Serbia is preparing to extend central-bank oversight to credit intermediaries, debt advisers and certain merchant-financed payment arrangements under proposed changes to consumer-finance legislation. The National Bank of Serbia (NBS) said amendments to the Financial Services Consumer Protection Law would introduce licensing requirements for credit intermediaries and debt-counselling providers. Covered businesses would have to meet prescribed operating standards and be included in a public register maintained by the central bank.
The proposed framework would also cover certain forms of financing provided directly by merchants, including arrangements similar to buy now, pay later (BNPL), where retailers finance purchases without a bank-issued card or conventional bank loan. Traditional instalment purchases financed through bank cards would remain outside the new category. The draft has completed public consultation and has been submitted to the European Commission for an opinion before proceeding to parliamentary consideration.
New requirements for non-bank providers
The proposed legislation would expand Serbia’s consumer-finance regulatory framework beyond banks and other traditionally licensed financial institutions. Retailers, e-commerce platforms, credit intermediaries and specialist debt-advice providers could face new obligations covering licensing, governance, reporting, customer disclosures, complaints handling and supervisory oversight.
The requirements could increase market-entry and compliance costs for smaller providers while placing non-bank businesses offering credit-related products under a framework closer to that applying to regulated financial institutions. The changes would also affect the competitive environment between banks and companies providing credit-like products outside conventional banking channels.
BNPL included before wider market expansion
The NBS has indicated that BNPL products are not yet widespread in Serbia. The proposed rules would establish a regulatory framework for such arrangements before their broader development in the domestic market. BNPL allows customers to obtain goods immediately while distributing payments over time, often through digital interfaces integrated into online checkout systems. Merchant financing can support sales conversion and transaction values, while multiple small payment obligations can make household borrowing more difficult to monitor when they develop outside conventional banking channels.
The proposed licensing approach would bring qualifying merchant-financing arrangements within the formal consumer-credit framework.
Credit brokers and debt advisers enter supervision
Credit intermediaries would also become subject to direct regulatory requirements under the amendments. These businesses can assist consumers in comparing loans, refinancing existing obligations and connecting with lenders. Licensing and registration would establish formal supervisory requirements for their activities, including greater transparency around commissions and potential conflicts of interest.
Debt-counselling providers would similarly move into a supervised framework. The change would apply to a segment of consumer finance that could become more relevant as household borrowing develops across unsecured cash loans, refinancing and other credit categories.
New framework affects banks and fintech partnerships
The proposed rules would also address differences in regulatory requirements between banks and non-bank providers of comparable consumer-finance products.
Banks already operate under requirements covering consumer lending, capital and customer protection. Bringing merchants and fintech businesses offering qualifying credit products under NBS licensing would reduce differences in the regulatory treatment of those activities. The framework could also establish clearer boundaries for cooperation between banks, retailers and fintech companies, particularly where digital platforms combine retail transactions with financing or deferred payment arrangements.
The legislation is being prepared as digital payments, e-commerce and flexible payment structures develop in Serbia, with the proposed changes extending the regulated consumer-finance perimeter to activities carried out by banks, brokers and merchants.
