Albania paves the way for SEPA membership: A leap toward EU financial integration

Tirana, June 13, 2024 - Albania has successfully completed the necessary legal requirements to join the European Payment System (SEPA), becoming the first Western Balkan country to do so. This milestone marks a significant step toward the country's financial integration into the European Union.

The Governor of the Bank of Albania has signed the country's application to the European Payment Council, enabling individuals and businesses to make real-time payments across European countries. This development is expected to benefit tourists spending in Albania, as well as businesses looking to expand their operations in the region.

The Bank of Albania has been working on this project since 2021, aligning with the EU's new growth plan announced in 2023, where SEPA is a key priority. Albania's participation in SEPA will grant access to a European market of 350 million people, fostering increased competition and opportunities for innovation.

The EU stands as Albania's main trading partner, accounting for around two-thirds of its trade. Facilitating financial transactions is crucial for enhancing trade exchanges. The successful completion of this application is expected to yield significant economic benefits for the country.