At the first Microbalkans 2024 regional conference, a Memorandum for Regional Cooperation and Understanding was signed, formalizing the will and initiatives for further cooperation, exchange of best business practices, and market development in the Western Balkans. The memorandum was signed by representatives of microfinance associations and groups from six Western Balkan countries: Bosnia and Herzegovina, North Macedonia, Serbia, Albania, Montenegro, and Kosovo.

Microbalkans 2024 brought together over 200 representatives from financial institutions, companies, and regulators from across the region. The first day of the conference was a success, highlighting new opportunities and challenges in the microfinance sector, with an emphasis on innovation and a market status review.

The Association of Non-Banking Financial Companies of the Economic Chamber of North Macedonia, along with members like Mint Fintech Group, Iute Macedonia, Finmak, Flex Credit, Kredisimo, M Cash, Credo Card, Easy Finance, Kredi Yes, One Finance, and Factor In, had the honor of participating in the panel discussions, representing the interests and achievements of the Macedonian microfinance sector.

Biljana Mishikj, Vice President of the Association and CEO of Iute Macedonia, reflected on the current status of fintech companies in the market, especially following regulatory changes. “In recent years, the fintech industry has faced numerous challenges, particularly with legal amendments and further market regulation by the Ministry of Finance. Undoubtedly, Macedonia’s fintech industry is on the rise and has great potential, increasingly recognized as a financial segment that plays a significant role in sustainable economic development, support for social sectors and vulnerable groups, and the improvement of financial inclusion and economic growth in the region.”

The panel on digitalization, moderated by Arlinda Muja, Vice President of the Association and CEO of Finmak DOO, discussed the current status of financial services digitalization in the Western Balkans. "The digitalization of financial services is a key driver of economic development. Although the different countries are at various stages of digital transformation, all stakeholders face similar challenges," Muja emphasized. According to her, the key pillars for progress in digitalization include a regulatory environment that enables service integration, available infrastructure, market and financial institutions' readiness, and the implementation of cost-effective digital strategies. She added, “Only through joint cooperation among regulators, banks, microfinance institutions, and solution providers can we ensure successful development.”

Nikola Joshevski, President of the Association of Non-Banking Financial Companies and General Manager of Mint Fintech Group, spoke about the digital transformation of the Macedonian financial sector. “Technology is drastically changing our daily lives, allowing microfinance institutions to offer more efficient, convenient, and secure services to users via digital platforms,” Joshevski stated, emphasizing that new regulations create a more competitive environment. He also highlighted the importance of partnerships between fintech companies and banks, citing Mint’s successful partnership with a Macedonian bank and with VISA, which has increased access to funds for clients. Additionally, Joshevski noted, "After all the discussions and panels, everyone agrees that Macedonia has one of the best legal frameworks for building a robust and high-quality financial ecosystem."

The event was organized by the Association of Microcredit Organizations of Bosnia and Herzegovina (AMFI), with support from the European Union. This conference will serve as a platform for exchanging best practices and establishing new collaborations among regulators, fintech companies, and financial institutions, enhancing support and access to new resources and capital for the region.