The first payments through the European payment system (SEPA) will commence in October this year. Albania’s membership in SEPA will save citizens and businesses millions of lek, as transaction fees will be significantly lower than they are today.

Electronic payments have seen a sharp increase over the past year, reaching 23 transactions per capita, compared to just 2 per capita a decade ago. According to Governor of the Bank of Albania, Gent Sejko, this progress reflects a reduction in cash usage and informality in the economy.

Speaking at a forum with the American Chamber of Commerce, Sejko stated that banks are preparing to integrate into this system, which will bring substantial economic benefits to Albania.