The bank network expanded with 11 new branches - BoA: There are about 400 throughout the country. The number of foreign exchange points also increased
In the past year, the banking network in Albania has expanded with 11 new branches. This wider spread of banks in the territory further increases financial inclusion and citizens' access to banking services, although they continue to be absent in many rural areas. In total, 400 bank branches operate throughout the country.
According to the annual report of the Bank of Albania, in 2024 it turns out that only one bank branch was closed. However, if we make a comparison with the previous year, it turns out that the territorial coverage of banks with their branches has increased. The Bank of Albania approved the expansion of the bank network with only 1 new branch within Albania and 1 new branch outside the territory of our country in 2023.
As of 2021, 11 banks remain in Albania, while last year there was a request and expression of interest from the Turkish agricultural bank Ziraat to become part of the Albanian market and open its first branch in Tirana. The banking sector continues to be dominated by the presence of subsidiaries of foreign banking groups, with capital originating mainly from the EU.
On the other hand, at the end of the year, 37 non-bank financial entities (including microcredit financial institutions), payment institutions and electronic money institutions were carrying out financial activities. The number of non-bank financial entities has decreased from 39 previously, as a result of the revocation of the license of 2 entities.
Regarding foreign exchange offices, 46 new foreign exchange offices were licensed and the licenses of 25 existing offices were revoked. In total, 642 foreign exchange offices operate in Albania.
Also, based on the submitted applications, the Bank of Albania approved the exercise of additional financial activity (payment initiation service and account information service) of 1 electronic money institution. Meanwhile, the number of savings and credit associations and their unions continues to remain the same.
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