Montenegro’s Central Bank reported more than 9 million euros in direct savings for households and businesses through the Single Euro Payments Area (SEPA). From 7 October 2023, the system processed 237,000 transactions worth 4.2 billion euros.
The average fee per transaction was 5.71 euros, 92% below the previous level, when charges exceeded 74 euros. For electronic payments, households now pay 1.82 euros per transaction and businesses nearly 6 euros, almost 90% less than before.
Montenegro joined SEPA a year before the results were reported. Money is sent from and received in the country across 40 European countries, including every European Union member state.
Economic analyst Mirza Mulešković called SEPA “one of the biggest steps forward in banking”. He said lower costs had enabled additional investment by businesses and savings by households, while faster and more secure transfers had been felt over the past year. Mulešković said SEPA also makes Montenegro more attractive for business cooperation by enabling safer, quicker and cheaper transactions.
He described access to Europe’s single market of 500 million people as both an opportunity and a challenge for Montenegrin companies, with further business benefits expected when Montenegro formally joins the European Union. Easier access could also give consumers more options to buy or invest the same amount of money in businesses elsewhere in the bloc. Since mid-year, domestic instant payments have also been available, using the technology and standards of Europe’s TIPS platform.
