Skopje, 6 March 2025 (MIA) – Today, the European Payments Council (EPC) approved our country's accession as the 39th member of the Single Euro Payments Area (SEPA), the National Bank reported. Joining SEPA strengthens the country’s financial integration with the EU.

“Under the guidance of the National Bank of the Republic of North Macedonia (NBRNM), the country has undertaken significant efforts in aligning its national payment systems and regulations with European Union (EU) standards, becoming the third Western Balkan country to join the SEPA geographical scope, and fulfilling one of the most important goals on its path to EU membership,” reads the press release.

"By joining SEPA, we expect numerous benefits for our citizens, businesses and the economy as a whole. Most importantly, we expect faster, safer and more cost-effective cross-border payments in euros. This is crucial for the Macedonian economy, which has a high level of trade openness, among the highest in CSEE, and a significant volume of cross-border transactions. As a result, the potential for cost reductions, improved liquidity, and enhanced competitiveness for businesses is substantial. Moreover, this could play a key role in deeper trade integration, faster economic growth, and bridging the income gap with the EU," said National Bank Governor Anita Angelovska-Bezhoska in a statement following the European Payments Council's decision to accept our country into SEPA.

Governor Angelovska-Bezhoska emphasized that SEPA membership is also a confirmation of the high regulatory standards applied by financial institutions. This is crucial for further encouraging competition and innovation while maintaining financial stability, a prerequisite for macroeconomic stability, which is a public good.

"Our economy is also characterized by relatively high inflows of remittances from abroad, reaching up to 15% of GDP. Given that remittances constitute a significant portion of households' disposable income, the benefits in this area will not be lacking either," Angelovska-Bezhoska underlined.

She added that in order for all these opportunities to become a reality, proper preparation and the swift and effective integration of our payment service providers into European payment systems are of utmost importance.

"This success is the result of the dedicated efforts of the National Bank team, along with the Ministry of Finance and other regulatory bodies that worked on aligning the legal framework and operational standards of payment systems with European ones, for which I express my deep gratitude. With this significant step, we reaffirm our commitment to financial progress and to ensuring that the benefits of this integration reach every citizen and business in the country," Governor Angelovska-Bezhoska said.

SEPA is an initiative of the European banking and payments industry represented by the European Payments Council, supported by the European Commission and other EU institutions, as well as the Eurosystem, aimed at increasing the efficiency of euro payments and further developing and deepening the single European market. SEPA was introduced for credit transfers in 2008, followed by direct debits in 2009, and fully implemented by 2014 in the euro area (and by 2016 in non-euro area SEPA countries).

North Macedonia launched its SEPA membership preparations in 2013 with the National Strategy for the Development of Payment Systems. The adoption of a new legal framework in 2023 paved the way for accession. In April 2024, the country submitted its pre-application to the European Commission, followed by the official application on July 10. Today, the European Payments Council approved the application, making North Macedonia the 39th SEPA member. As of December 2024, Montenegro and Albania have also joined SEPA from the Western Balkans.

Photo: National Bank