FIMSA: Over 120 non-bank credit organizations operate in Azerbaijan
Baku, Azerbaijan, Oct. 6
By Anvar Mammadov – Trend:
Currently, 123 non-bank credit organizations operate in the financial market of Azerbaijan, said Deputy Executive Director of the Financial Market Supervisory Authority (FIMSA) Asim Zulfugarov said at the 5th Investors’ Fair, titled “Future of Micro-finance in Azerbaijan: Difficulties and Opportunities”.
More than 100 representatives of the financial sector of Azerbaijan and other countries are taking part in the event.
“Since the beginning of FIMSA’s activity, we have done a lot of work to improve the sector. A number of virtually inactive financial organizations, companies that do not meet the requirements of the regulator, left the market. Thus, non-bank credit organizations operate in the market today. It is worth noting that the market today is working with profit,” noted Zulfugarov.
According to him, currently, the main task of the regulator is to ensure the healthy functioning of the microfinance sector.
“In subsequent years, under the strategic roadmap for the development of financial services, we will undertake the task of ensuring the stable operation and financial inclusiveness of the sector,” added FIMSA representative.