Integration of Moldovan financial system into European Space: Banks of Moldova submit first applications for joining SEPA

The National Bank of Moldova (BNM) has informed that the first applications for connection to the Single Euro Payments Area (SEPA) were submitted. By presenting these applications, banks of Moldova are initiating the process of joining the SEPA Credit Transfer (SCT) - a crucial step for integrating the Moldovan financial system into the European space.

“This moment marks the strong commitment of Moldovan banks to actively participate in SEPA and connect to the European payment infrastructure,” BNM said.

The process is coordinated and supported by the National Bank of Moldova and takes place through the Association of Banks in Moldova (ABM), acting as the NASO – National Adherence Support Organization.

BNM Governor Anca Dragu said that Moldova’s accession to SEPA represented a real opening towards the European Union, a secure financial bridge between Moldova and its citizens, wherever they may be.

“Through this commitment, we connect families, support the Diaspora, ease people’s lives and back the development of Moldovan companies. Transfers become faster, safer and cheaper and every transaction brings us closer to the standards of a modern and fair European economy,” said the BNM governor on the occasion of the first applications submitted.

According to BNM, joining the SEPA Credit Transfer (SCT) provides multiple benefits, including fast and secure euro transfers to the 40 SEPA member countries, cost reduction and increased transparency in the payment process, enhanced efficiency for citizens, enterprises and companies with international activities.

“The accession to SEPA is not just a technical step – it is declaration of commitment to European standards and concrete support for citizens and companies operating internationally,” said Dorel Noroc, President of Association of Banks in Moldova.

Moldova was officially included in SEPA on March 6, 2025.

SEPA (Single Euro Payments Area) is a European initiative that allows cross-border euro payments under the same conditions as national ones. The system eliminates the differences between domestic and international payments and includes all EU countries, as well as other participating states and territories.

Calculations show that, through this accession, Moldova will immediately save about 12 million euros annually and in the medium term - up to 20 million euros, money which remains in the national economy and supports business development.