TIRANA, Nov 3 /ATA/ The law “On Payment Services” has been published in the Official Gazette, providing for an extension from six to 13 months of the deadline for submitting claims concerning unauthorised or incorrectly executed transactions. The law will enter into force on 1 January 2027.
The legal amendments aim to modernise Albania’s financial market, strengthen consumer protection and further align national legislation with European Union standards.
The extension of the deadline gives citizens and businesses more time to identify and dispute transactions that they have not authorised or that have been incorrectly executed.
The amendments also provide for greater transparency regarding fees and the terms and conditions of payment services, as well as establishing a legal basis for capping interchange fees on card payments. These measures aim to promote market competition and help reduce the cost of financial services for users.
Another key innovation concerns the mutual recognition of licences, a mechanism known as “passporting”. Following Albania’s accession to the European Union, this mechanism will enable Albanian-licensed institutions to provide payment services in EU member states, while institutions licensed in the EU will be able to operate in Albania, in accordance with the relevant supervisory rules and standards.
The law also updates the regulatory framework for electronic money institutions, setting out clearer requirements for licensing, capital, the safeguarding of customer funds and the supervision of their activities. This is intended to create favourable conditions for the development of new financial services and products, as well as to expand the range of electronic payment options available.
The amendments aim to strengthen financial system security, improve consumer protection and enhance the management of technological and cyber risks. Together with the previously adopted “On the Payment System” law, they form part of broader reforms to modernise the financial sector, reduce reliance on cash and expand electronic payments in line with EU standards.
Following the law’s adoption, Finance Minister Petrit Malaj described the amendments as another concrete step towards establishing a safer, more transparent financial system aligned with European Union standards.
The law was passed by Parliament on 22 October 2026, with 76 votes in favour, three against and no abstentions. President Bajram Begaj promulgated it on 31 October 2026.
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