SEPA entry to cut euro transfer costs, says central bank chief

Albania’s central bank says joining SEPA will make euro transfers cheaper for individuals and businesses.

SEPA is the European payments area that allows euro transfers under common rules and standards.

Bank of Albania governor Gent Sejko said the move was part of a wider effort to reduce reliance on cash and expand digital payments.

He said electronic payments were needed to modernise Albania’s financial system.

The central bank has also backed reforms on open banking, digital payments and basic payment accounts.

Sejko said better infrastructure and regulation were not enough on their own.

He said people also needed financial education to use digital payment services safely.