CBCG and World Bank Hold Introductory Meeting on Electronic Payments in Montenegro
29/01/2025
Today, CBCG representatives met with their peers from the World Bank on the CBCG premises, officially starting a two-day mission to assess the current state of electronic payments in Montenegro comprehensively, focusing on the level of acceptance and use of these services.
During the mission, the World Bank team will hold a series of meetings with representatives of the CBCG, the Ministry of Finance, the Chamber of Economy, the Central Register of Business Entities, payment institutions and commercial banks. The discussions will centre on implementing an Electronic Payment Acceptance (EPA) assessment, which will include a detailed analysis of the current situation in this area and identifying key steps to improve the acceptance and use of electronic payments in the country.
In the introductory meeting, the CBCG representatives, led by Vice Governor Ms Zorica Kalezić, exchanged opinions with their World Bank peers on key trends and challenges in developing digital payments, especially regarding their availability, efficiency and security. They highlighted the importance of the digital transformation of the payment system as a key factor in increasing the Montenegrin economy’s competitiveness and accelerating its development.
Montenegro’s inclusion in the SEPA area and the development of the national system for instant payments—a TIPS clone—supported by the World Bank will further accelerate the processes of payment system modernisation and the improvement of electronic payments in the country. Membership in SEPA allows users in Montenegro to perform transactions under the same conditions as other SEPA members. At the same time, implementing the TIPS clone system will ensure faster, safer and more efficient real-time payments. These initiatives will create additional opportunities for developing digital services, encourage the broader use of electronic payments and increase the competitiveness of the Montenegrin financial sector.
Based on the collected data and analysis, the World Bank will prepare recommendations for improving electronic payments in Montenegro.
The EPA mission is realised within the “Western Balkans Payments Modernization Project”, which the World Bank has been implementing in six countries of this region since 2022, in cooperation with the Regional Cooperation Council and the CEFTA Secretariat, and the support of the European Commission. The project includes other strategic activities that contribute to modernising the financial sector in Western Balkan countries. The priority activities include the creation of a regional “Know Your Client” (KYC) register, harmonising the framework for licensing non-bank payment service providers, developing strategies for financial education and improving cyber security capacities.