How many pensioners have a basic bank account? - BoA: Only 1007 such accounts were opened in 2024. Elderly people, "loyal" to the post office
By the end of 2024, only 1,007 accounts with basic services had been opened at banks, held by pensioners, beneficiaries of economic/disability benefits, students and others. The figures show that last year there was low interest from the elderly in opening a bank account, which would serve to withdraw pensions at the counter or with a card at an ATM, but also to make various payments.
Pensioners continue to remain "loyal" to the post office, which often sends their pensions home, while as a result of the lack of physical bank branches, the post office remains the main alternative for pension withdrawals by the elderly in rural areas.
The Law on Payment Accounts with Basic Services, which entered into force in January 2024, obliges banks to offer a basic account to unemployment benefit recipients, families and individuals receiving economic assistance, disability benefit recipients and their personal assistants, those with disability status and their personal assistants, the blind and their personal assistants, work invalids for additional payment on disability pension, pensioners, students, orphans, social pension recipients and others. However, it is not mandatory for these categories to receive payments from the state in the bank.
Through this initiative, the aim was to promote and increase the financial inclusion of the population, by creating facilities for categories of consumers who find it difficult or impossible to open and maintain a payment (current) account in banks, due to the costs it carries. Pensioners have no cost for opening and maintaining a basic account, but also no commission for equipping with a card. Fees are provided only in special cases.
Banks do not open a payment account with basic services in cases where the consumer holds an existing payment account at another bank in Albania, except in cases where the consumer declares that he has been notified of the closure of the payment account at the other bank.
According to previous statements by the Bank of Albania, over 70 thousand pensioners and those receiving social assistance receive their pension in the bank, while the majority receive it through the post office. If we make a comparison with Kosovo, in the latter there is a larger number of pensioners who receive their pension through the bank. According to data from the Central Bank of Kosovo, the number of accounts with basic services exceeds 320 thousand beneficiaries.
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