Governor Žugić Meets UNDP Resident Representative in Montenegro


18/11/2021

The Governor of the Central Bank of Montenegro (CBCG), Radoje Žugić, met today with the UNDP Resident Representative in Montenegro, Danijela Gašparikova. At the meeting, they discussed how the banking sector could help improve society, preserve the environment, and combat climate change through digital technologies.

Governor Žugić pointed out that the COVID-19 pandemic and the climate changes we face daily have an adverse impact on the Montenegrin economy, primarily due to its significant dependence on the service sector, requiring the changing of the development model. According to Žugić, the CBCG will contribute fully to the new technologies implementation in banking.


“We especially want to support banks through the payment operations modernisation, primarily through the introduction of instant payment systems. Moreover, the CBCG will include the Environment and Society Sustainability Objectives with the best examples of sustainable management (ESG) as its priorities in the coming period”, said Governor Žugić.


UNDP Resident Representative in Montenegro, Daniela Gasparikova, believes that significant harmonisation of global and national financial systems and flows is needed to achieve the Sustainable Development Goals (SDGs) results, such as greenhouse gas reduction and climate change. In this sense, entities that manage financial transactions and the financial sector in general play a critical role.


“To achieve the objectives, recent advancement in fintech and digital finance represents a chance for Montenegro to improve the targeting and public and private funding’s transparency considering national priorities and the fintech policies development. Digital funding should be used to support innovation, climate action and economic empowerment of women, youth and vulnerable groups,” Gasparikova said.


In addition, cooperation has been agreed with UNDP on research on the reasons for insufficient use of financial technologies by the population with particular focus on vulnerable groups and assistance in drafting a national fintech strategy. The cooperation with the Ministry of Finance and Social Welfare will create an overview of regulatory barriers in existing legal solutions for fintech development.