"SEPA, tangible benefits for citizens and businesses"/ Governor Sejko: Lower costs, higher speed and increased security
As of today, commercial banks in Albania start offering transfers in the Single Euro Payments Area (SEPA). The ceremony held at the Bank of Albania was attended by Governor Gent Sejko and the EU Ambassador to our country, Silvio Gonzato.
Below is the full speech of the Governor of the Bank of Albania, Gent Sejko.
Today, on this special day, we witness a historic moment for the Albanian financial market: the launch of the first transaction in Euro, through the Single Euro Payments Area, known as SEPA. This is not just a technical development in the payments system, but a milestone on Albania's path towards integration into the European financial infrastructure.
Albania's SEPA membership, achieved in November last year, was the result of a structured process, where the Bank of Albania, in cooperation with all second-tier banks and financial institutions, worked with dedication to meet the necessary technical and regulatory requirements. Today, all 11 domestic banks are ready to offer SEPA services to citizens and businesses.
This moment is not the fruit of chance; it is the result of a multi-year journey of the Bank of Albania and Albanian financial institutions, which have worked step by step to build the foundations of a modern payments system.
Let me mention some of the key steps taken in this direction, such as:
harmonization of legislation and regulatory framework with that of the European Union (EU);
drafting the necessary documentation and communicating with relevant EU institutions;
modernization of the national payment infrastructure, in line with European standards;
gradual reduction of commissions for domestic payments;
close cooperation with all stakeholders, commercial banks and domestic and international institutions.
In this process, the role of the Bank of Albania has been crucial. SEPA membership was a strategic objective of the Bank of Albania, directly linked to the European Union’s New Growth Plan and the Regional Project “On the Modernization of Payment Systems in the Western Balkans”. Under its leadership, with the valuable assistance of the World Bank and thanks to coordination with all local stakeholders, the timely fulfillment of the criteria and the implementation of the services were ensured. This achievement increases the country’s capacity to absorb funds and to confidently follow the path towards membership in the European Union.
Our journey has required time, commitment and partnership, and today we are proud that Albania is part of this unique European system. Now the second phase begins: maximum use of this standard by banks and businesses, education of users and deepening the digitalization of payments. The Bank of Albania calls on commercial banks and financial institutions to actively promote SEPA services, inform customers about the concrete benefits and invest in further improving digital platforms. Only through the cooperation and commitment of all stakeholders will Albania be able to fully exploit the potential of this historic integration.
Dear participants,
SEPA translates our vision of financial integration into tangible benefits for citizens and businesses: lower costs, higher speed and increased security.
More specifically:
Much lower fees: transferring money from Albania to SEPA member countries costs up to 5 times less than before;
Fast transactions: electronic payments are faster, safer and more convenient;
Transparency and equality: a payment from Tirana to Rome does not cost more than a payment within Tirana. Meanwhile, there will also be a drastic reduction for payments upon arrival.
This is a European standard that is becoming a reality for Albania today, putting our payment infrastructure on par with EU countries. SEPA integration, combined with the expansion of digital payments, is expected to generate savings of around 20 million euros in the first year, with progressive growth thereafter. By analogy, the AIPS Euro system of the Bank of Albania, which has been operating since January 2022, has saved the domestic market around 140 million euros. This shows that the impact of SEPA will be even broader, including reducing costs and increasing operational efficiency for citizens and businesses.
On a broader level, SEPA integration translates into social and regional benefits: from reducing informality and remittance costs, to increasing financial inclusion and convergence with the European market:
According to World Bank estimates, a 10% increase in digital payments leads to a 2% decrease in the level of informality;
Albanian immigrants and their families can save up to tens of millions of euros per year thanks to sending remittances through SEPA banking channels;
Regionally, to date, sending money between businesses in the Western Balkans has cost up to 10 times more than within the EU. With SEPA, this cost drops to levels similar to European ones.
I would like to emphasize once again that this development is not just a technical achievement in payment systems. Integration into SEPA makes our financial market more competitive, increases investor confidence and brings Albania closer to the highest standards of the European Union. In the strategic plan, it increases readiness for other EU financial integrations, making our infrastructure more suitable for future innovations and for deepening connections with capital markets.
Finally, I want to emphasize that the practical effect for Albanian citizens and businesses is threefold: lower fees, faster processes, and stronger operational guarantees.
Dear friends and partners,
This moment is just the beginning. The Bank of Albania will continue to work tirelessly to guarantee a modern, sustainable and customer-oriented financial system. We remain committed to making this transformation a platform for innovation and financial inclusion, where Albanian citizens and businesses feel more empowered and closer to Europe.
We would not have reached this moment without the support of our international partners, especially the European Commission, the European Payments Council and the World Bank, who have been steadfast collaborators, and for this I take this opportunity to express our gratitude.
I would also like to thank the commercial banks and partner financial institutions, which have invested and collaborated closely to achieve this new standard for Albanian citizens and businesses.
Finally, the greatest gratitude goes to the staff of the Bank of Albania who, with dedication and professionalism, made this historic achievement possible.
Today, Albania has entered a new chapter in its financial history. Let us seize this opportunity with wisdom and determination, thus ensuring that the benefits reach every family, every business, and every segment of our economy.
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