Angelovska -Bezhoska: We have become a member of SEPA – Historical Step of Our Country

The European Payment Council today accepted our country as a 39th member of the only euro payments area (SEPA), the National Bank said. The entry into the SEPA membership will provide faster, more efficient and cheaper execution of the election payments in euros to any member state and means greater EU financial integration into the EU.

Under the leadership of the National Bank, the statement said, the country made significant efforts to harmonize the legal framework in the domain of payments and payment systems with the regulatory requirements of the European Union (EU), thus officially joining the payment area SEPA, fulfilling one of the most important goals.

– We expect numerous benefits for our citizens, companies, but also for the economy as a whole. First of all we expect faster, safer and cheaper cross -border payments in euros. This is especially important for the Macedonian economy that is characterized by a high degree of trade openness (one of the highest in the CEE) and a large volume of cross -border payments. Hence, the potential for saving costs, improving liquidity and increasing the competitiveness of companies is high. Of course, this can play a significant role in the process of further trade integration, accelerated economic growth and decrease in the EU income gap-Governor Anita Angelovska-Bezoska said in a statement on the European Payment Council's decision to make our country a member of SEPA.

The Governor noted that SEPA membership is also a confirmation of high regulatory standards applied by financial institutions, which is important for further fostering competition, innovation, but also for maintaining financial stability, as a precondition for the macroeconomic stability that is public.

– Our economy is also characterized by relatively high inflows of remittances, which reach up to 15 % of GDP. Given that remittances are a significant part of the available income of the population, the benefits will not be lacking on this basis-said Angelovska-Bezoska.

She added that in order to make all these possibilities reality, the good preparation and the fast and effective connection of our payment service providers to European payment systems are of particular importance.

– This success is a result of the dedicated efforts of the National Bank team, but also the Ministry of Finance and other regulatory bodies that worked on aligning the legal framework and standards for working systems with the European ones, for which I express my gratitude. With this important step, we confirm our commitment to financial progress and to ensure the benefits of this integration for every citizen and business in the country-said Governor Angelovska-Bezoska.

SEPA is an initiative of the European banking and payment industry represented by the European Payment Council, supported by the European Commission and other European Union (EU) institutions and the Eurosystem, to increase the efficiency of payments in the European and further development and deepening of the common European market. SEPA was established in 2008 and was fully implemented in 2014 in the euro zone countries, while in other SEPA member states in 2016.

Macedonia launched its preparation for SEPA membership with the National Strategy for Development of Payment Systems, in 2023 a new legal framework was adopted that provided grounds for our accession to the only area for euro payments. In April 2024, the country submitted the SEPPA to the EC, and on July 10 of the same year the official application. At today's session, the European Payment Council accepted our application, making the country 39 member of the only euro payments area. Montenegro and Albania are from the Western Balkan countries of the SEPA 2024.