Central Bank of Montenegro to establish joint working group with Social Welfare Ministry to boost take-up of free basic payment accounts

The Central Bank of Montenegro announced a joint initiative with the Ministry of Social Welfare, Family Care, and Demography to strengthen financial inclusion for vulnerable groups by improving implementation of the legal framework on payment account fee comparability, account switching, and access to a payment account with basic features. Planning focuses on improving access to payment services for minimum wage recipients and beneficiaries of social welfare and child protection rights, against a reported gap between overall account access and take-up among vulnerable groups: while 85% of Montenegrin citizens have a basic bank account, only 1,452 out of 150,000 beneficiaries of social welfare and child protection rights reportedly hold one. A joint working group will coordinate public awareness and engagement with banks, media, and civil society. Under the law, vulnerable consumer groups are entitled to open a payment account free of charge, deposit and withdraw cash at counters or ATMs (including outside regular working hours), and make the first ten national payment transactions each month. The initiative is also framed as supporting Montenegro’s preparation for full integration into the Single Euro Payments Area and the central bank’s objective to move toward the EU average, where 94% of the population uses the right to a basic bank account. Next steps include establishing the CBCG-ministry working group and incorporating existing social and child protection provisions, including rights linked to the beneficiary’s place of residence, into any new solutions.