Strengthening CBCG’s Capacities towards Accession to SEPA

02/09/2024

Towards Montenegro’s accession to the Single Euro Payments Area (SEPA), the five-day TAIEX expert mission aimed at strengthening CBCG’s administrative capacities for the accession to the SEPA started today in the CBCG premises.

The mission started with the meeting of the Croatian National Bank (HNB) representatives with the CBCG Governor, Ms Irena Radović, where they discussed the benefits of Montenegro’s accession to the SEPA area and the application of the best practice in the process.

During the mission, the HNB experts will introduce their CBCG colleagues to the upcoming obligations and organisational preconditions for joining SEPA payment schemes so that the CBCG can adequately support credit institutions in joining the SEPA payment system. The counterparties will also discuss the potential challenges for credit institutions and the CBCG as the regulator.

To remind, on behalf of the state of Montenegro, the CBCG submitted the formal request for joining SEPA on 1 July 2024, making the crucial step towards the further development and integration of the Montenegrin financial system to the European economic and market area.

Montenegro’s membership in the SEPA system will bring multiple benefits to Montenegrin citizens, including multiple cost reductions, shorter transaction time and simplifying cross-border payments in the European market.

TAIEX is the Technical Assistance and Information Exchange Instrument that supports partner countries towards harmonisation with and implementation of the EU’s legislation.