BAKU, Azerbaijan, October 23. Assets of Non-Banking Credit Organizations (NBCOs) in Azerbaijan are projected to double by the end of 2025, the Head of the Credit Institutions Supervision Department at the Central Bank of Azerbaijan Khayyam Ismayilov said at the conference on "Innovative Solutions for Sustainable Microfinance" today, Trend reports.
"By the end of 2025, the assets of NBCOs will double, with the aim of exceeding one billion manat," he noted.
Ismayilov also noted that the capital of NBCOs has reached 482 million manat ($283.5 million).
"This is connected both with the generation of profits by these organizations and with the entry of new participants into the market. In addition, the networks of NBCOs are expanding. The number of branches in the microfinance sector has reached 302. Unlike banks, the expansion of NBCOs in regional areas has been notably positive. The sector has employed 3,500 people, serving 700,000 clients," he added.