Podgorica, (MINA-BUSINESS) – According to the Association of Montenegrin Banks (UBCG), Montenegro has made tremendous progress in a short period in terms of joining the Single Euro Payments Area (SEPA), marking a major step toward EU membership.

“Creating payment system conditions equivalent to those in the EU marks a major step forward in our integration with the Union,” UBCG Secretary General Bratislav Pejakovic told Mina-business agency.

He added that the goal of the SEPA process is to simplify and standardize payment transactions within the euro area and beyond, enabling easier, cheaper, faster, and safer transfers in euros between SEPA member states.

“It is safe to say that Montenegro has done a very good job in a very short time for such a process. This was achieved through the synergy of the Central Bank (CBCG), UBCG, and quality technical assistance provided via the World Bank (WB),” said Pejakovic.

He added that, within a record timeframe, Montenegro adopted all the regulatory and technical measures required for the European Payments Council (EPC) to place the country on the SEPA list.

“Implementation is underway, with production expected on 6 October, and I am confident this will be to the benefit and satisfaction of all bank clients,” said Pejakovic.

CBCG has already announced that SEPA membership could have an annual direct impact of around €26.96 million, or 0.39 percent of GDP, more specifically €10.5 million in savings on banking fees, €6.96 million in lower business transaction costs, €6 million through formalized remittances, and €3.48 million in savings for clients through digital access and inclusion.

“Additionally, we can expect an estimated 1 percent increase in foreign direct investment, and consequently stronger export competitiveness, with an added value of €3.48 million,” said Pejakovic.