/ Bosnia and Herzegovina
Our history in Bosnia and Herzegovina begin in 2013 as an offshore software development lab for Fortune 500 technology companies, airlines, payment networks and telecommunication companies. In 2019 the business was acquired by Bancstac and the local team became the in-house R&D arm of Bancstac. We provide sovereign global banking infrastructure for regulated financial institutions
Overview
Bosnia and Herzegovina is a country located in southeastern Europe on the Balkan Peninsula. It is bordered by Croatia, Serbia, and Montenegro, and has a narrow stretch of land along the Adriatic Sea. Bosnia and Herzegovina covers an area of 51,129 square kilometers and has an estimated population of 3.2 million as of 2026. The country is divided into two political entities: the Federation of Bosnia and Herzegovina and the Republika Srpska, along with the self-governing Brčko District.
In 2024, the GDP reached approximately US$28.5 billion, and per capita GDP was US$8,910. Bosnia and Herzegovina's economy is dominated by the service sector, which accounts for c.56% of its GDP. The retail trade and restaurant industries are also important components of the service sector. Consumption and public investment are the primary drivers of economic growth. The country’s economy is tied closely to global value chains. Its largest trading partners are Germany, Croatia, Serbia, Italy, and Austria.
Bosnia and Herzegovina produces raw materials such as steel, coal, iron ore, lead, zinc, and aluminum, and wood is also a significant sector and export commodity. The telecommunications sector is also expected to be a major growth driver. Additionally, the tourism sector has been experiencing significant growth, contributing c.10% to the GDP. The country's industrial sector represents almost 24% of its GDP and employs about 31% of the workforce. However, challenges remain with the productivity and competitiveness of its industrial base and financial markets. Imports of refined petroleum, cars, and packaged pharmaceuticals are among the highest in the country, with its top import partners being Italy, Germany, Serbia, China, and Croatia.
Bosnia and Herzegovina has a rich history dating back to the 12th century. The country suffered greatly during the Bosnian War (1992-1995). Since then, Bosnia and Herzegovina has been working towards stability and prosperity, officially beginning EU accession negotiations in 2024.
