Moldova Joins SEPA, Boosting Economic Integration with Europe

Moldova has officially joined the Single Euro Payments Area (SEPA), a move welcomed by Deputy Prime Minister for European Integration, Cristina Gherasimov. The announcement was made by the European Payments Council today, CE Report quotes MOLDPRES

Gherasimov emphasized that SEPA membership is a crucial step in Moldova’s economic integration with Europe. The modernized payment system will facilitate safer, faster, and cheaper bank transfers, benefiting both businesses and individuals. This will enhance Moldova’s access to the EU market and attract more investment, strengthening the national economy.

"Whether sending money to family in Moldova or paying for services abroad, euro transactions will now function like local payments—without excessive bureaucracy and with lower fees," Gherasimov stated.

She also praised the efforts of the National Bank of Moldova and EU institutions in aligning national payment standards with SEPA requirements.

Moldova applied to join SEPA on January 30, 2024. The system streamlines euro transactions across 40 participating countries, supporting a modern financial sector and fostering economic growth.