A meeting was held at the Central Bank of Montenegro (CBCG) with representatives from the World Bank, officially launching a two-day mission aimed at conducting a comprehensive assessment of the electronic payments landscape in Montenegro, focusing on the level of adoption and usage of these services.
As part of this mission, the World Bank team will hold a series of meetings with representatives from the CBCG, Ministry of Finance, Chamber of Commerce, Central Register of Business Entities (CRPS), payment institutions, and commercial banks. The discussions will focus on assessing the acceptance of electronic payments (EPA – Electronic Payment Acceptance), which will involve a detailed analysis of the current state in this area and the identification of key steps to enhance the adoption and use of electronic payments in the country, according to the CBCG’s statement.
During the introductory meeting, CBCG representatives, led by Deputy Governor Zorica Kalezić, exchanged views with the World Bank representatives on key trends and challenges in the development of digital payments, especially regarding their accessibility, efficiency, and security.
The importance of the digital transformation of the payment system was highlighted as a crucial factor in increasing the competitiveness of Montenegro’s economy and accelerating its development. Montenegro’s inclusion in the SEPA zone and the development of the national instant payment system – TIPS clone, which is being implemented with the support of the World Bank, will further accelerate the modernization of the payment system and improve electronic payments in the country. SEPA membership allows users in Montenegro to make transactions under the same conditions as users in other SEPA member countries, while the implementation of the TIPS clone system will ensure faster, more secure, and more efficient real-time payments. These initiatives will create additional opportunities for the development of digital services, encourage wider adoption of electronic payments, and increase the competitiveness of Montenegro’s financial sector, the statement concluded.
Based on the collected data and analyses, the World Bank will prepare recommendations for improving electronic payments in Montenegro.
The EPA mission is part of the “Western Balkans Payment Systems Modernization” project, which the World Bank has been implementing since 2022 in six countries in the region, in cooperation with the Regional Cooperation Council and the CEFTA Secretariat, with support from the European Commission. This project also includes other strategic activities that will contribute to the modernization of the financial sector in the Western Balkans countries. Priorities include the creation of a regional “Know Your Client” (KYC) registry, harmonization of the licensing framework for non-bank payment service providers, development of financial education strategies, and strengthening cybersecurity capabilities, CBCG concluded.
