On 7 October, Montenegro became the 38th member of the SEPA system, confirming that the domestic financial sector is rapidly aligning with European standards. Montenegrin banks have become part of a family of more than three and a half thousand European banks and payment institutions, giving citizens and businesses access to a market that enables faster, safer, and cheaper euro transactions.
One of these banks is NLB, which reports that they are already seeing an increase in both inflows and outflows, as clients are gradually shifting to the new payment system. Advisor to the Management Board and Director of Payments, Fintech and Cash Management at NLB Bank, Luka Uskoković, says that transactions are carried out in accordance with the most modern rules and payment standards.
“When it comes to speed, at NLB we process payments six times a day, but we always complete all payments on the same day, so citizens always have an almost real-time experience,” Uskoković says.
Regarding the cost, Uskoković points out that fees are now six times lower.
“It is enough to say that for individuals, up to 200 euros, there is not even a fee. For amounts up to 20,000, through digital channels, it costs only a few euros,” Uskoković notes.
He says that the closing of Chapter 4 is an important catalyst for accelerating digital transformation in Montenegro and that he expects the banking market to be fully aligned with European legislation as early as next year.
“What is important is that Montenegro’s market is now adapting to the entire European regulatory framework. This includes Open Banking, PSD2, and soon we will have a single IBAN account, which will essentially merge what we used to call domestic and international payments,” Uskoković says.
Uskoković announces that starting from July 2026, Montenegro will become part of TIPS – the European instant payment system – which will mean that payments are executed within seconds, every day of the year (24/7). This will enable savings for Montenegrin citizens and businesses of up to 160 million euros annually, or 2.3% of GDP.
“It appears that the banking market is keeping pace with EU regulations and is ready for this important step – EU membership,” Uskoković concludes.