The World Bank has praised Albania’s inclusion in the European Single Payment Area (SEPA), calling it a key development for the region’s economic integration.
In a social media post, the World Bank emphasized that modern payment systems are critical for driving sustainable growth in the Western Balkans, including Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia.
“Payment systems are essential for financial inclusion, reducing cash dependency, and boosting financial technology,” the World Bank said, highlighting the expected benefits of reduced transaction costs for trade and remittances within the region and with the European Union.
The World Bank is supporting the Western Balkans through the Payment Modernization Project, funded by the European Commission, which aligns national payment systems with EU standards as part of the region’s EU accession efforts.
Albania’s inclusion in SEPA is expected to lower remittance costs, which currently exceed 6.7% of total transaction value in the region, well above the global target of 3%. The World Bank projects potential savings of nearly half a billion euros.
The Bank also noted that digital payments, by increasing transparency and reducing corruption, can play a crucial role in enhancing financial inclusion, especially for underserved groups.
