Albania is expected to start using the SEPA (Single Euro Payments Area) system this year. This move is expected to help reduce the costs of international payments for Albanian citizens and businesses, both inside and outside the country.
The Bank of Albania estimates that using SEPA will bring significant savings in costs, time, and security. In the first year, these savings could reach up to 20 million euros, with more benefits expected in the future.
Since January 2022, Albania has used its own system for euro payments, which has already saved the country about 50 million euros. Experts believe that joining SEPA will bring even greater benefits.
SEPA is a European Union initiative that makes euro payments faster, safer, and cheaper across all participating countries. It started in the EU, but now covers other countries like Albania.
On November 21, 2024, the European Payments Council approved Albania’s request to join SEPA, along with Montenegro. This will give Albanian businesses access to the European market, which has 450 million people. This will help local businesses grow, become more competitive, and use new payment technologies.
Joining SEPA will make it easier and cheaper for businesses and citizens to make payments across Europe, connecting Albania more closely with European financial systems.
