On 7 October, the Ministry of Finance and the Presidency of the Group of Non-Banking Financial Companies within the Economic Chamber of Macedonia held a working meeting, chaired by Andriana Matlioska, State Secretary at the Ministry. The meeting focused on current developments in the financial market, particularly within the segment of financial companies.

Based on conducted analyses, a slowdown in the growth of lending activity among financial companies was observed following the latest amendments to the Law on Financial Companies in July 2023 and the Rulebook on Credit Risk adopted in April 2024. Data show that in the first half of 2025, financial companies accounted for 2.3% of total lending in the country. Additionally, the Ministry of Finance’s intensified supervision over the operations of financial companies has contributed to sector consolidation, reducing their number from 35 to 26.

The establishment of the Department for Monitoring and Supervision of Non-Banking Institutions within the Financial System Sector at the Ministry of Finance was welcomed as a step toward strengthening both off-site and on-site supervision of financial companies, as well as the implementation of the legislative and bylaw framework adopted by the Ministry in its role as regulator.

As emphasized during the meeting, the primary objective of both the Ministry of Finance and the Group of Non-Banking Financial Companies is consumer protection. State Secretary Matlioska stressed that the Ministry, as the regulatory authority in this field, continuously works to strengthen regulations to ensure a high level of consumer rights protection for users of financial company services. She added that ongoing regulatory improvements oblige financial companies to establish a credit risk management system, meaning they must responsibly assess a client’s creditworthiness before granting a loan.

In this context, the Group’s Presidency informed participants about the implementation of the Code of Ethics, adopted in June 2025, which aims to enhance the operations of financial companies, improve the client experience, encourage greater social responsibility among financial companies, and strengthen their relationship with consumers and service users.

The meeting also highlighted a joint commitment to greater transparency in data and information about the operations of financial companies. In line with the latest regulatory changes, in addition to regular reporting obligations, financial companies are now required to publicly and transparently display their fee schedules—both on their websites and prominently within their business premises. This measure allows consumers full insight into all costs before signing a contract.

It was jointly concluded that all measures taken so far reaffirm the shared commitment to maintaining financial market stability and ensuring consumer protection.