Bank of Albania Governor Gent Sejko reviewed the savings from Albania’s payment reforms in an address to the eighth International Conference on Regional Card Schemes and Retail Financial Market Infrastructures in Tirana. Following Albania’s accession to the Single Euro Payments Area (SEPA), euro transfers to participating countries cost up to 20 times less than before accession, with annual savings for the economy estimated at more than EUR 71 million. The TARGET Instant Payment Settlement (TIPS) Clone project, for which the bank had previously targeted a November 2026 operational start, aims to enable payments in real time, 24 hours a day, seven days a week. A joint World Bank and Bank of Albania study suggests that wider electronic payment use, supported by instant payment infrastructure, could generate annual savings of up to ALL 38.7 billion, around 1.5% of GDP. Replacing half of cash-based bill payments with electronic payments could save consumers more than ALL 500 million and businesses around ALL 1 billion annually. Digital payments have risen to 29 transactions per person annually from five a decade ago, while card purchases outnumbered cash withdrawals for the first time in 2025. Sejko emphasized that further adoption requires affordable services and electronic payment acceptance costs, particularly for small businesses. He also called for service continuity, data protection and fraud prevention to be built into payment initiatives from the outset, alongside support for users with limited digital skills.
Bank of Albania Governor Gent Sejko highlights SEPA gains and potential ALL 38.7 billion annual savings from wider electronic payments
At a payments conference in Tirana, Bank of Albania Governor Gent Sejko reviewed Albania’s Single Euro Payments Area participation, which is estimated to save the economy more than EUR 71 million annually. Wider electronic payment use, supported by instant payment infrastructure, could generate annual savings of up to ALL 38.7 billion, around 1.5% of GDP. He emphasized affordable access and safeguards against service disruptions, cyber threats and fraud.