In a significant development for Albania’s financial landscape, the country is poised to become a part of the Euro Single Payment Area (SEPA) later this year. This announcement came from the Minister of Finance, Ervin Mete, during the meeting of European and Finance Ministers of the Western Balkans held in Podgorica, Montenegro.
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| A person writing his credit card numbers on a laptop to pay online (archive) |
"Albania is in an advanced phase regarding the fulfillment of criteria for accession to SEPA. The Bank of Albania has approved the necessary regulatory framework, and last month we completed the pre-application procedure," stated Minister Mete.
Soon, Albanians everywhere will spend less when sending money to their families back home or making payments and bank transfers from Albania to other countries.
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| In the meeting of European and Finance Ministers of the Western Balkans held in Podgorica, Montenegro, April 26, 2024. |
According to estimates from the Bank of Albania, the country's participation in SEPA could save Albanians up to 14 million euros per year.
Albania is expected to apply for membership in the Euro Single Payment Area in June. The request has already garnered support from European Union institutions.
Currently, SEPA enables euro transfers in 36 member and non-member countries of the EU. This move marks a significant step forward for Albania in terms of financial integration and efficiency.