Podgorica, (MINA-BUSINESS) – According to Governor of the Central Bank (CBCG) Irena Radovic, Montenegro’s full integration into Europe’s payment system shows that enlargement can advance through delivery and discipline, bringing citizens and businesses tangible benefits long before EU accession. 

 

In an opinion piece for the well-known portal Euractiv, focusing on the Single Euro Payments Area (SEPA) membership and first SEPA transactions, she said that Montenegro had quietly reshaped its relationship with Europe earlier this month. 

 

“By sending and receiving its first Single Euro Payments Area (SEPA) transactions, it joined Europe’s payment infrastructure in full. What began as a technical reform has become a symbol of efficiency and belonging, bringing faster, cheaper, and more reliable transfers to citizens and businesses alike,” said Radovic.

 

According to her, EU enlargement has been under fire for years. 

 

“Critics say it’s too slow, too abstract, too distant from daily life. Montenegro’s SEPA leap proves it doesn’t have to be this way. EU reforms can deliver immediate, concrete gains for candidate countries: lower costs for firms, faster payments for families, and deeper ties with Europe’s economic core,” Radovic said.

 

She reminded that Montenegro adopted the Deutsche Mark in the 1990s to restore stability after conflict and hyperinflation. 

 

“When the euro replaced the Mark in 2002, Montenegro followed suit. Yet for over two decades, while citizens used the euro, their payments travelled through costly and fragmented channels. That era is now over,” said Radovic. 

 

Until recently, sending and receiving euros abroad from Montenegro cost an average of €73.40 per transaction. 

 

“Now, under SEPA, a transfer of up to €200 costs under two cents; transfers up to €20,000 cost no more than €1.99. For families, this means sending remittances without extortionate fees. For small businesses, trade is finally affordable. For Europe, there is a more connected, efficient, and inclusive payments area,” said Radovic. 

 

She added that this milestone crowns years of disciplined reform. 

 

Montenegro became the first EU candidate to fulfil SEPA requirements in 2024. The Central Bank of Montenegro has since worked relentlessly with all eleven commercial banks to align systems, rules, and standards with Europe’s payment infrastructure.

 

“SEPA is more than technical plumbing. It is the invisible infrastructure of Europe’s single market with over 45 billion transactions annually, enabling trade, investment, and mobility. It connects 41 countries and nearly 540 million people, demonstrating that the euro is more than a currency – it is a backbone of trust, economic strength, and international influence,” said Radovic.

 

According to her, joining SEPA is not just about cheaper transfers – it is about belonging to the core infrastructure of Europe’s economy. 

 

“For a Montenegrin exporter of wine or digital services, payments from EU clients that once took days and carried heavy fees now settle within hours at minimal cost. For a student in the Netherlands or Austria, paying tuition is as easy as a domestic transfer. For small firms, efficient payments translate into competitiveness and growth,” Radovic added.