Today, Montenegro officially became part of the Single Euro Payment Area - SEPA, announced the Central Bank of Montenegro and the European Payments Council.
"Under the leadership of the Central Bank of Montenegro, Montenegro made significant efforts to harmonize the national payment system and current regulations with European Union (EU) standards, thanks to which it became the first country in the Western Balkans to join the SEPA geographical area, fulfilling one of the key goals on its way to membership in the European Union," the announcement reads.
Accordingly, all participants in the payment schemes of the European Payment Council (EPC) will be able to send and receive SEPA Credit Transfers (SCT), SEPA Instant Credit Transfers (SCT Inst) and SEPA Direct Debits (SDD) to and from participants SCT, SCT Inst and SDD scheme from Montenegro after Montenegrin financial institutions join those schemes.
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According to the calendar of the EPC, the beginning of accession of Montenegrin financial institutions to SEPA payment schemes will be possible from April 2025, while the EPC will subsequently inform about the date of the operational start of providing services for payment service providers from Montenegro.
"Montenegro's accession to SEPA represents a significant milestone in the process of financial integration of our country into the European Union. This step opens up economic opportunities, and brings visible benefits for the Montenegrin population and the economy on the accelerated path of Montenegro towards EU membership", stated the governor of the CBCG, Irena Radović.
Đorđo Andreoli, general director of EPC, stated that "the inclusion of financial institutions from Montenegro is a natural step forward within the SEPA accession process, which shows Europe's determination to harmonize electronic payments in the area that extends beyond the borders of the EU".
Ministry of Finance: Confirmation of positive reputation
The decision that the conditions have been met for Montenegro to join the Single European Payment Area SEPA was made at today's session of the Board of Directors of the European Payments Council, the Ministry of Finance announced.
This decision created the legal prerequisites for banks operating in Montenegro to access the zone, in which payment transactions are carried out in the country and abroad without or with minimal fees. In the following period, the banking sector, in cooperation with the Central Bank of Montenegro, will work on operational activities for the implementation of this Decision. This is one of the measures of early integration by which the Government, the Ministry of Finance, the CBCG enabled citizens and the economy to feel the benefits of the EU Single Market even before joining the European Union. This makes Montenegro the first country in the Balkans to join SEPA. Membership in SEPA for our country is a confirmation of a positive reputation, adequate regulation and stability of the banking system," the announcement reads.
Gorčević: A huge shift
Minister of European Affairs Maida Gorčević said that this is "a big step forward in economic integration, and thus towards our goal of membership in the EU by 2028".
"Already from 2025, citizens and the economy of Montenegro will make transactions to and from Europe easier, cheaper and faster, as well as within Montenegro," she wrote on Iks.
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