Podgorica, (MINA-BUSINESS) – According to the Central Bank (CBCG), Montenegro has become part of the geographical scope of the Single Euro Payments Area (SEPA) payment schemes.

Under the CBCG’s guidance, Montenegro has undertaken significant efforts in aligning the Montenegrin national payment systems and regulations with European Union (EU) standards, becoming the first Western Balkan country to join the SEPA geographical scope, achieving an important milestone on its path to EU membership.

“As a result, all existing European Payments Council (EPC) payment scheme participants should be able to send or to receive SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and SEPA Direct Debit (SDD) transactions to and from SCT, SCT Inst and SDD scheme participants from Montenegro as and when their financial institutions will adhere to these schemes,” stated a press release issued by the CBCG.

The adherence of Montenegrin financial institutions to the SEPA payment schemes, according to the EPC calendar, will be enabled starting from April 2025, while the Operational Readiness Date (ORD) for payment service providers (PSPs) from Montenegro will be communicated later by the EPC.

CBCG Governor Irena Radovic stated that Montenegro’s accession to the SEPA marked a significant milestone in the country’s financial integration with the European Union.

“This achievement unlocks economic opportunities, and delivers tangible benefits for households and businesses as Montenegro advances toward EU membership” she stated.

EPC Director General Giorgio Andreoli said that the inclusion of financial institutions from Montenegro was a natural progression of the SEPA project, showcasing Europe’s commitment to harmonising electronic payments across a region that extended beyond the European Union.