Free bank accounts for vulnerable people in North Macedonia

SKOPJE, March 20 (Xinhua) -- "Vulnerable people" in North Macedonia will be entitled to open basic bank accounts free of charge under the new draft law on payment services and systems developed jointly by the Finance Ministry and the National Bank, Finance Minister Dragan Tevdovski said here on Wednesday.

Tevdovski made the statement at the signing ceremony of a memorandum on financial education and inclusion in Skopje.

According to Tevdovski, the law introduces solutions that will lead to the liberalization of the payment services market, including innovative ways of payment.

In her remarks, North Macedonia's National Bank Governor Anita Angelovska-Bezhoska said that only 77 percent of adults in the country have a bank account.

"In North Macedonia only 37 percent of the population uses cards for purchasing, almost half the European average of 63 percent," said the governor, adding that there is a need to promote financial literacy in the country.

Financial inclusion will result in higher gross domestic product (GDP) growth and will decrease income inequality, noted Angelovska-Bezhoska.

The memorandum on financial education and inclusion was signed by the National Bank, the Finance Ministry, the Securities and Exchange Commission, the Insurance Supervision and pension insurance agencies.