House of Representatives Adopts Set of Laws on Financial and Payment System Reform

(Patria) - The House of Representatives of the Parliament of the Federation of Bosnia and Herzegovina tonight adopted a set of laws aimed at, as explained by the proposer - the Federal Government, a comprehensive and strategic reform of the financial and payment system of the Federation of Bosnia and Herzegovina.

The explanation also stated that this is one of the most significant institutional and economic reforms during the mandate of the FBiH Government.

With this reform package, the FBiH establishes a modern, secure, and European-aligned legal framework for digital payments, strengthens the protection of financial services users, and ensures the long-term stability of the financial system, while creating all key prerequisites for Bosnia and Herzegovina's accession to the Single Euro Payments Area (SEPA).

The reform package includes laws on payment services, electronic money, payment accounts, and amendments to the Law on Protection of Financial Services Users, the Law on Banks, and the Law on Microcredit Companies.

Joining the SEPA payment area brings faster and cheaper payments for citizens, lower business operating costs for the economy, and stronger supervision and greater stability for the financial system.

These laws are crucial regulatory prerequisites for accession to the SEPA area and a strong incentive for overall economic development.

According to the explanation of the FBiH Government, the law on payment services is the central pillar of the reform because it systematically regulates modern payment transactions in the FBiH for the first time, opens the market for innovation and new payment service providers, while simultaneously setting high security standards and strong regulatory supervision.

Together with the law on electronic money and the law on payment accounts, the FBiH Government ensures faster, cheaper, and safer digital payments for citizens and the economy, greater transparency of fees, and stronger legal certainty.

Amendments to the laws on banks, microcredit companies, and protection of financial services users ensure full alignment of the entire financial system with the new rules, strengthen supervision, and further protect citizens' rights.

With this set of laws, the FBiH Government, according to its explanation, sends a clear and strong message - the Federation of Bosnia and Herzegovina is decisively entering a new phase of financial system modernization.

Entering the SEPA system means concrete benefits for every citizen, every entrepreneur, and public institutions. It is a European standard that is now being built in the Federation of Bosnia and Herzegovina as well.

With this reform package, the FBiH Government "confirms its clear political will for deep and responsible reforms in the interest of citizens, the economy, and BiH's European path".

The House of Representatives also adopted amendments to the federal legislation on foreign exchange operations, leasing, and mandatory traffic insurance tonight, which were also proposed by the FBiH Government.