BAKU, Azerbaijan, May 2. By 2030, the Central Bank of Azerbaijan (CBA) wants to establish a microfinance industry that is adaptable, efficient, and inclusive, Trend reports via the CBA's Microfinance Model Strategic Framework document.
It was noted that the strategic vision envisages the achievement of some goals. These include ensuring access to diversified, effective, and inclusive microfinance services for the self-employed, micro and small business entities, and consumers; forming a regulatory framework that promotes sustainable development and innovation in the sector; forming microfinance as a special sub-segment of the financial sector; and increasing its role in the financial sector.
The CBA has identified five priorities in order to achieve the strategic goals:
Strengthening the legal and regulatory framework of microfinance;
Diversifying sources of financing for non-bank credit institutions (NBCIs);
Strengthening risk-sharing mechanisms;
Institutional development of NBCIs;
Improvement of the identification system for self-employed people and family farms.
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