At the 10th Conference of Mediterranean Central Banks, Bank of Albania First Deputy Governor Holta Zaçaj highlighted how Albania’s payment system reforms could lower remittance costs and encourage migrants to use formal digital channels. She identified Albania’s membership in the Single Euro Payments Area and the ongoing TIPS Clone project as central to financial inclusion, economic formalization and integration with the European payments system. TIPS Clone is intended to provide a national instant payment platform aligned with European standards, operating in real time around the clock and supporting the further development of cross-border instant payments. A joint World Bank and Bank of Albania study estimates that electronic payments supported by instant payment infrastructure could generate annual savings of up to ALL 38.7 billion, or about 1.5% of gross domestic product. Replacing half of cash bill payments with electronic payments could save consumers more than ALL 500 million and businesses about ALL 1 billion annually.
Bank of Albania highlights SEPA and TIPS Clone role in lowering remittance costs
Bank of Albania First Deputy Governor Holta Zaçaj highlighted SEPA membership and TIPS Clone as key measures for reducing remittance costs and expanding formal digital payments. Instant payment infrastructure could support annual savings of up to ALL 38.7 billion, equivalent to about 1.5% of gross domestic product.