The World Bank’s Board of Executive Directors has approved a EUR 8 million loan to Montenegro to modernize its digital payments infrastructure. The initiative aims to expand access to digital financial services for both businesses and consumers while reducing the cost of domestic and international transactions.
The project, titled Montenegro Financial Infrastructure Modernization and its Alignment with Single Euro Payments Area (SEPA) Standards—also known as the TIPS Clone Project—will introduce fast or near-instant digital transactions. This modernization will improve financial accessibility and is expected to significantly increase the use of digital payments across the country.
With Montenegro’s economy heavily dependent on international monetary inflows, the initiative is projected to boost digital payment usage by one-third by 2030. It aims to reach an additional 110,000 people, including 70,000 women, thereby promoting broader financial inclusion and economic participation.
The project will also focus on the 15% of the population currently unbanked—those without access to formal financial services or digital payment tools. These individuals face increased financial risks and limited access to credit. By addressing these gaps, the project will help reduce financial vulnerability and support economic empowerment.
Montenegro will adopt the Target Instant Payment Settlement (TIPS) clone solution, developed by Banca d’Italia with support from the Eurosystem. This will align Montenegro’s payment systems with pan-European fast payment standards, advancing the country’s financial integration with the European Union.
