On November 21 2024, Albanian Microfinance Association and IFC – International Finance Corporation signed a Cooperation Agreement to join forces into expanding digital financial services and fintech ecosystem as well as enhance of the functionality and efficiency of the credit information systems in Albania. The Agreement comes as an important milestone at a moment when the Country is making significant progress in embracing digital transformation on a public and private sector basis.

The pillars on which this cooperation will be based, consist of the following:

✅ Raise awareness of Albanian microfinance sector around Digital Onboarding and electronic Know Your Customer (eKYC) global best practices;
✅Information sharing on global regulatory approaches and global regulatory standards to facilitate closer alignment with EU and other international standards;
✅Sharing of best practices on the development of innovative digital financial products and services;
✅Sharing best practices on cyber resilience and combatting fraud in the financial sector;
✅Share best practices on the utilization of the credit information systems;
✅Share materials and provide technical assistance to support market-level financial literacy campaigns.

The Agreement was signed by Ms. Arlinda Muja, President of Albanian Microfinance Association, and Mr. Nicolas Marquier, Regional Manager for Western Balkans for International Finance Corporation (IFC). We look forward to our mutually agreed strategies and action plans forward to come to life in support of the constant development of digital services in Albania.