Albania is poised to become the first country in the Western Balkans to apply for membership in the European Payment System ( Single Euro Payments Area - SEPA), marking a significant step towards financial integration with the European Union. This development comes as a result of the full harmonization of the regulatory framework by the Bank of Albania, as evidenced by a report from the World Bank, which deems that the country has met all nine necessary criteria, as reported by state media, "ATSH".
 |
| Governor Genti Sejko in a public speech (archive) |
Gent Sejko, the Governor of the Bank of Albania, emphasized the numerous benefits of joining this system for individuals, businesses, and tourism. According to the Bank of Albania, the establishment of an interbank system in the country for euro transfers since 2022 has saved citizens €47 million. With the integration into the European Payment Area, these savings are expected to multiply several times.
"I believe that in the first year, we can have savings of around €20 million from commissions, including individuals and businesses," stated Governor Sejko.
The system will foster competition among banking institutions and non-bank entities, reducing costs, and enhancing service quality for end-users.
The move towards SEPA membership underscores Albania's commitment to aligning its financial infrastructure with European standards, facilitating smoother transactions and bolstering economic ties with EU member states.