The European Payments Council has accepted North Macedonia as the 39th member of the Single Euro Payments Area (SEPA), the country’s central bank announced on Friday.
“We expect numerous benefits from SEPA membership for our citizens, businesses, and the economy as a whole. Above all, we anticipate faster, more secure, and cheaper cross-border euro payments,” said Central Bank Governor Anita Angelovska-Bezhoska.
She highlighted that this development is particularly significant for North Macedonia’s economy, which has one of the highest levels of trade openness in Central and Eastern Europe and a substantial volume of cross-border transactions. “This means a strong potential for cost savings, improved liquidity, and greater competitiveness for businesses,” she added.
Angelovska-Bezhoska also noted that SEPA membership confirms North Macedonia’s adherence to high regulatory standards in the financial sector, which fosters competition, innovation, and financial stability—a key prerequisite for macroeconomic stability.
SEPA is an initiative of the European banking and payments industry, represented by the European Payments Council and supported by the European Commission, EU institutions, and the Eurosystem. Established in 2008 and fully implemented in the eurozone by 2014, SEPA was extended to non-eurozone member states in 2016. The system aims to enhance the efficiency of euro payments and further integrate the European financial market.
North Macedonia began preparing for SEPA membership in 2013 with its National Strategy for Payment System Development. A new legal framework was adopted in 2023, laying the foundation for accession. The country submitted a preliminary application to the European Commission in April 2024, followed by a formal application on July 10 of the same year.
