78% of Albanian adults have bank accounts

2024-06-14 13:20:00, Ekonomi CNA

78% of Albanian adults have bank accounts

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78% of the adult population in Albania already owns a bank account.

The governor of the Bank of Albania, Gent Sejko, said today in the workshop "Albania's path towards SEPA integration, inclusion and financial education" that the Bank of Albania notes with pleasure a significant increase in financial inclusion.

Based on the official data of the national account register, it results that in 2023, about 78% of the adult population owns a bank account and this figure can reach up to 85% if payment accounts offered by electronic money institutions are also included. .

The increase in financial inclusion has also been accompanied by the increase in the number of electronic payments. More specifically, in 2023, the number of electronic payments per capita reached 21, from about 4 payments per capita in 2017. Card payments have shown significant growth, reaching 11 payments per capita in 2023, from 5 payments per spirit that was this indicator in 2020.

The governor said that for years, the Bank of Albania has given special importance to financial education and culture.

"To do this with due responsibility, the Bank of Albania has approved the Strategy for Education and Financial Inclusion (SBSHEPF). Drafted in accordance with international best practices, this document formalizes the efforts of the Bank of Albania to promote financial education as a public good for all, to further promote financial inclusion, consumer protection and increase the financial well-being of individuals and the sustainability of the financial system as a whole.

Fortunately for us, we share this objective with many public and private institutions and organizations engaged in finance, education or development, which focus on the growth of financial culture. The joint work can turn the BoS strategy for inclusion and financial education into a national strategy that would coordinate the initiatives of all actors at the national level, giving more tangible results.

I am optimistic that this is a goal we can reach very soon. Today's activity is part of the action plan of SBSHEPF and gives space to our collaborators to show and unfold their work, projects and coordinate their vision and objectives," said Sejko.

The governor once again commented on the accelerated membership in SEPA, which, according to him, has already been transformed into one of the national priorities within the framework of the fulfillment of the New Growth Plan of the European Union.

"Simplicity, convenience and efficiency are three of the main benefits of this membership for consumers and businesses. Through SEPA, Albanian citizens and businesses will make payments and transfers as if they were citizens of the European Union and vice versa. The main benefits of the Albanian economy and families will be in the fields of trade, tourism, remittances, direct investments, etc. Projections are that in the medium term, the Albanian economy will benefit several hundred million euros from the accession to SEPA. From the integration point of view of the country, the accelerated membership in SEPA guarantees the treatment of Albanian citizens in an equal way with European ones in the field of payments. Also, it guarantees the compatibility of the Albanian payment market with the legislation and practices of the European Union in terms of Chapter 4 "Free movement of capital", successfully crowning the continuous efforts of the Bank of Albania for several years as the institution responsible for this chapter.

Finally, but not least, the fulfillment of this objective marks one of the first steps towards the realization of the commitments within the new Growth Plan for the Western Balkans, which will enable Albania to absorb the available funds. and the creation of a more stable path towards the country's membership within the year 2030, which is our objective," said the Governor. /Monitor