Moldova and North Macedonia officially joined the geographical scope of the Single Euro Payments Area (SEPA) on March 6, following a positive decision by the European Payments Council (EPC). This milestone marks a significant step in the financial integration of both countries with the European payment system.
With SEPA membership, payment service providers (PSPs) in Moldova and North Macedonia can now adhere to various SEPA schemes managed by the EPC. This inclusion facilitates euro transactions, reduces transfer costs, and shortens processing times for businesses, citizens, and financial institutions operating within SEPA member states. The move is expected to contribute to sustained economic growth by enhancing financial connectivity.
According to Moldova’s central bank Governor, Anca Dragu, SEPA membership is projected to generate annual savings of approximately 12 million euros (13 million U.S. dollars) for the country. Over the medium term, these savings could rise to 20 million euros (21.7 million U.S. dollars). The elimination of extra fees and delays in euro transactions will particularly benefit businesses, with Moldovan exports—60% of which are directed toward the EU—gaining a competitive edge.
The European Commission will continue to support Moldova and North Macedonia in preparing their PSPs for full SEPA integration, ensuring further alignment with the EU acquis in the area of financial services.
About the European Payments Council (EPC)
The European Payments Council (EPC) is an independent, international, non-profit association comprising 83 members, including payment service providers and industry associations. Established in 2002 by the European banking sector, the EPC plays a crucial role in developing and maintaining standardized European payment instruments.
Currently, nearly 4,000 banks and payment service providers participate in SEPA schemes. Among the key schemes are SEPA Credit Transfer, SEPA Instant Credit Transfer, and SEPA Direct Debit, which collectively facilitated over 50 billion transactions across 36 countries in the past year. The EPC continuously updates and enhances these schemes to improve the efficiency and security of cross-border euro payments.
Moldova initially applied to join SEPA in January 2024, marking the beginning of its successful integration into the European payments landscape.
