Montenegro has officially become a partial member of the distinctive Euro payment area, SEPA, as announced by the Central Bank of Montenegro (CBCG) and the European Payment Council.

This development will offer advantages to Montenegrin citizens and its economy, such as reduced costs, shorter transaction times, and simplified cross-border payments within the European market.

“All entities participating in the European Payment Council schemes will be able to send and receive SEPA credit transfers (SCT), instant credit transfers (SCT Instant), and SCA direct debits (SDD) once Montenegrin financial institutions join these programs,” stated representatives from the CBCG and EPC.

As per the EPC schedule, Montenegrin financial institutions are expected to start SEPA PAYMENTS in April 2025, with further announcements regarding the operational launch of services for Montenegrin service providers to follow.

“Under the guidance of the Central Bank of Montenegro, the country has made substantial efforts to align its national payment systems and regulations with those of other European Western Balkan nations, thereby achieving one of the crucial objectives on its path towards EU membership,” the statement noted.

The Governor of the Central Bank, Irena Radović, remarked that Montenegro’s accession to SEPA marks a significant milestone in the country’s financial integration into the European Union.

“This initiative opens up economic opportunities and delivers tangible benefits to the Montenegrin population and economy, advancing Montenegro on its path to EU membership,” Radović emphasized.

Giorgio Andreoli, General Manager of EPC, mentioned that “the inclusion of financial institutions from Montenegro is a logical progression in the SEPA accession journey, reflecting Europe’s commitment to harmonizing electronic payments across regions beyond the EU.”

SEPA is an initiative initiated in 2008, supported by the European Commission and the European Central Bank, with the goal of increasing efficiency and reducing transaction costs among payment systems within Europe. The SEPA area currently comprises 36 countries: all EU Member States, along with the United Kingdom, Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino, Andorra, and Vatican City.

As previously indicated by the CBM, SEPA membership eliminates disparities in speed, costs, and processes between national and international payments. The payment systems employed by SEPA members will allow citizens and businesses to make payments within the SEPA zone significantly faster and at costs that can be up to six times lower compared to current expenses.