“23 digital payments per capita in 2024” - Sejko: Innovation is transforming financial services at a rapid pace
One of the most visible impacts of innovation in Albania's financial services is the digital transformation of payments and banking. Our country is experiencing a surge in digital banking services, making financial services more convenient, secure, and accessible.
At the business forum organized by the Bank of Albania and the American Chamber of Commerce, Governor Sejko stated that thanks to the increasing use of mobile technology, consumers are gaining access to financial services.
“The use of electronic payment instruments continues to grow at double-digit rates, helping to reduce the use of cash and increase the formalization of the economy. The number of digital payments per capita has reached 23 in 2024, from only 2 payments per capita in 2015. Also, financial inclusion - measured as the percentage of the population that owns at least one financial account - has reached 78%, from around 40% in 2015. The infrastructure for accepting digital payment instruments has also experienced accelerated growth. New instruments, such as payments through electronic wallets, are finding increasingly widespread use, extending even to populations where banking access is rarer.”
Meanwhile, the Director of the American Chamber of Commerce, Neritan Mullaj, focused on how open banking is revolutionizing the financial sector in Albania.
Through open banking, Albanian customers can authorize third parties to transfer funds from their bank accounts to make payments and receive various services.
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