Albania, Montenegro, North Macedonia, and Moldova have officially joined the Single Euro Payments Area (SEPA), marking a significant milestone in their integration into Europe’s financial transaction ecosystem. The European Commission announced that 40 banks across these four countries have been accepted into the SEPA framework, allowing for faster and cheaper financial transactions.
The inclusion in SEPA is expected to save individuals and businesses in these nations up to €500 million, enhancing their ability to conduct transactions with the EU. This development follows the geographical expansion of SEPA’s scope, which took place between November 2024 and March of this year.
During a speech at the EU-Western Balkans Investment Forum in Tirana, European Commission President Ursula von der Leyen highlighted the advantages of SEPA membership for Albania, citing a significant reduction in transaction costs and time. Von der Leyen said that after joining SEPA, a transfer from Brussels to Tirana that previously took several days and cost €80 was completed within minutes at no cost.
European Commissioner for Enlargement, Marta Kos, emphasized that this step reflects the ongoing efforts to integrate candidate countries into the EU and assured continued support for operationalizing SEPA schemes for these nations, further connecting their citizens and businesses to Europe.
In Moldova, President Maia Sandu and National Bank Governor Anca Dragu celebrated the decision as a pivotal moment for European integration, with Dragu calling it a “historic milestone.” Both officials noted that the agreement will facilitate cheaper and quicker transfers between Moldova and EU countries.
Montenegro’s Prime Minister Milojko Spajić viewed SEPA adherence as a major advancement toward EU membership, marking not just economic growth but also enhanced connectivity with Europe. Central Bank Governor Irena Radović echoed this sentiment, highlighting the benefits for Montenegrin exporters who will now experience expedited payments from EU clients.
Macedonian Finance Minister Gordana Dimitrieska-Kochoska noted the significant potential for cost savings and increased competitiveness for the Macedonian economy, which relies heavily on trade.
As the six nations of the Western Balkans continue to seek EU membership, this accession to SEPA underscores their commitment to aligning with EU standards. The EU has also pledged substantial financial support to Albania, Montenegro, and North Macedonia, recognizing their reforms and strides toward integration. In total, €99.3 million has been allocated to Albania, €18.3 million to Montenegro, and €25 million to North Macedonia under the EU’s Western Balkans growth plan for 2024-2027.
With SEPA membership, these countries are taking significant steps toward deeper economic ties with the EU, fostering a sense of belonging and setting the stage for future growth and integration within the European framework.