National Bank of Moldova Deputy Governor Tatiana Ivanicichina reviewed the benefits of European payment integration and domestic instant payments during a panel at the OMFIF Forum in Sofia, Bulgaria. She reiterated previously reported savings of approximately EUR 16.4 million for citizens and businesses during Moldova’s first year of participation in the Single Euro Payments Area (SEPA). The average cost of a euro transfer fell to about EUR 1, compared with previous fees ranging from EUR 20 to EUR 150 per transaction. The national MIA Instant Payments system has more than 1 million users and enables payments within seconds around the clock. Ivanicichina highlighted its role in allowing small businesses, including those in rural areas, to accept digital payments at low cost. Using European standards for national infrastructure also creates scope for connections with other instant payment systems. She stressed that payment modernization must be accompanied by financial education, consumer protection and support for people less familiar with digital technology. Cybersecurity and operational resilience remain priorities for maintaining continuous service and safeguarding money and transactions.
National Bank of Moldova deputy governor reviews EUR 16.4 million in SEPA savings and stresses digital payment safeguards
National Bank of Moldova Deputy Governor Tatiana Ivanicichina reviewed payment modernization at the OMFIF Forum in Sofia, reiterating savings of EUR 16.4 million during Moldova’s first year in the Single Euro Payments Area. The domestic MIA instant payment system serves more than 1 million users and supports digital payment acceptance at low cost for small businesses. She emphasized that modernization must be accompanied by consumer protection, financial education, cybersecurity and operational resilience.