Fewer Albanians turning to home banking apps in November

Jan 11, 2025 - In November 2024, fewer Albanians used home banking applications to carry out transactions, marking a sharp decline, according to data from the Bank of Albania. The number of transactions dropped by 10% compared to October, making it the largest fall this year.

Not only did the volume of transactions decrease, but the value also saw a significant reduction. The total value of home banking transactions fell by 12%, suggesting that smaller amounts were being processed through digital platforms. In total, the value of transactions reached 2.1 billion leks in November.

Despite the downturn in November, the overall trend for 2024 remains positive. For the first 11 months, there was a 9.7% increase in transaction volume compared to 2023, signalling a continued rise in the use of home banking among the Albanian population.

Home banking allows users to carry out various financial transactions from their homes, including money transfers, utility bill payments, and credit card settlements. The decline in November could be seen as a temporary blip, with the broader trend indicating that Albanians are increasingly embracing online financial services.