The Central Bank of Kosovo launched on Wednesday the platform for comparing financial products and services. This service was described as a concrete step towards increasing transparency in the financial market, empowering consumers, and providing equal access to accurate and up-to-date information, as reported by KosovaPress.
The Governor of the CBK, Ahmet Ismaili, said that the platform contains data on fifty financial institutions, including banks, microfinance institutions, and insurance companies.
He emphasized that the launch of this platform is a strategic step by the CBK towards a more transparent, competitive, and fair financial market for everyone.“The platform represents a concrete step towards increasing transparency in the financial market, empowering consumers, and providing equal access to accurate and up-to-date information. Through this project, the CBK demonstrates its commitment to advancing strategic objectives towards digitalization, promoting competitiveness, and financial inclusion. The platform represents a key tool for achieving these strategic objectives by providing users with fair, safe, and simple access. Detailed information on financial products and services that easily assist in decision-making. Developed by the CBK, the platform is easy to use, offering standardized, accurate, and updated data on interest rates, fees, commissions, and the terms of the most commonly used products offered by financial institutions,” he said.
The launch of the platform was also welcomed by the Head of the European Union Office in Kosovo, Aivo Orav. He said that through this initiative, Kosovo is taking an important step toward financial transparency.“Kosovo is taking an important step in the right direction by implementing this platform. This initiative is a strong example of how transparency can work in practice. Nevertheless, information alone is insufficient. Consumer education and protection require that knowledge be developed through schools and awareness campaigns so that everyone can benefit from these tools,” he emphasized.
On the other hand, the portfolio manager of the European Fund for Southeast Europe (EFSE), Venera Hoxha, said that the launch of this platform is not just a technical project, but a strategic one, as it is essential for the financial system.
“This is not only a technical project, but a strategic project because it supports not only clients in this case but all actors of the financial system and is essential for the financial system,” she declared. The Platform for Comparing Financial Products and Services (https://krahaso.bqk-kos.org) is an application developed by the CBK to enable citizens to access information and compare interest rates and fees of the most commonly used financial products and services offered by financial institutions in the Republic of Kosovo.
