TIRANA, June 14 /ATA/ – Joining the Single European Payments Area (SEPA) would help Albanian economy to grow by 1%, while Albanian migrants in SEPA countries and their families back home could save up to 100 million euros annually due to lower money transfer fees, fast payouts and transactions.
Matija Laco, a World Bank official told a meeting in Tirana on Friday that Albania’s SEPA accession is a great opportunity for businesses and individuals.
“If Albania joins the European digital payments system the country’s GDP will record an additional growth of 1% annually, while the remittances will increase thanks to lower money transfer fees,” Laco said.
“Albanian migrants and families in Albania are expected to save up to 100 million euros annually due to the lower money transfer and transactions cost. Businesses will be able to cut their cost 10 times for transfers of other SEPA countries,” the World Bank representative said.
Two days ago, Albania became the first country in the Western Balkans to formally submit its application to join the Single European Payments Area (SEPA), currently consisting of 36 European countries and territories. Albania has successfully completed the necessary legal requirements to join SEPA, marking a significant step toward the country’s financial integration into the European Union.
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