The governor of the Bank of Albania, Gent Sejko, signed Albania’s application to join SEPA, which harmonizes electronic payments in euros.
This membership aims to facilitate cross-border transactions and improve financial and economic integration with the European Union.
Membership offers Albanian businesses access to the European market of 350 million inhabitants, offering them opportunities to expand their activity, increase competition and benefit from innovations.
Albania becomes the first country in the Western Balkans to officially apply for participation in SEPA, a key step towards European integration.
PRESS CONFERENCE
The governor of the Bank of Albania, Mr. Gent Sejko, signed the application of the Republic of Albania for membership in the geographical area of the SEPA schemes. This is a historic day not only for the financial system in the country, but for all Albanian citizens.
SEPA is an early initiative of the European Union for the harmonization of electronic payments in Euros between member countries. SEPA Payment Schemes provide European citizens and businesses with cross-border payments in the common currency, at the same cost and convenience as payments within their own country. However, the SEPA geographical area also extends outside the EU countries, counting so far 36 countries that have harmonized the standards for electronic payments in euros.
The Bank of Albania has started work for Albania’s membership in SEPA since 2021, when it became part of the regional project “For the modernization of payment systems in the countries of the Western Balkans”.
Albania is, thus, the first country in the region, which sends the formal application to be admitted to the SEPA geographical area. Albania’s participation in SEPA not only marks a very important step in the country’s European integration journey, but will create facilities for Albanian businesses and consumers in terms of cost, time and simplicity with which they will perform cross-border transactions within European market. The EU is the main trade partner of Albania, where about 2/3 of trade is carried out with these countries, so the benefits from the creation of financial facilities are significant for the expansion of trade exchanges. Also, participation in SEPA offers Albanian businesses access to the European market of 350 million inhabitants, offering opportunities for expanding their activity, increasing competition and benefiting from innovations.
The Bank of Albania and the Albanian authorities are confident that this is a first step, but not the last, towards the integration of our financial market with the European one, and remain committed to respecting the obligations arising from this integration.
