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Payment System

Safe and sound payment system is necessary for good functioning of the financial system.

Pursuant to the Central Bank of Montenegro law, the Central Bank of Montenegro (CBCG) is responsible for regulating, supervising and improving the functioning of payment system in Montenegro.

Every year, the CBCG policies determine that a sound, efficient and effective payment system is an important segment of financial stability that has to be continuously improved through the implementation of international standards, principles and best practises in the functioning of modern payment systems and payment system transactions in general.
The 2005 reform of the payment system transferred national payment operations from the former Clearing and Payment Settlements Bureau to banks, thus creating preconditions for the development of payment system in accordance with the contemporary global payment system standards. During the last years, significant steps have been included in the payment system development.

The Payment System Law is harmonised with the Directive 2007/64/EC on payment services in the internal market (PSD Directive), Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions, and Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2009/44/EC amending this Directive.

The Payment System Law regulates the payment systems, including payment services, transparency of conditions and obligation of providing information to payment system users, rights and obligations of payment service providers and users, work and supervision of payment institutions and electronic money institutions, work and control over payment systems, and international payment transactions.

Under this law, the CBCG passes secondary legislation.


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Created by Božo Cvetkovski