The World Bank’s Executive Board has approved an €8 million loan to Montenegro to modernize its digital payment infrastructure. The project aims to expand access to digital financial services for citizens and businesses, reduce the cost of domestic and international transactions, and align the country’s system with EU standards.
The initiative, dubbed the TIPS Clone Project, is based on the SEPA (Single Euro Payments Area) model and will enable near-instant digital transactions. It is expected to boost the use of digital payments in Montenegro by one-third by 2030, targeting an additional 110,000 users — including 70,000 women.
Special focus will be placed on integrating approximately 15% of the population that remains outside the formal financial system, lacking access to transaction accounts or digital payment tools.
Xiaoqing Yu, the World Bank’s Regional Director for the Western Balkans, emphasized that rapid payment systems are not just a technical upgrade but also a move toward deeper regional integration and improved competitiveness for Montenegrin businesses.
The project supports the adoption of the TIPS Clone solution developed by the Bank of Italy with Eurosystem backing, ensuring compatibility with pan-European instant payment systems and strengthening Montenegro’s financial integration with the EU.
This initiative aligns with the World Bank’s partnership framework for Montenegro through 2029, which prioritizes competitiveness, regional cooperation, and sustainable growth.
