This is what the Chairman of the Albanian Association of Banks, Bledar Shella, said in his address to the conference “The Role of the Central Bank and the Banking System on the Pathway to the EU,” held today in Tirana. The event was organized by the Bank of Albania and the Albanian Association of Banks, where Shella described the banking industry as a crucial part of the economy and the country’s integration into the EU.

Shella stated that the non-performing loan ratio has decreased to 4.58%, an all-time low in the last 16 years. Annual deposit growth hit 4.1%, and 63% of payments are made electronically. Meanwhile, the total value of payments through these channels has increased to 41%, and 34% of active bank accounts are accessible online.

He emphasized that, for several years, banking activity has been adapting to regulatory changes in line with EU standards, while work continues with a focus on advancing innovations and best European practices in the field of banking.

“We have just successfully completed Open Banking. Now we are awaiting the decision to join SEPA. Digitalization, by implementing strict requirements for cybersecurity and personal data protection, has permeated every aspect of banking activity, from on-boarding, electronic signatures, services, utility payments, payments for public services, account management, exchanges, and more—all on a smartphone. Meanwhile, with the basic account law in effect, there is now a product designed to attract more citizens to the banking system,” said the Chairman of the Albanian Association of Banks.

“The Albanian Association of Banks is proud that, after overcoming the consequences of the 2008–2010 crisis and those of the years 2019 and onwards (the earthquake, the pandemic, the war in Ukraine, inflation), the banking industry has emerged stronger, better capitalized according to the requirements of the Bank of Albania, with increased credit activity, more public trust in banks, greater digitalization, and more openness to the public. This positive trend must be strengthened and improved during the reform process that will lead us to the EU,” said Shella.

/sm/