For the first time, a digital bank enters Albania - Tafa: 100% online, without physical branches. Cybersecurity and citizen education, a challenge
After Ziraat, the Bank of Albania has paved the way for another bank to enter the market. The Central Bank has given preliminary approval for the licensing of the first digital bank in the country, which is expected to start operating online during 2026.
In an interview with Scan Television, pedagogue Besarta Tafa stated that Jet operates completely electronically and will offer citizens the opportunity to carry out faster transactions, as well as benefit from personalized products.
"This operates without physical branches, using applications or a digital system, which enables efficiency in transactions and banking activities. The benefit to citizens is multifaceted, firstly they have the opportunity to carry out transactions quickly and immediately. Also, the costs of these transactions are significantly reduced, it gives them the opportunity to receive and make payments in real time, also by integrating systems such as SEPA, it also gives them the opportunity to have personalized products, since the digital system uses the customer database to offer personalized products according to customer requirements ," said Tafa.
The expansion of the current banking market with a bank like Jet will further boost competitiveness among market players, which could translate into significant reductions in transaction costs and fees.
"First, it increases competitiveness, and higher competitiveness means better service. Another advantage for the banking system is the opportunity to increase innovation ," she emphasized.
The benefits are numerous, but so are the challenges. According to her, cybersecurity or low education of citizens on banking digitalization could be some of these challenges.
"First is cyber security and in order to be protected from any possible risk, we must have very high security applied to all transactions and actions that will be carried out through this bank and secondly, the Albanian consumer is not yet educated about digitalization as a whole, despite using it in different sectors, but for the system to be used as efficiently as possible and to achieve its maximum benefits, the consumer must be educated on how to use this digital system."
Currently, 11 banks operate in our country. With the prior approval of Jet Bank and Ziraat Bank, this number is expected to increase to 13 over the next year.
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