The National Bank of Moldova (BNM) announced that Moldova joined the Single Euro Payments Area (SEPA), marking significant progress toward European Union integration. This membership will enable faster, safer, and more affordable international euro payments for Moldovan citizens and businesses.
BNM Governor Anca Dragu emphasized the importance of this step, stating that SEPA membership proves Moldova’s readiness to align with European financial standards. She highlighted that Moldovans and businesses will gain access to a more efficient and low-cost payment system while remittance fees for the diaspora will decrease. This move also enhances Moldova’s attractiveness to foreign investors, fostering economic growth and resilience.
Joining SEPA will directly impact families relying on remittances, as it will eliminate high fees for international transfers. Currently, Moldovans pay between €20 and €200 per transfer, but with SEPA, costs could drop to as little as €0.50 to €2. Workers in the EU will be able to send money home more quickly and affordably.
Easier Access to the European Market
BNM reported that over 60% of Moldova’s exports go to the EU, and SEPA membership will simplify commercial payments for companies. Businesses will conduct euro transactions at similar costs as EU firms, eliminating extra fees and delays. Estimates suggest that Moldova will save around €12 million annually and up to €20 million in the medium term, boosting economic development.
This milestone sends a strong signal to investors, confirming that Moldova’s financial system is compatible with European payment infrastructure. International companies will gain more confidence in the Moldovan market, leading to job creation and economic stability.
The SEPA Accession Process
BNM officially submitted its SEPA application on January 30, 2024. The process involved aligning national legislation with EU standards, implementing the Payment Services Directive (PSD2), strengthening financial oversight, and meeting technical and legal criteria in collaboration with European institutions.
In the coming months, commercial banks will complete the necessary technical adjustments to ensure seamless, secure, and cost-effective euro transactions. BNM will oversee the transition in order to provide regulatory and technical support to guarantee a smooth integration.
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SEPA facilitates cross-border euro payments, removing differences between domestic and international transfers. It includes all EU countries, along with several other participating states and territories.