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Azerbaijan's payment systems to be based on license – Central Bank

Finance Materials 29 September 2022 14:04
Baku, Azerbaijan Trend News Agency
Azerbaijan's payment systems to be based on license – Central Bank

Azerbaijan's payment systems will be based on a license, Executive Director at Central Bank of the Republic of Azerbaijan (CBA) Farid Osmanov told reporters, Trend reports.

According to him, the relevant decision was reflected in the bill "On payment services and systems", which is still under consideration by various public agencies.

"The Central Bank is working on implementing comprehensive measures to expand non-cash payments and create a competitive environment. After the legislation's entering into force, the CBA will control the activities of payment organizations, non-banking organizations, as well as intermediary services. Such an activity will be permitted and licensed, and these organizations will be subject to technological safety and regulation measures," Osmanov said.

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