💣 Albania 🇦🇱: 11 commercial banks seek to join the SEPA transfer scheme

💣 Albania 🇦🇱: 11 commercial banks seek to join the SEPA transfer scheme

The banks have already submitted the necessary applications, and if the European Payments Council (EPC) responds favorably, everything is expected to be operational by October 2025.

🔻 Reminder: Albania was included in the geographic scope of the Single Euro Payments Area (SEPA) in November 2024, but the financial institutions' adoption of the payment schemes has been slower.

🔻The transition to SEPA is expected to generate savings of around €20 million (USD 22.7 million) for businesses in Albania in its first year.

🔻 Context: Albania has a population of 2,793,592 people, and its GDP per capita is USD 5,284. In 2024, the percentage of citizens with at least one financial profile (not necessarily a bank account) reached 78%.

#news #Europe

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