On October 7, under the auspices of the Governor of the Bank of Albania, Gent Sejko, the launching ceremony of the first SEPA transaction took place at the Bank’s premises.

In his speech, Governor Sejko said that development is not merely a technical one in the payment system, but a cornerstone in Albania’s path toward integration into the European financial infrastructure.

This milestone marks a historic moment for the Albanian financial sector, as Albania becomes an operational part of SEPA, bringing tangible benefits for the economy, businesses, and citizens. The benefits are immediate: lower fees for cross-border transfers in euros, faster transactions, and enhanced security.

The milestone is the outcome of a long-standing journey by the Bank of Albania and the Albanian financial institutions, which have worked step by step, with steadfast commitment, to lay the foundations for a modern and robust payment system.

This European standard has now become a reality for Albania, placing our payment infrastructure on the same level as that of EU countries. Integration into SEPA, combined with the expansion of digital payments, is expected to generate savings of around Euro 20 million in the first year only, with progressive growth in the years to come. By way of comparison, the AIPS EURO system of the Bank of Albania - operational since January 2022 - has saved the domestic market around Euro 140 million. This shows that SEPA’s impact will be even broader, endorsing lower costs and enhanced operational efficiency for both citizens and businesses,” emphasized the governor.

Also present was the Ambassador of the European Union Delegation to Albania, Silvio Gonzato, who said that Albanians will be able to transfer money to and from the EU just like any other EU citizen.  “This means they will save money, for example, on remittances, their businesses’ payments with Europe will be faster and cheaper, tourists will be able to make cashless payments more easily. This is an important step towards a more formal and digital economy, one which will also boost trade,” Gonzato said.