Podgorica, (MINA-BUSINESS) – Governor of the Central Bank (CBCG) Irena Radovic said that from 7 October, when Montenegro becomes operationally part of the European payment system, the first SEPA transactions will allow companies to do business in line with European Union standards.

“SEPA is an instrument of full integration into the single European market before the expected full EU membership. Just as visa liberalisation opened borders for people, SEPA opens borders for our payments and business,” said Radovic.

According to her, SEPA enables Montenegrin companies to operate under equal rules and conditions as in any EU member state, with lower costs and faster transactions.

She participated in the round table titled “Introduction of the SEPA Payment System”, organized by the Chamber of Commerce (PKCG), in cooperation with the CBCG, with the aim of better preparing the business sector for the transition to SEPA standards.

This payment system enables faster and significantly cheaper money transfers within the EU and beyond, aligning Montenegro with European financial standards and facilitating international transactions and improving the business environment.

Speaking about tangible benefits, the CBCG Governor stated that fees for electronic payments, instead of the current average of €73 per transaction, will now range from zero to a maximum of €3.99, which will bring annual savings of over €10 million for the business sector, and a total of almost €14 million for businesses and citizens.

PKG President Nina Drakic expressed her satisfaction that the introduction of SEPA payments is being promoted, noting that the CBCG, as a regulatory authority, understands the needs of the business sector. This vision has led to this important result, which means faster euro transactions without delays, lower fees, simplified financial operations and easier integration with partners.

She congratulated CBCG on this milestone and wished businesses success in making full use of the new opportunities SEPA offers.