The Governor of the Bank of Albania urged private banks to increase investments in digital infrastructure to facilitate electronic payments and enable the reduction of cash in the economy. During a meeting with representatives of the Association of Banks, the head of the BoA stressed that the transition to digital payments, and consequently the reduction of cash use, is a desirable process for the Albanian economy for several reasons, as it increases the formalization of the economy; reduces tax evasion; improves the physical security of payments and reduces the cost of holding cash; promotes financial inclusion, and last but not least, supports European integration.
"Accelerating this process also requires the fulfillment of several conditions: the creation of appropriate infrastructures, access to digital payments at reasonable costs; the creation of a clear and strict regulatory framework to guarantee consumer security and protection; increasing the public's financial knowledge; increasing the public's technological skills and raising awareness of the advantages and risks of using digital payments," added the head of the BoA.
To this end, he called on banks to be as proactive as possible in all these areas.
Official data from the BoA shows that the use of electronic payment instruments has grown at double-digit rates. The number of digital payments per capita reached 23 in 2024, up from just 4 payments per capita in 2016. Also, financial inclusion - measured as the percentage of the population that owns at least one financial account - has reached 78%, up from around 40% in 2017.
In this regard, an important date is October 7, 2025, when the operationalization of cross-border payments in SEPA schemes will begin, which are several times cheaper and faster than cross-border payments carried out today with correspondent banks.
"The creation of such a facility will increase the use of digital channels for cross-border payments, at least with European Union countries, with positive chain effects for the Albanian economy," said Sejko.
In addition to developments in payment systems, another issue discussed between the governor and the heads of private banks was that of agricultural lending as one of the main pillars of economic development and employment in the country.
The Banking Association says that over the recent period, commercial banks have intensified their lending offer, introducing more flexible instruments and financing models adapted to the needs of this sector.
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