PRESS RELEASE
Governor Sejko meets with banking sector

On 9 January 2025, the Bank of Albania at the initiative and under the auspices of Governor Sejko, organized a meeting with the banking system to discuss the objectives on which banks can focus to further strengthen the banking sector; increasing their contribution for the development of the domestic economy, through loan funding of efficient business and household projects, and expanding the range of financial products and services for the public.

Discussions also focused on issues such as promoting innovation, SEPA membership, open banking, etc.

Governor Sejko stated that digital transformation, through the continuous adoption of innovative technologies, remains highly important for the banking sector. Banks should continue to invest in technology, emphasizing the need for digital banking solutions to improve the customer experience, address cybersecurity challenges and increase customer confidence in on-line services.

Driven by the finalization of Albania's accession to SEPA (Single Euro Payments Area), as part of the first group of Western Balkan countries accepted to this area, the Governor appealed to the banks to observe the deadlines, in order to achieve accession to SEPA schemes and carry out SEPA transactions for customers within 2025. In this context, it is the right time for the banking system to engage in becoming fully part of SEPA schemes, by investing in technology, infrastructure and staff training.

This initiative is also expected to directly increase customer’s satisfaction in the banking sector, through strengthened efficiency of cross-border payments and integration into the European financial system, which will be translated into faster and more cost-effective transactions in Euro for customers.

Lending to the economy was another topic discussed in this round table. Credit growth is one of the main sources of supporting the economy with funds, and also an incentive for pushing up consumption and investments in Albania. This sector, overall, has shown an enhanced maturity and a proactive approach to lending to various sectors of the economy. However, a special focus may be needed for underfunded sectors and mainly regarding the sector of small and medium-sized enterprises. The Governor also highlighted the importance of the quality of lending portfolios, aimed at maintaining a banking sector that is as sound as possible and at the same time supportive to the country's economic development. He said that the sector's cautious approach during financing processes is a fundamental condition for further strengthening financial stability in Albania.

The meeting then continued with discussions and exchanges of views and was considered very fruitful by all participants, who expressed their commitment to creating a joint working platform for the up-coming period.