In his remarks at the meeting of the National Economic Council, the Governor of the Bank of Albania, Gent Sejko, said that, “the law on basic payment accounts will come into force in April. It applies to the vulnerable groups of the population, pensioners, those on social assistance, who will open an account and will not pay bank commissions.”

“Financial institutions are obliged to apply zero commission for these categories”, said Sejko, pointing out that this initiative aims to improve access to finance, formalize the economy and increase income, thus narrowing the existing spaces for abuse.

These bank accounts will be used to make payments within the country only.
On the other hand, BoA’s objective is that by the end of this year, more than 70% of the population will have access to a bank account.
/sm/