ahmet ismaili : national payments council – re - establishment and opening meeting for 2024 speech by mr ahmet ismaili, governor of the central bank of the republic of kosovo, at the national payments council – re - establishment and opening meeting for 2024, organised by the central bank of the republic of kosovo, pristina, 31 january 2024. * * * dear mr. murati, minister of finance, labour and transfers dear members of the cbk board dearest mr. albertine from usaid in kosovo dear representatives of the eu office, madsen dear representatives from the embassy of switzerland dear representatives of the imf and the world bank dear representatives of visa and master card dear heads of banks and financial institutions representatives of government institutions highly respectable attendees ladies and gentleman, first of all, let me thank you for your participation in this event organized by the central bank of the republic of kosovo regarding the re - establishment of the national payments council in order to support reforms in the field of payments through the expansion of inclusion and increased cooperation between the actors of market in the payment system in the republic of kosovo. as you have been informed, this event aims to : reorganize and operationalize the national payments council ( npc ), respectively, expand the membership of the npc as an advisory body in support of reforms in the field of payments and increasing the safety of the national payment system ; update on legal and technical infrastructure developments in the field of payments, as well as developments in processes and plans for the advancement of the legal framework and technical infrastructure of the payment system and services ; and define a national plan for financial inclusion and reducing the use of cash, where the activities of the stakeholders will be defined and agreed to increase access, use of payment accounts and instruments of electronic payments and the 1 / 4 bis - central bankers'speeches reduction of cash, in order to reduce the cost of payment services for the most efficient flow of transactions as well as other positive effects on the economy. in this dynamic of world development, our financial system is also facing a rapid change in the field of innovation and migration towards digital payments. a sound and efficient payment system supports the further development of financial intermediation and the increase of financial stability thus creating a climate in which investors can expand their businesses. a developed financial payment system where payments are made in a cost - effective and time - efficient manner makes trade cheaper and enables competitive businesses to grow and provide consumers with easier access to goods and

from the perspective of banks and non - banking financial institutions and requires close cooperation and coordination. but, allow me to announce some activities that cbk has undertaken in order to develop the payment system : participation in high - level meetings at the european central bank ( ecb ) in frankfurt, with the governors and deputy governors of the six countries of the western balkans, regarding the integration into the european system of central banks, namely the sepa payment scheme and the instant payment system tips, where the ecb, within the framework of supporting the eu project for the modernization of payment systems of the western balkan countries and the objectives of the g20, supports concrete initiatives such as the interconnection of payment systems and the inclusion of our region in the european union systems and is continuously in touch for further developments. it has changed the organizational structure where, in addition to the analysis and oversight of the payment systems division, the ip and ipe has been added to the mfis / nbfis supervision division, the it systems supervision division has been established, within the credit registry division was added the bank accounts registry, as well as the department of consumer protection was established where, in addition to the financial services consumers complaints division, the market conduct supervision division was also established. it has proceeded further with the draft law on banks, already in public consultation, which, together with other laws, will complete the financial ecosystem in a complementary way. the draft law on payment services is in the process of finalizition, in compliance with eu directives such as psd2 ( payment services directive 2 ), emd ( e - money directive ), pad ( payment account directive ), and interchange fees. it is in the process of building infrastructural capacity and human resources to ensure that systems, equipment, knowledge, skills and personnel tools remain relevant and effective in overseeing the risks of new technologies and innovative business models. also, financial institutions licensed by the cbk, in order to advance the payment system and increase the quality and efficiency of payment services for their customers, are encouraged to : invest in infrastructure and build human capacity ; advance risk management policies, procedures and processes ; address cyber risks through close cooperation with the cbk and state authorities responsible for cyber security at the state level. 3 / 4 bis - central bankers'speeches financial education will be the focus of the cbk, alongside the advancement of market practices and consumer protection. therefore, campaigns will be organized and supported for the financial