At the eighth International Conference on Regional Card Schemes and Retail Financial Market Infrastructures in Tirana, Bank of Albania Governor Gent Sejko reviewed the benefits of Albania’s Single Euro Payments Area (SEPA) membership and plans for instant payments. Euro transfers to participating countries now cost up to 20 times less than before accession, with estimated annual savings for Albania’s economy exceeding EUR 71 million. The TARGET Instant Payment Settlement (TIPS) Clone project is scheduled to become operational in 2026, enabling transfers 24 hours a day, seven days a week. It will give individuals immediate access to funds and businesses faster settlement and more efficient liquidity management. These infrastructure developments accompany wider use of digital payments, which have risen to 29 transactions per person annually from five a decade ago, with average annual growth of around 25%. Cards in circulation have reached 1.6 million, and in 2025 they were used more often for payments than cash withdrawals for the first time. Sejko emphasized that expanding digital services must be accompanied by stronger operational resilience, protection against cyber threats, data security and fraud prevention. Financial literacy and inclusion remain necessary to make those services accessible and understood.
Bank of Albania reviews estimated annual SEPA savings above EUR 71 million and 2026 instant payment plans
At a payments conference in Tirana, Bank of Albania Governor Gent Sejko cited estimated annual savings exceeding EUR 71 million from Single Euro Payments Area membership. The TARGET Instant Payment Settlement (TIPS) Clone platform remains scheduled to enable instant transfers around the clock in 2026. He also emphasized stronger operational resilience and protection against cyber threats and fraud as digital payment use expands.