BAKU, Azerbaijan, January 9. The assets of Azerbaijani non-bank credit organizations (NBCOs) doubled and reached 682 million manat ($401 million) in the third quarter of 2023, Chairman of Azerbaijan Microfinance Association's Supervisory Board Jalal Aliyev said during the Azerbaijan Financial Forum themed “Achievements and challenges”, Trend reports.
He noted that 80 percent of these assets were loans.
"As of September 30, 2023, the volume of loans issued to clients exceeded 500 million manat ($294 million). This figure significantly surpassed the corresponding indicator for 2019," the chairman pointed out.
Aliyev also emphasized the importance of the activities of banking institutions, the government, and the Central Bank, playing a key role in regulating the financial sector.
"Special attention is given to programs and strategies implemented by the government that impact the improvement of citizens' living standards, increased employment and incomes, as well as the overall increase of the population's well-being," he explained.
In this context, Aliyev mentioned the decree of February 28, 2019, regarding additional measures related to the resolution of problematic debts of individuals.
"Today, we live in an era of development of digital financial services, where the use of artificial intelligence is expanding. The increased use of internet and mobile devices has led to the emergence of a large number of platforms, including credit bureaus and platforms with easy financing," the chairman also noted.
"Banking and credit organizations are actively interested in innovations and achievements in the field of digital technologies, and we are confident that this issue will become one of the most important in the future," he said
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