Today, November 21, 2024, Montenegro officially became part of the Single Euro Payment Area – SEPA. Under the leadership of the Central Bank of Montenegro, Montenegro made significant efforts to harmonize the national payment system and current regulations with European Union (EU) standards, thanks to which it became the first country in the Western Balkans to join the SEPA geographical area, fulfilling one of the key goals of on its way to European Union membership.
Accordingly, all participants of the payment schemes of the European Payment Council (EPC) will be able to send and receive SEPA credit transfers (SCT), SEPA instant credit transfers (SCT Inst) and SEPA direct debits (SDD) to and from participants of SCT, SCT Inst and SDD schemes from Montenegro after Montenegrin financial institutions join these schemes.
According to the EPC calendar, the beginning of accession of Montenegrin financial institutions to SEPA payment schemes will be enabled from April 2025, while will subsequently inform the EPC about the date of operational start of service provision for payment service providers from Montenegro.
“The accession of Montenegro to SEPA represents a significant turning point in the process of financial integration of our country into the European Union. This step opens up economic opportunities, and brings visible benefits for the Montenegrin population and the economy on Montenegro’s accelerated path to EU membership,” said Dr. Irena Radović, Governor of the Central Bank of Montenegro. Giorgio Andreoli, General Manager of EPC, stated that “the inclusion of financial institutions from Montenegro is a natural step forward within the SEPA accession process, which shows Europe’s commitment to the harmonization of electronic payments in the area that extends beyond the borders of the EU”.
