Electronic payments could generate annual savings of up to ALL 38.7 billion in Albania, according to a joint study by the World Bank and Bank of Albania. The findings were presented at the 10th Conference of Mediterranean Central Banks in Tarragona, Spain. Bank of Albania First Deputy Governor Holta Zaçaj represented Albania at the conference.

The conference focused on digital currencies, payments and reserve management. The Bank of Spain organised the event with the Organisation for Economic Co-operation and Development (OECD), the European Institute of the Mediterranean and the Union for the Mediterranean. Zaçaj chaired the second session on payments and remittances. The discussion focused on reducing transfer costs and increasing the use of formal channels.

Meanwhile, Zaçaj highlighted Albania’s progress in modernising payment systems. She also pointed to regulatory alignment with European Union standards. She described Albania’s membership in the Single Euro Payments Area (SEPA) as an important step for financial integration. The move could reduce transfer costs and processing times. It could also encourage wider use of digital and formal payment channels.

In addition, Zaçaj highlighted the TIPS Clone project. The initiative aims to create a national platform for instant payments around the clock. The platform will follow European standards. According to the study, electronic payments supported by instant-payment infrastructure could save up to ALL 38.7 billion a year. That figure equals around 1.5% of gross domestic product. Replacing half of cash bill payments with electronic payments could also save consumers more than ALL 500 million and businesses around ALL 1 billion annually.

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