Following technical and regulatory preparations coordinated by the Central Bank of Montenegro (CBCG), all Montenegrin banks gained approval to participate in the SEPA Credit Transfer (SCT) scheme by June 2025, with operational use commencing on October 6, 2025.
To enable this, the CBCG adopted a crucial reform package in July 2025, introducing strict limits on transaction fees for citizens and businesses, extending domestic payment system operating hours (including planned weekend and eventual 24/7 availability by July 2026), and abolishing discriminatory afternoon surcharges.
This integration brings substantial benefits: banks gain reduced costs and improved efficiency, while businesses and citizens enjoy faster, safer, and cheaper cross-border euro transactions, facilitating economic integration with Europe. Overall, SEPA accession modernizes Montenegro’s banking sector and enhances payment transparency, competitiveness, and trust.
A detailed analysis on benefits and challenges (in Montenegrin and English) provided by Partner Alma Karđuzović Đinđinović, from JPM Podgorica office is available here.
