National Bank of the Republic of North Macedonia expects near-term approval of its SEPA membership application and pledges regulatory support for banks’ onboarding

The National Bank of the Republic of North Macedonia reported on the European Commission’s establishment of a Steering Committee to coordinate implementation of the Single Euro Payments Area (SEPA) across the six Western Balkan countries and Moldova, and highlighted Governor Anita Angelovska Bezhoska’s expectation that North Macedonia’s SEPA membership application will soon be approved by the European Payments Council. The Steering Committee is led by Gert Jan Koopman of the European Commission’s Directorate-General for Neighbourhood and Enlargement Negotiations and includes John Berrigan of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union, regional central bank governors, and representatives from the European Commission, the European Central Bank, the European Payments Council and the World Bank. The Governor linked the expected approval to regulatory changes and a high degree of alignment with European rules in banking, payment services and anti-money laundering, and stressed that banks will need to prepare promptly to join European payment systems once approval is granted, with the central bank providing regulatory support. SEPA membership is referenced as a priority in the European Commission’s Growth Plan for the Western Balkans, with anticipated benefits including more efficient, faster and cheaper cross-border payments for citizens and companies.