Skopje, 23 September 2022 

Developing an appropriate consumer protection system in the domain of the banking system is one of the strategic priorities in the operations of the National Bank, which intensified its efforts to secure a higher level of protection of users of services offered by the banking system. For this purpose, the National Bank, before representatives from the banks, the savings houses and the Consumers Organisation, presented the analysis of the conducted survey of consumer protection which covered aspects related to the responsible lending, the fees for the banking services, the handling of complaints against banks and savings houses, etc.

Addressing those present, the Governor of the National Bank, Anita Angelovska Bezhoska emphasized the establishment of an efficient consumer protection system as one of the main steps for increasing financial inclusion. The consumer protection system should provide more transparent operations of the private financial sector, better awareness of the clients about the banking products and services regardless of their increasing complexity and sophistication, appropriate mechanisms for handling of complaints received by clients and their resolving, protection of the population against unfair practices and knowledge of the possible risks regarding the financial services, especially those related to excessive indebtedness. Under the leadership of the National Bank, the first national Strategy for Financial Inclusion and Literacy was adopted, which covers several aspects of consumer protection, and a separate organizational unit within the National Bank has also been established. “The National Bank is currently working on strengthening the regulatory framework, including through the preparation of a circular for banks and savings houses, and it will soon start with special on-site controls in this segment which would increase the level of protection of users of services”, said the Governor Anita Angelovska Bezhoska in her address. She also emphasized that “more than ever there is a need for prudent and responsible lending by banks, client counselling, as well as well-founded fixing of prices and fees of banking products and services, having in mind the overall macroeconomic environment. Only this approach can contribute to consumer protection, but also to maintaining the quality of the assets and reputation of the banking system.”

The findings of the analysis indicate that the total number of complaints in the banking system in 2021 is reduced below the level in 2018, and the banks usually submit the responses to the complaints to the clients within 15 days, which is comparable with the practice in other countries. However, the approach to consumer protection is different in scope and quality and depends on the banks' policies.

The analysis of the structure of the complaints for certain banking products and services shows that in 2021 the complaints about debit and credit cards prevail, with a share of 36.6%, although here there is also a trend of reduction compared to 2018 by 5.5 percentage points. Analyzing the structure, the complaints for consumer loans account for 10% of the total number of complaints,  the complaints for the behavior of employees account for 9.3% of the complaints, while the complaints for transaction accounts and electronic and mobile banking account for 8.5% and 8.2%, respectively, of the total complaints.

Marijana Loncar Velkova, President of the Consumers Organization of Macedonia, presented the results of the analysis of green credit lines that banks offer to consumers. She referred to the need for greater support to consumers with green credit lines by a larger number of banks, whereby the banks will also contribute to the fulfillment of the green agenda. “This is necessary because consumers become increasingly interested in buying energy efficient products that save them money and also provide them with greater comfort and quality of living“, she said, emphasizing the importance of the cooperation with the National Bank that contributes to larger consumer protection.

You can find the analysis of the responses provided by banks and savings houses to the Consumer Protection Questionnaire on the following link.