Bank of Albania Governor Gent Sejko reviewed lower euro transfer costs and preparations for instant payments in opening remarks at an international payments conference in Tirana, co-hosted with the World Bank and the European Card Payment Association. Following Albania’s accession to the Single Euro Payments Area (SEPA), euro transfers to participating countries cost up to 20 times less than before membership, with expected savings for the Albanian economy exceeding EUR 71 million annually. Digital payments have reached 29 transactions per person annually, compared with five a decade ago, and are growing by around 25% a year. In 2025, cards were used more often for purchases than cash withdrawals for the first time. The ongoing TIPS Clone project is scheduled to become operational by the end of 2026, enabling transfers in real time, 24 hours a day, seven days a week. It will give individuals immediate access to funds and businesses faster receipts and more efficient liquidity management. Sejko emphasized that expanding digital services must be accompanied by stronger operational resilience, cybersecurity, data protection and fraud prevention. Financial education and inclusion are also needed to make these services accessible and usable across society.
Bank of Albania reviews SEPA savings and TIPS Clone rollout plans at international payments conference
At a payments conference in Tirana, Bank of Albania Governor Gent Sejko reviewed SEPA benefits, including expected annual savings exceeding EUR 71 million for Albania’s economy. The ongoing TIPS Clone project is due to become operational by the end of 2026, providing instant transfers around the clock. He emphasized operational resilience, protection against cyber threats and fraud, and financial education as digital payment use expands.