The Governor of the Central Bank of Montenegro (CBCG), Irena Radović, emphasized that financial inclusion should move beyond being merely a stated goal and instead become a tangible reality for every citizen, particularly those from vulnerable demographics.

To enhance financial inclusion and ensure essential banking services are accessible to vulnerable populations, she convened a meeting today with Damir Gutić, the Minister of Social Welfare, Family Care, and Demography.

According to the CBCG, the meeting focused on exchanging information and planning collaborative efforts in relation to the implementation of the Law on the Comparability of Benefits, which includes aspects such as account switching and accounts offering basic services. This initiative aims to create more favorable conditions for minimum wage recipients and those benefitting from social and child protection rights.

“While 85 percent of Montenegrin citizens possess a basic bank account, there exists a significant disparity, as only 1,452 out of 150,000 beneficiaries in social and child protection have a basic bank account. This highlights a troubling gap between legislative intent and actual practice,” the statement notes.

It was decided to form a joint working group involving the Central Bank of Montenegro and the Ministry. This group will focus on public awareness efforts, empowering citizens, and ensuring the legal benefits truly reach those in need.

Special attention will be directed towards collaboration with the banking sector, media, and civil society organizations to disseminate information regarding these rights widely, as “awareness of rights is the first step toward their utilization,” the statement concluded.

This initiative arrives at a pivotal moment as Montenegro progressively integrates into the Single Euro Payments Area (SEPA), underscoring the urgent need for accessible and inclusive payment services.

SEPA provides opportunities for more efficient, transparent, and cost-effective payment transactions; however, its benefits cannot be fully realized if a considerable segment of the population remains outside the formal financial system.

“The shared goal of the Central Bank of Montenegro and the Government is to enhance the capacity of vulnerable groups to participate equally in the ongoing digital and financial transformations, particularly as we transition to SEPA standards,” the statement clarifies.

The Central Bank aims for Montenegro to align closer to the European Union average for basic account availability, where currently 94 percent of the population enjoys this right.

“Boosting this percentage is critical for achieving enhanced financial stability, social equity, and empowering citizens through equal access to banking services, whether at counters, ATMs, or via digital channels,” the statement continues.

Radović reiterated that financial inclusion cannot just be a rhetorical aim; it must become a concrete reality for all, especially for those who need it most.

“The basic account, as a social policy instrument, ensures access to crucial financial services without discrimination and fosters the active participation of vulnerable groups in both the economy and national life,” Radović stated.

Minister Gutić pointed out that there are about 200,000 beneficiaries within the social and child protection framework, who can take direct advantage of legal benefits, including receiving cash benefits via bank accounts.

“Citizens must feel that institutions are acting in their best interests. Simplifying service access builds trust, and trust strengthens the community,” Gutić remarked.

He also noted an increasing number of beneficiaries, particularly individuals with disabilities, desiring to receive their entitled benefits directly into their bank accounts.

This measure would facilitate faster and easier access to funds, eliminating unnecessary administrative hurdles. Gutić highlighted that some rights in social and child protection depend on the beneficiary’s residence and should be factored into the development of new opportunities.

“By initiating this discussion, we are taking the first steps toward overcoming challenges for users and advancing a more efficient system,” concluded Gutić.

The Central Bank of Montenegro reminded that, per the Law on Comparability of Fees, Account Switching, and Accounts with Basic Services, vulnerable consumer categories can open a payment account free of charge, deposit and withdraw cash at counters or ATMs—even during non-business hours—and complete the first ten national payment transactions each month without charge.

These measures are fully compliant with the European Payment Accounts Directive (2014/92/EU), representing a significant stride toward achieving SEPA integration goals, not just technically but also socio-economically.

“Complete implementation will ensure that digital payment systems do not exacerbate existing social inequalities but rather serve as tools to overcome them,” stated the CBCG.

The Central Bank of Montenegro will pursue ongoing initiatives aimed at enhancing the availability of financial services, laying a foundation for economic resilience and inclusive societal development.

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