BAKU, Azerbaijan, May 27. Work is underway on legislation in the field of microfinance, Board Chairman of the Azerbaijan Microfinance Association (AMFA) Jalal Aliyev told Trend.
"NBCOs [non-banking credit organizations], as key leaders in the microfinance sector, are closely cooperating with the Central Bank of Azerbaijan at the level of the association to discuss the development of a microfinance strategy, as well as the need to improve the regulatory framework," Aliyev said.
He noted that the improvement of legislation will contribute to the development of the microfinance sector.
"The constant attention of the Central Bank to this issue will contribute to the development of the microfinance sector and the provision of better, more efficient financial services for micro and small businesses, households and rural families," added the board chairman.