BAKU, Azerbaijan, October 20. The Central Bank of Azerbaijan (CBA) intends to increase the share of non-cash payments in the total turnover to 55 percent by 2026, Executive Director at the CBA Farid Osmanov told Trend on October 20.
According to Osmanov, within Azerbaijan's Socio-Economic Development Strategy for 2022-2026, both in the banking and insurance sectors, capital market, digital transformation and the payment ecosystem, the CBA intends to implement projects aimed at further strengthening, expanding and increasing digital payments and opportunities in the country.
“As part of the implementation of these initiatives, two priority areas have been identified: financial stability and financial inclusiveness. In order to ensure financial stability, we can talk about projects aimed at strengthening the security of making payments by national payment systems and international standardization,” he said. “So, we aim to annually increase payments by national payment systems by five percent. In the field of expanding financial inclusiveness, the Central Bank is taking measures to increase the share of non-cash payments.”
He stressed that not only the CBA, but also other financial institutions and ministries in Azerbaijan take part in the implementation of these projects.