Serbia is moving toward formal regulation of credit intermediaries, with the National Bank of Serbia set to oversee businesses that connect consumers with lenders as loan distribution increasingly expands beyond traditional banking channels.
Draft amendments to the Law on Protection of Financial Services Users would require credit intermediaries to secure authorisation from the National Bank of Serbia (NBS). The central bank would supervise their operations, maintain a public register of licensed intermediaries and have authority to withdraw licences. The proposal has completed public consultation and has been submitted to the European Commission for an opinion before proceeding to Serbia’s parliamentary procedure.
Two forms of credit intermediation
The proposed rules distinguish between two main types of intermediary activity. The first would cover companies where arranging financing is secondary to their principal business. A car dealer, for example, could offer customers loans from one or more partner banks as part of a vehicle sale. The second category would comprise independent intermediaries able to compare financing products from several lenders and assist borrowers in selecting and obtaining credit.
The distinction would formally recognise distribution channels that allow banks to reach customers without acquiring them directly. Retailers, property businesses, online platforms and specialist finance companies can serve as points where loan applications originate, while banks continue to provide the financing.
For consumers, intermediary platforms could facilitate comparisons between competing offers. For banks, they could provide another customer-acquisition route without requiring additional branches or proprietary sales networks. The framework would also place greater regulatory focus on commissions, conflicts of interest and information provided to borrowers, areas where responsibilities can become less clear when several companies participate in arranging a loan.
Digital lending expands the distribution model
The proposed licensing system comes as Serbia’s consumer-finance market becomes increasingly digital. Mobile banking usage has expanded rapidly, while the number of financial contracts concluded remotely has increased sharply in recent years. Banks are competing through mobile applications, simplified cash loans and increasingly automated approval processes. Licensed intermediaries could extend that model by allowing borrowers to begin their search on platforms that compare several lending offers before directing customers toward a selected bank.
For lenders, such platforms could reduce customer-acquisition costs, particularly for smaller banks seeking borrowers beyond their existing branch and digital networks. The model would also alter the relationship between banks and their retail customers. When a borrower starts the financing process through an intermediary, the bank could become primarily the provider of credit rather than the company controlling the initial customer relationship. That could increase the importance of pricing, approval speed and commission structures when competing loan products are presented side by side.
Licensing creates an entry route for fintech companies
The proposed framework could open a regulated market for fintech companies developing digital credit marketplaces, comparison services and specialised loan-distribution platforms. A formal licensing regime would establish a defined regulatory route for such businesses and could provide greater certainty for their relationships with banks and investors.
At the same time, authorisation by the NBS would increase the requirements for market entry. Companies would have to comply with central-bank requirements and consumer-protection rules rather than operating primarily as technology or marketing businesses. That regulatory threshold could affect the structure of the emerging market, with better-capitalised platforms and established financial groups potentially better positioned to meet licensing requirements than smaller operators. The planned changes also form part of Serbia’s broader effort to align financial-services regulation with EU standards as digital distribution becomes increasingly important in banking and payments. The immediate market impact will depend on the final legislation and the number of companies that seek NBS authorisation.
