Sejko: Joining SEPA saves Albanians 20 million euros in the first year

2025-09-09 16:55:00, Ekonomi CNA

The Governor of the Bank of Albania, Gent Sejko, participated today in the Ambassadors' Conference organized by the Ministry for Europe and Foreign Affairs, on the topic "Albania 2030 in Europe, connected to the world".

During his discussion, the Governor focused on one of the country's achievements towards integration into the European market: Albania's admission to the jurisdiction of the Single Euro Payments Area, or as it is otherwise known, the SEPA area. He emphasized that Albania's inclusion in SEPA confirms the high level of legal compliance of our country with that of the European Union, in the field of payments and financial supervision.

The Governor stated that all the country's banks have been registered on the list of institutions that can operate in SEPA schemes and, as of October 7, Albanian citizens will be able to carry out cross-border transactions with member countries . According to the Bank of Albania's estimates, during the first year of membership alone, Albanian businesses and citizens will save about 20 million euros, as a result of the reduction in bank commissions.

In this context, the Governor brought to attention the direct impact of SEPA on strategic sectors of the Albanian economy. Trade with the European Union, where Albania exports about 70% of its goods and services, will become more competitive and efficient thanks to the simplification of financial processes. Tourism will benefit from the opportunity for European visitors to use their banking services in Albania, with familiar and favorable conditions . Remittances, which exceed 1 billion euros per year, will arrive faster, cheaper and more securely through formal banking channels, increasing transparency and reducing the use of informal channels.

Also, inclusion in SEPA is a strong signal to foreign investors, especially those from the EU, serving as evidence of Albania's compliance with European payment standards and strengthening its financial stability. He emphasized that this development is not just a technical step, but a catalyst for the further modernization of the Albanian economy and for progress towards a fully digitalized and competitive financial market.

Beyond developments in the field of payment systems, Governor Sejko emphasized that the Bank of Albania has made an important and irreplaceable contribution to the sustainable development of the country.

"Albania has had one of the best economic performances over the last five years, not only in the region, but also in the general European context. Monetary and financial stability have enabled it to withstand the shocks of the pandemic and the rapid increase in prices that followed the war in Ukraine, with minimal cost and without damaging the positive development trend. " - said the Governor.

Another proof of the country's financial stability are the three debt risk downgrades by the prestigious agencies Moody's and Standard and Poor's, which have increased investor confidence and reduced financing costs in international markets.

Finally, he highlighted that foreign direct investment has been growing continuously, doubling in the last 10 years and reaching the level of 15 billion euros, or about 60% of GDP, distributed across a variety of strategic sectors.

The Governor invited the attendees to become promoters of investment in Albania, promoting the advantages that our country offers and the seriousness of the Albanian authorities in creating a friendly and sustainable environment for investors. According to him, the potentials of our country such as human and natural resources, geographical position, unwavering commitment and concrete prospects for the country's rapid integration into the European Union, offer an attractive package for foreign investors.

"Albania's European integration is a process that requires commitment, vision and trust. The Bank of Albania is determined to continue to contribute to the modernization of the economy and the strengthening of the financial infrastructure, with the aim of transforming Albania into an equal partner in European markets and beyond ." - said Governor Sejko./ Monitor