Payment system, towards modernization/ Sejko: We are working with our international partners to promote electronic payments
Albania is continuing to work on further modernizing its payment system. At the International Conference on Economics, Business, Innovation and Technology (ICEBIT 2025), the Governor of the Central Bank stated that digital transformation has become a strategic objective, which is directly affecting the way the country's financial system functions. One of the most significant recent achievements was Albania's integration into the Single Euro Payments Market (SEPA), while other projects are also being worked on.
" In parallel, we are working with our international partners to modernize domestic payment systems, to enable instant and secure payments 24/7, to promote the use of electronic payments, to reduce the use of physical cash, and to strengthen competition and innovation in the financial market ," Sejko emphasized.
According to the Governor, through innovation and investment in knowledge we can build a more competitive and resilient economy.
" Innovation is not limited to the digitalization of payments or new financial products; it also affects the way monetary policy is designed and implemented and how financial stability is monitored. At the Bank of Albania, we are applying advanced models for inflation forecasting, using data analysis to assess risks in the financial system, digitizing the way statistics are obtained and data is collected, and strengthening transparency through new means of public communication ", said the Governor.
He said that when technological transformation is taking place at an extraordinary pace, countries need new development strategies that combine knowledge, innovation and technology with public policies and human capital development.
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