The Central Bank of Montenegro and the World Bank have launched a two-day mission to assess the state of electronic payments in Montenegro, focusing on the acceptance and use of electronic payment services through an Electronic Payment Acceptance assessment. The mission includes meetings with the Central Bank of Montenegro, the Ministry of Finance, the Chamber of Economy, the Central Register of Business Entities, payment institutions and commercial banks. Discussions cover key trends and challenges in digital payments, particularly availability, efficiency and security, and will feed into recommendations from the World Bank on steps to improve electronic payment uptake. The authorities also highlighted ongoing initiatives including Montenegro’s inclusion in the Single Euro Payments Area and development of a national instant payments system, described as a TIPS clone, supported by the World Bank. The assessment is being carried out under the World Bank’s Western Balkans Payments Modernization Project, implemented since 2022 in six countries with the Regional Cooperation Council and the CEFTA Secretariat and support from the European Commission, including workstreams such as a regional know-your-client register, licensing framework harmonisation for non-bank payment service providers, financial education strategies and stronger cyber security capacity.
Central Bank of Montenegro 2025-01-29
Central Bank of Montenegro launches World Bank mission to assess electronic payment acceptance
The Central Bank of Montenegro and the World Bank are evaluating electronic payments in Montenegro, focusing on service acceptance and usage. Stakeholder discussions will inform recommendations to enhance digital payment uptake, alongside Montenegro's inclusion in the Single Euro Payments Area and a national instant payments system. This assessment is part of the World Bank’s Western Balkans Payments Modernization Project, which includes regional efforts on licensing harmonisation and cybersecurity.