TIRANA, Nov 4 /ATA/ Albania is expected to take a significant step towards modernising its payment infrastructure through the regional TIPS Clone project, which will enable real-time fund transfers, 24 hours a day, seven days a week.
In his address at the 8th International Conference on Regional Card Schemes and Retail Financial Market Infrastructures in Tirana, Governor of the Bank of Albania, Gent Sejko, highlighted the country’s progress in modernising its payment systems and strengthening financial integration with the European Union.
Sejko said that Albania’s participation in the Single Euro Payments Area (SEPA) and the implementation of the TIPS Clone instant payments project were major milestones in the transformation of the country’s financial infrastructure. He noted that SEPA membership had reduced the cost of euro transfers to participating countries by up to 20 times, generating estimated annual savings of more than €71 million for the Albanian economy.
He also highlighted the growth in digital payments, which have increased from five to 29 transactions per capita annually over the past decade, while the number of cards in circulation has reached 1.6 million. For the first time in 2025, cards were used more frequently for purchases than for cash withdrawals.
Regarding instant payments, Sejko said the TIPS Clone project would enable real-time fund transfers around the clock, seven days a week, improving access to funds for citizens and liquidity management for businesses. A joint study by the World Bank and the Bank of Albania estimates that wider use of electronic payments could generate annual savings of up to ALL 38.7 billion, equivalent to approximately 1.5% of GDP.
The Governor also stressed the importance of promoting competition, financial inclusion, consumer protection and affordable payment services, particularly for small businesses. He underlined that digital payments, electronic invoicing and the wider use of POS terminals would help reduce reliance on cash, increase economic transparency and support the formalisation of economic activity.
Concluding, Sejko said that Albania’s payment system reforms and alignment with European standards were strengthening the country’s financial integration with the EU and bringing it closer to participation in the European Single Market ahead of EU accession.
Sejko stressed that the modernisation of payment systems must go hand in hand with stronger operational resilience, highlighting the need to protect against cyber threats, service disruptions and technology-related risks. He underlined the importance of ensuring service continuity, data protection and fraud prevention, while promoting financial inclusion through financial education and accessible digital services, particularly for people with limited digital skills.
He also called for closer cooperation between public authorities, financial institutions and international partners to turn infrastructure investments and regulatory reforms into wider adoption and tangible benefits, reaffirming the Bank of Albania’s commitment to developing a more efficient, inclusive and resilient payments ecosystem.
/sm/
