BAKU, Azerbaijan, May 17. The share of non-cash payments in Azerbaijan today is 51 percent compared to 18.18 percent in 2018, which indicates a fivefold increase over the past 5 years, Executive Director of the Central Bank of Azerbaijan (CBA) Farid Osmanov said during the GSMA M360 Eurasia 2023 conference in Baku, Trend reports.
He noted that there is an eight-fold increase in internet banking and a forty-fold increase in mobile banking.
Moreover, Osmanov spoke about the introduction of fintech technologies.
"The Ministry of Digital Development and Transport plays a big role in accelerating the process of financial exclusivity. Almost all fintech companies provide only payment services. Our strategic direction is also to include the insurance sector, the capital market and the private sector in this process," he said.
According to Osmanov, the CBA's current strategy is a digital payments' strategy that covers three years. At the moment, the CBA is working on the creation of national payment systems.
"Financial services and payment systems are a priority, as we are currently going through a period of active digital transformation, and this requires a large-scale partnership," he said.