Albania plans banking overhaul with digital shift and SEPA integration

Tirana, January 9, 2025 – Albania is working to modernise its banking sector with a focus on digital upgrades and integration with European financial systems.

At a recent meeting, the head of the Albanian central bank, Gent Sejko and senior banking officials outlined the country’s goals for 2025. These include expanding financial services, improving access to credit for businesses and individuals, and increasing the range of products available to the public.

One of the key targets is for Albania to join SEPA (Single Euro Payments Area) by the end of 2025. This would allow Albania to benefit from faster and more affordable cross-border payments, improving efficiency for both businesses and consumers. Sejko urged banks to prepare by updating their infrastructure and ensuring staff are well-trained.

Digitalisation was another major topic. Governor Sejko highlighted the importance of embracing new technologies to improve banking services and address security challenges. The shift toward digital banking is seen as necessary for keeping the sector competitive and responsive to customer needs.

The meeting also discussed the expansion of credit, particularly for small and medium-sized enterprises (SMEs), which are essential to Albania’s economy but often face challenges in accessing funding. Sejko stressed the need for more financial support for these businesses to drive investment and economic growth.

With these initiatives in place, Albania is preparing for a significant transformation of its banking sector over the next year, aiming for greater efficiency, security, and financial inclusion.