Jet Bank and courage for 100% digital banking in Albania
By Prof. Dr. Elvin Meka
The year 2025 will be marked as the year when the era of 100% digital banking opened in Albania. The creation of Jet Bank It would be the very moment that marked the beginning of this era, not only in Albania, but also in the Western Balkans, which although it “started” with Telenor Bank in Serbia in 2014, the latter would not be a 100% digital reality, as in the case of Jet Bank. In these conditions, Jet Bank marks the “pioneer” effect in Albanian and regional commercial banking, thus joining a line of over 60 fully digital banks, or about 100 neobankavand in Europe as a whole, which constitutes the homeland and the absolute leader, internationally, in this regard.
But what does it represent? Jet Bank in the Albanian banking environment? More than just another commercial bank on the market, it represents a new and bold banking mentality in Albania, similar to: N26, Revolut, Monzo, Bunq, Starling, Wise, etc. Jet Bank is practically a licensed banking institution in the Republic of Albania, as digital-first bank, with an operating model entirely based on technology and not on traditional banking infrastructure. Although its business model “resembles” that of existing banks in the market (deposit taking and lending (consumer & mortgage), payment services & electronic instruments, issuance and administration of payment instruments, cross-border payment services), what distinguishes it from the rest of the sector is its operating model, based on fully digital banking at the institution level (physical cash operations will be carried out only through licensed partner banks), with a focus on mobile banking-first and infrastructure based on cloud.
As a new generation bank, the shareholders have taken care of establishing a management structure consisting of professionals with extensive national and international experience (over 20 years) in banking and finance, in executive positions in high-level financial institutions and with prominent professional competencies in: risk management, legal compliance, treasury operations, corporate governance, etc.
Like any other banking institution in Albania, Jet Bank has followed all the necessary, indispensable and legally binding steps of a rigorous licensing process, by the Bank of Albania, according to the Albanian legislation in force. This complex, but standard licensing process in Albania, has included a full assessment of the capital and source of shareholders' funds, the ownership structure up to the ultimate beneficiary, as well as the integrity and suitability of shareholders and managers (according to the principle: fit & proper), in compliance with all European financial supervision standards (EBA/FATF), even those related to the prevention of money laundering and terrorist financing (AML/CFT).
In terms of capital, Jet Bank It already has a paid-in, non-debt capital of over 1 billion lek (~11 million euros), a standard regulatory requirement in Albania.
Finally, the presence of Jet Bank in the banking system and more broadly in the Albanian financial system, will strongly promote innovation and digitalization of payments, changing the mentality, as well as further improving and enriching the consumer experience and the value of these financial services. The road is not short and without obstacles, in a market where the main challenge remains building customer trust in institutions and mechanisms beyond the current conventional and traditional ones, towards 100% digital ones, and above all, the massive and continuous financial education of the public that will use these digital services.
Digital banking is definitely offering and will continue to offer more and more benefits for every actor in the economy and society, making a valuable contribution to the fight against the informal economy, increasing the tax base and budget revenues, significantly reducing the costs of intermediation and financial services, expanding financial inclusion, increasing financial knowledge and culture, as well as more space for the expansion of the knowledge economy within the national economy.
Of course, the presence of Jet Bank In this Albanian economic and financial mosaic, it constitutes not only an added value, but also a mechanism to move quickly and smartly towards the digitalization of the economy and increasing its efficiency!
Jet Bank & courage towards fully digital banking in Albania
The year 2025 will be marked as the moment when Albania entered the era of 100% digital banking. The creation of Jet Bank represents the milestone that opened this new chapter—not only in Albania, but also across the Western Balkans.
While digital banking initiatives in the region date back to early experiments such as Telenor Bank in Serbia in 2014, none have represented a truly 100% digital banking model in the way Jet Bank does today. In this context, Jet Bank establishes a "pioneer effect" in Albanian commercial banking and the broader regional financial landscape, joining a network of more than 60 fully digital banks and nearly 100 neobanks across Europe, the global leader in this space.
But what does Jet Bank represent in the Albanian banking environment?
More than just another commercial bank, Jet Bank embodies a new and bold banking mindset in Albania, aligned with institutions such as N26, Revolut, Monzo, Bunq, Starling, and Wise. It is a fully licensed banking institution in the Republic of Albania, operating as a digital-first bank, with a business model entirely built on technology rather than traditional branch-based infrastructure.
While its services are comparable to those of existing banks, such as deposits and lending (consumer and mortgage), payment services and electronic instruments, issuance and management of payment tools, and cross-border payments, the key distinction lies in its operating model. Jet Bank is fully digital at an institutional level, with cash operations handled exclusively through licensed partner banks, and a strong focus on mobile-first banking supported by cloud-based infrastructure.
As a next-generation bank, its shareholders have established a leadership structure composed of professionals with extensive national and international experience (20+ years) in banking and finance, holding senior executive positions in leading financial institutions. Their expertise spans risk management, regulatory compliance, treasury operations, corporate governance, and more.
Like every other banking institution in Albania, Jet Bank has undergone all legally required and rigorous licensing procedures by the Bank of Albania, in accordance with national legislation. This complex yet standard licensing process included a full assessment of shareholders' capital and source of funds, ownership structure up to the ultimate beneficial owner, as well as the integrity and suitability of shareholders and executives under the "fit & proper" principle, in line with European supervisory standards (EBA/FATF), including AML/CFT requirements for anti-money laundering and counter-terrorism financing.
In terms of capital, Jet Bank holds a fully paid-up, non-debt capital base of over ALL 1 billion (~EUR 11 million), in compliance with regulatory requirements in Albania.
Ultimately, Jet Bank's presence in the Albanian banking and financial system is expected to strongly accelerate innovation and the digitalization of payments, transforming mindsets while enhancing and enriching the customer experience and the value of financial services.
The journey is neither short nor without challenges, in a market where the key barrier remains building trust in institutions beyond traditional models and transitioning towards fully digital financial services. Equally important is the need for large-scale, continuous financial education for users of digital banking services.
Digital banking is already delivering, and will continue to deliver, significant benefits across the economy and society: contributing to the fight against informality, expanding the tax base and public revenues, reducing intermediation and financial service costs, increasing financial inclusion, improving financial literacy and knowledge, and enabling the growth of the knowledge economy within the national economy.
In this context, Jet Bank represents not only added value, but also a catalyst for moving quickly and intelligently towards a fully digital economy and greater economic efficiency.
