Montenegro is set to join the SEPA (Single Euro Payments Area) system, bringing significant benefits to both citizens and businesses. Transaction fees for electronic payments will drop from an average of 73 EUR per transaction to between 0 and 3.99 EUR, potentially saving nearly 14 million EUR annually. Payment operations will also be available on weekends and holidays starting October 20, and by July 2026, the TIPS Clone instant payment system will enable transfers in under 10 seconds.
The SEPA system will allow faster, cheaper money transfers within the EU and align Montenegro with European financial standards, simplifying international transactions and improving the business environment.
Governor of the Central Bank of Montenegro, Irena Radović, emphasized that SEPA provides equal rules and conditions for Montenegrin companies as EU members, reduces costs, and speeds up transactions. Initial SEPA transactions will start on October 7.
Radović also highlighted ongoing reforms, including the RTS/X payment system with real-time clearing, extended payment system hours, and elimination of fees for late-day payments. Weekend and holiday payment processing will add 118 processing days annually, freeing up around 32 million EUR in working capital for businesses.
The TIPS Clone instant payment system, launching in July 2026, could generate annual economic benefits of up to 160 million EUR, approximately 2.3% of Montenegro’s GDP.
The initiative was discussed at a roundtable organized by the Chamber of Commerce of Montenegro with over 100 business representatives in attendance.
