SEPA after one year: 581,000 transfers, about €11 billion and more than €5 million saved

One year after North Macedonia joined the Single Euro Payments Area (SEPA), banks and users in the country have executed more than 581,000 SEPA transactions worth roughly €11 billion, generating estimated savings of over €5 million for households and businesses. These figures cover activity up to September 2026.

"Fees for payments through SEPA have been reduced by up to six times for citizens and up to nine times for companies compared to the correspondent banking model. These savings are expected to grow with further use of the SEPA channel, creating opportunities for new investments by companies, especially small and medium enterprises, as well as direct support to household disposable income," the National Bank of North Macedonia said.

SEPA has rapidly become the dominant channel for cross-border euro transfers in and out of the country and is available through all domestic banks. By the end of September 2026, SEPA accounted for 69% of the total number of cross-border euro transactions — about 67% of outflows and 70% of inflows — indicating growing use by both private individuals and companies.

Value and electronic uptake

The importance of SEPA is visible not only by transaction counts but also by value: up to September 2026 SEPA processed more than half of the total value of incoming cross‑border euro payments and over 70% of the value of outgoing ones. Electronic channels are driving this shift: 70% of electronic incoming transfers and 80% of electronic outgoing transfers by individuals use SEPA. Among businesses, SEPA represents 70% of electronic incoming and 65% of electronic outgoing transactions.

Authorities underline that SEPA’s lower costs and faster execution support wider digitalisation of payments, reduce cash use and can free resources for investment. The National Bank expects the savings to increase as more users choose SEPA, with particular benefits for small and medium-sized enterprises and for household purchasing power.

North Macedonia was accepted as the 39th member of the Single Euro Payments Area by the European Payments Council last year (2025). Preparations for membership began in 2013. SEPA itself was launched in 2008, fully implemented in the euro area by 2014 and extended to other members by 2016; Montenegro and Albania joined in December 2024.

Photo: press material from the event