PRESS RELEASE
First Deputy Governor Minxhozi: Open lecture at “Aleksandër Xhuvani” University, Faculty of Economics, Elbasan

On 19 March 2024, the First Deputy Governor of the Bank of Albania, Ms Luljeta Minxhozi, invited by the Dean of the Faculty of Economics at “Aleksandër Xhuvani” University in Elbasan, Associate Professor Dr. Imelda Sejdini, delivered an open lecture on “Financial market developments and financial education challenges from the viewpoint of the Bank of Albania”.

In her lecture, Ms Minxhozi pointed out the importance of financial inclusion and education, also in addition to the challenges and risks accompanying financial innovations. Prof. Dr. Minxhozi focused also on the role of the Bank of Albania in improving and modernising the payment system of Albania, thus contributing in strengthening financial inclusion and in the approximation with international standards.   

Ms Minxhozi, in order to corroborate both topics - financial education and inclusion-, addressed the newly updated Law “On Payment Services” and the participation of Albania in SEPA (Single Euro Payments Area) agreement. The purpose of this Law is to reform and modernise the payment system of Albania, by including a series of activities that enable a much broader use of electronic payments and by boosting market competition. The Law creates an environment which provides more equal operational conditions for financial institutions, both banks and non-banks, by expanding the range of players that provide payment services, such as payment initiations and information on accounts, which promote innovation, digitalisation and financial inclusion. Meanwhile, participation in SEPA will facilitate and reduce the cost of international transactions, by shortening the time required to carry them out.    

At the end of her lecture, the Deputy Governor Minxhozi presented the strategy of the Bank of Albania on Education and Financial Inclusion (2024-2026). This strategy, in collaboration with all the other BoA’s policies, aims to bolster financial knowledge and inclusion of the Albanian citizens in order to ultimately increase their financial well-being. The strategy works in tandem with the new law on Payment Services by promoting a more comprehensive and transparent financial market, where citizens are more informed on their financial rights and opportunities. Through enhancing financial literacy and education, citizens become more skilled in using and benefiting from financial innovations and new financial services that are offered by the market.