Albania will join the Single Euro Payments Area (SEPA) from Oct. 7, allowing banks, businesses and individuals to make and receive euro payments under the same terms as European Union member states, the economy ministry said on Tuesday.
The move gives Albania access to faster settlement, lower transaction costs and stronger payment security across SEPA’s 41 members, which include the EU’s 27 states, three European Economic Area countries and 11 others outside the bloc.
Economy and Innovation Minister Delina Ibrahimaj called the inclusion a “historic step” toward closer integration with the European single market. She said it would help align Albania’s economy with the EU, strengthen competitiveness and expand access to the European financial system.
The government expects economic benefits of up to 40 million euros ($43 million) a year from more efficient, cheaper and safer payments. Officials also said wider use of digital payments would reduce cash transactions, improve tax compliance and boost financial inclusion.
SEPA, launched in 2008, harmonises cross-border euro payments within its jurisdiction to make them as simple as domestic transfers.