The Central Bank of the Republic of Kosovo published a readout of Governor Ahmet Ismaili’s remarks at an event on Kosovo’s accession to the Single Euro Payments Area (SEPA), outlining steps taken to date, the current status of the process, and key challenges. Preparatory work highlighted included reforms to the legal and regulatory framework, the pre-application process with the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), development of local instant payments, and infrastructure reforms to enable interconnection with regional instant payment systems. Participants also cited the constitutional review of laws linked to SEPA membership, alongside infrastructure and technical upgrades and stakeholder communications, as factors affecting the preparatory and implementation phases, and noted expected benefits including greater competition among payment service providers (PSPs), lower domestic and cross-border transfer costs, increased use of non-cash payments, and reduced remittance costs through bank transfers.
Central Bank of the Republic of Kosovo 2025-03-14
Central Bank of the Republic of Kosovo sets out reforms and remaining challenges for Kosovo’s SEPA accession
The Central Bank of the Republic of Kosovo detailed Governor Ahmet Ismaili’s remarks on Kosovo’s progress towards joining the Single Euro Payments Area (SEPA). Key steps include legal and regulatory reforms, pre-application with the European Commission, and infrastructure upgrades for instant payments. Expected benefits are increased competition among payment service providers, reduced transfer costs, and enhanced non-cash payment usage.