DSIK is active in North Macedonia as a part of the larger project, Strengthening Financial Literacy in the Republic of Albania, which started in June 2020. Following the success of the Albanian project, there were requests from institutions in North Macedonia for similar interventions. A fact-finding mission was conducted at the end of 2020 with encouraging results and German Sparkassenstiftung initiated action in North Macedonia in August 2021.  

At the end of 2021, DSIK commissioned a pre-feasibility study on Financial Inclusion in North Macedonia, performed by DSIK expert, Mr. Konrad Ellsässer. The results and report from this study was shared on March 17. 2022 to a group of invited guests where Mr. Ellsässer presented his findings, followed by a small group discussion. The primary purpose of this meeting, called the North Macedonia Stakeholder Workshop 2022, which was held virtually, was to disseminate and share the results and connect with existing and potential partner organizations. 

Ms. Anja Deinzer, the DSIK Albania Country Director and DSIK Regional Coordinator for South East Europe, provided opening remarks welcoming participants and refreshing everyone on the objective of the project Strengthening Financial Literacy in the Republic of Albania. She explained how the project has expanded to working in North Macedonia due to the keen interest of multiple North Macedonian organization and institutions.  

The keynote speaker, Mr. Konrad Ellsässer was then introduced, presenting his preliminary assessment on Improving Financial Inclusion in North Macedonia. He first discussed the approach and methodology of his study, which included exchanges with stakeholders in North Macedonia discussing barriers and possible solutions with stakeholders. He then outlined the financial inclusion landscape in North Macedonia, that his research revealed and concluded that: 

“North Macedonia has solid elements on which it can build progress in financial inclusion - and also elements in its economy that will benefit from better financial inclusion.” 
_{- Mr. Konrad Ellsässer}

Areas of improvement were then identified and he also listed some lessons learned through the from research and communication with stakeholders, which included findings related to what percentage of the population has a bank account and debit card and which formal enterprises have access to credit. And presented the primary obstacles with relation to  financial inclusion, which are: Insufficient financial literacy of clients; and a lack of demand driven products and delivery mechanisms 

Mr. Ellsässer then proposed multiple solutions for action to support better financial inclusion, which included a financial education app for young people and an insurance education app as digital tools. With a high outreach and low costs, this kind of tool could support learning money management and good use of financial services. He acknowledged that the National Strategy is creating an excellent framework for such an approach. 

Overall, Mr. Ellsässer found that North Macedonia is a conducive environment for increasing the levels of financial inclusion and the framework conditions for better financial inclusion is good. 

This includes the recently adopted Strategy for Financial Education and Financial Inclusion and the National Bank acts as a driving force and as an element of stability for the financial sector. 

DSIK would like to Mr. Ellsässer for his comprehensive analysis and presentation, and also extend thanks to the following organisations for their contribution and participation in the study and the workshop: 

- National Bank of North Macedonia 
- Deutsche Sparkassenstiftung  
- Insurance Supervision Authority 
- Banking Association 
- Alliance of Microfinance Organisations 
- Sigal Insurance 
- MFI Horizonte 

These findings paint a clearer picture of the current status of financial inclusion in North Macedonia, and we are looking forward to the opportunity to work more in this dynamic country.