NJOFTIM PËR SHTYP
Governor Sejko receives the President of Mastercard Europe, Mr Mark Barnett

On 12 June 2024, the Governor of the Bank of Albania, Mr Gent Sejko, had an official meeting with Mr Mark Barnett, President of Mastercard Europe, as well as other senior representatives of the company. After a general discussion on the developments taking place in economy, banking and financial market of Albania, the conversation between the parties focused on the promotion of electronic payments in the Albanian economy and future opportunities for cooperation.

At the beginning, Governor Sejko introduced to the interlocutors the measures taken by the Bank of Albania to encourage financial inclusion and the use of electronic payments, which have been reflected in the best possible way in the Albanian economy, reaching and exceeding the initial objectives laid dawn the National Strategy for Retail Payments.

In this regard, Mr Barnett confirmed that, based on the transactions processed by Mastercard, card payments have increased significantly in Albania in the recent years. Also, from the available data, it results that Albania is the second country in Europe and the third in the world with the highest increase in tourism for 2023.

Next, Governor Sejko and Mr Barnett reviewed the possibilities of continuing to pursue stimulating policies for the best possible use of electronic payments, even from the customers during their daily transactions, enabling fast payments from mobile phones. In this context, the likelihood of introducing card payment applications through mobile phones was discussed, enabling the enhancement of financial inclusion of the Albanian population. The parties emphasized the need to reduce the costs of card transactions, as one of the recommendations of the European Union, and also agreed to cooperate to promote these innovative ways that enable the provision of efficient services in terms of both ease of use and costs.

In this regard, Mr Sejko presented the Bank of Albania’s projects for the creation of an Instant Payment system with the assistance of the Bank of Italy, replicating the TIPS system operated by the European Central Bank, as well as the accelerated membership in SEPA, which is unfolding at a very positive pace.

Mr. Barnett extended his commitment to supporting Albania with the necessary know-how and the creation of mechanisms to minimize the risks associated with fraud, cybercrime and the prevention of money laundering. He invited the Bank of Albania to participate in the European Cyber ​​Resilience Center (ECRC) established in Brussels, with the aim of promoting and consolidating cooperation and various initiatives at the European level for protection against cybercrime. In this context, Mastercard representatives also offered their support for the implementation of the European Union regulation "On digital operational resilience".