Albania, Moldova, Montenegro and North Macedonia Join SEPA, Boosting Faster EU Payments

Albania, Moldova, Montenegro and North Macedonia Join SEPA, Boosting Faster EU Payments

Albania, Moldova, Montenegro, and North Macedonia have officially entered the Single Euro Payments Area (SEPA), marking a significant step in enhancing the efficiency of financial transactions across Europe. The European Commission made the announcement on Thursday, revealing that 40 banks in these four nations, all of which are in pursuit of EU membership, have been integrated into this unified financial ecosystem.

Joining SEPA allows these countries to engage in faster and more cost-effective financial transactions, with the potential for individuals and businesses to save up to 500 million euros. This framework streamlines cross-border payments and fosters economic cooperation among member states, contributing to the overall integration of these countries with the European Union.

The decision was made by the European Payments Council following the inclusion of the four nations within SEPA’s geographical coverage, which took place between November 2024 and March of this year. European Commission President Ursula von der Leyen highlighted this development during her address at the EU-Western Balkans Investment Forum in Tirana, referring to it as a significant move towards financial integration with the EU.

Von der Leyen noted the benefits for Albanian companies, stating, “Since last week, companies in Albania can send money to the EU and receive money at very low costs,” emphasizing the immediate positive impact of this integration on local businesses and the economy.

This milestone not only strengthens the financial ties between these nations and the EU but also sets a path for future collaboration and growth in the region, enhancing stability and investment opportunities. The inclusion of Albania, Moldova, Montenegro, and North Macedonia in SEPA is a hopeful signal of progress toward deeper economic relationships within Europe and beyond.

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