The governor of the Bank of Albania, Gent Sejko, held on Thursday a meeting with the banking system representatives in order to discuss the main objectives of this sector for the following period.

According to the official announcement of the Bank of Albania, the meeting focused on finding ways to increase the contribution of banks to the development of the local economy, through credit financing of efficient business and family projects and expanding the range of products and financial services for the public. Discussions also focused on issues such as innovation promotion, SEPA membership, open banking, etc.

Governor Sejko said that digital transformation, through the continuous adoption of innovative technologies, remains of special importance for the banking sector. Banks must continue to invest in technology, highlighting the need for digital banking solutions to improve customer experience, address cybersecurity challenges, and increase customer confidence in online services.

Triggered by the finalization of Albania's accession to the SEPA Single Euro Payments Area), as part of the first group of Western Balkan countries admitted to this area, the Governor called on the banks to continue preparations to respect the established deadlines, in in order to realize the accession to the SEPA schemes and the execution of SEPA transactions for customers within the year 2025.

In this context, it is now time for the banking system to commit to being fully part of the SEPA systems, investing in technology, infrastructure, and staff training.

This initiative is also expected to directly affect the increase in customer satisfaction in the banking sector, through increased efficiency of cross-border payments and integration into the European financial system, which will translate into faster and more cost-effective transactions in Euros for customers.

Another issue brought to attention was the lending in the economy, the expansion of which has been translated as one of the main sources of supporting the economy with funds, as well as a driver of the growth of consumption and investments in the country.

This sector, as a whole, has shown an increased prudence and proactive approach to lending to different sectors of the economy, however, a special focus may be needed for under-credited sectors mainly that of small and medium businesses.

The governor also focused on the importance of the quality of credit portfolios, in order to preserve a banking sector as healthy as possible and at the same time supportive of the country's economic development. He stated that the sector's careful approach during financing processes is a fundamental condition for further strengthening financial stability in the country.

Then, the meeting continued with discussions and exchange of views among the attendees and was evaluated as very fruitful by all the participants, who expressed their commitment to creating a common work platform.