On 6 March 2025, the European Payments Council officially accepted North Macedonia’s application and included North Macedonia in the Single Euro Payments Area (“SEPA”). With this, North Macedonia became the 39th member of SEPA.
North Macedonia’s acceptance to SEPA will have the following implications:
- Reduction of costs for international payments: North Macedonia’s access to SEPA means that transactions with European Union (“EU”) countries will become faster and cheaper. The majority of international payments will have lower costs with the reduction of remittance fees. This reduction is expected to result in savings of over half a billion EUR for the entire Western Balkans region;
- Support for the digitalisation of the financial sector: SEPA membership will contribute to accelerating the digitalisation process of North Macedonia’s financial institutions. Promoting electronic payments and reducing reliance on cash transactions will enhance the security and efficiency of the entire financial sector, creating a more flexible and inclusive economic ecosystem;
- Improvement of international trust and trade relations: By joining SEPA, North Macedonia strengthens its integration with the European Economic Area, which will enable easier and more efficient operation of financial services and transactions with EU countries. This will improve the credibility of Macedonian financial institutions and deepen trade relations with EU countries.
The integration of North Macedonia’s financial institutions into SEPA will begin in April 2025, with complete operational readiness expected by October 2025.
The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.
