The director of the Department of Payment Systems and Accounting and Finance at the Bank of Albania, Ledia Bregu presented the measures for the reduction of cash in the economy and the measures taken by the Bank of Albania to promote financial inclusion and the use of payments electronic.

"Thanks to the reforms and initiatives of the Bank of Albania, today about 78% of the adult population owns a bank account," said Bregu, ATA reported on Sunday.

"The digitization of payments has a very big impact on economic growth and market development. There is indeed a high level of cash, but much has been done to increase electronic payments, digitization, and financial education of the population," she emphasized.

"The Bank of Albania has the main role in terms of regulation, instigator, and supervisor as far as payments are concerned, whether these are in physical or electronic money. Through the strategy of small value payments and financial education, it is intended to introduce as many citizens as possible to the part of formal channels to have access to accounts and financial services. In 2017, we had 4 out of 10 people who had a bank account, this figure is among the lowest in the region, today we are at the level of 78% of the adult population who have a bank account,” Bregu noted.

The bank official also said that studies show that 1.6% of GDP is the cost of cash management, so the aim is to use electronic money.

Bregu also stopped at the last initiative of the Bank of Albania, for opening a bank account at no cost for some categories (pensioners, the needy, etc.).

“Any pensioner or individual in need can turn to banks and request the opening of a basic account at no cost or they can convert the bank account they have into a basic account at no cost. Our goal is for individuals and businesses to transact quickly and at a low cost. From 0 to Lek 20 thousand, if you pay electronically, you do not pay tax. Above these values, the cost is 50% cheaper than at the counter," she said.

She appealed to citizens to use digital channels for payments because they cost less and are a faster solution. According to her, a major project with great benefits will be membership in the Single Euro Payments Market - SEPA.

"From this membership, financial transactions with the countries of the European market will become simpler, faster, and at a lower cost," she emphasized.

On June 12 of this year, the Bank of Albania sent to the European Payments Council Albania's official application for inclusion in the geographical area of ??the SEPA schemes.