Central bank plans instant mobile payments

Albania’s central bank is preparing an instant payment system for mobile transfers 24 hours a day, seven days a week.

Governor Gent Sejko said the system would offer faster, cheaper payments after Albania joined SEPA, the European payments area.

He said the bank is tightening cyber security as payment systems become more connected internationally.

Sejko also said real estate remains a key driver of growth, helped by tourism and foreign investment.

The central bank has set lending limits for real estate to manage risk. Sejko said no banks had been found involved in money laundering, but about 200 fines had been issued to currency exchange operators.