote the first national Strategy on financial Education and Financial Inclusion 2021 - 2025.

This strategic document is a result of the continuous efforts of the national Coordinating Body, led by the National Bank and consisting of representatives of various stakeholders in the financial sector, in the frames of a regional project financed by the Ministry of finance of Netherlands and supported by OECD International Network on Financial Education (OECD/INFE).

At the event, that gathered more than 80 participants, among which were representatives of German Sparkassenstiftung for International Cooperation, all financial regulators addressed the audience: the Governor of the National Bank of North Macedonia, Ms Anita Angelovska Bezoska, the Minister of Finance, Mr Fatmir Besimi,  the President of the Council of Experts of the Insurance Supervision Agency, Krste Shajnoski, the President of the Council of Experts of the Agency for Supervision of Fully Funded Pension Insurance (MAPAS), Maksud Ali and the Commissioner of the Securities and Exchange Commission (SEC), Kiril Jovanovski.

The Governor Angelovska Bezoska underlined the importance of the National Strategy – a document that represents the coordinated, strategic and systematic approach of the institutions in charge, toward the challenges arising from the low level of financial literacy in the country. Although approx. 87% of the population of the country upholds a transactional bank account, there are other indicators acting as obstacles in this context. The low level of digital literacy is one of them. 

The Strategy aims to respond to these challenges and to contribute toward individual and collective awareness raising, to enable access to quality financial education in line with the needs of different target groups, to improve the consumer protection, to improve access to finance and to foster financial innovation.

The openness and willingness for cooperation of the financial regulators with national, regional and international organizations on the implementation of the Strategy was underlined. This is especially important having in mind the communication and exchange established by German Sparkassenstiftung for International Cooperation with all relevant national stakeholders in the past months, in the light of the preparatory phase of the project planned in North Macedonia. One of the results of the successful initiation of cooperation on national level in the country was the support that German Sparkassenstiftung for International Cooperation offered to the improvement of the draft Strategy for Financial Education and Inclusion. A further important outcome is the exchange initiation with OECD on upcoming priorities, in order to enable creation of synergies and coordinated action in the cooperation with national stakeholders in the future.

Deutsche Sparkassenstiftung für internationale Kooperation e.V.
Regional Office Albania

Rr. Perlat Rexhepi, Nd 19, Ap 53, 7th Floor,
Tirana 1019, Albania

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