Montenegro’s Ministry of Finance and the International Bank for Reconstruction and Development (IBRD) signed a €8 million loan agreement to finance the modernization of the country’s financial infrastructure and align it with SEPA standards.
The Central Bank of Montenegro (CBCG), responsible for implementing the project — a replica of the European TIPS (Target Instant Payment Settlement) system — signed a related project agreement. Developed by the Bank of Italy with support from the European Central Bank, the project aims to establish a national instant payment system capable of real-time transactions, 24/7, at low cost and with high security.
The system is expected to become operational by July 2026, enhancing the speed, safety, and efficiency of payments for both citizens and businesses.
Montenegro is the first Western Balkan country to become a full SEPA member, highlighting its commitment to EU integration. The loan will be forwarded to CBCG under the same terms agreed with the IBRD, strengthening coordination between economic policy institutions.
World Bank Regional Director Xiaoqing Yu emphasized that fast payment systems support economic growth and regional integration. Finance Minister Novica Vuković and CBCG Governor Irena Radović praised the project as a step toward digital transformation and greater alignment with EU standards.
