Baku, Azerbaijan, Jan. 25
By Anvar Mammadov – Trend:
The International Finance Corporation (IFC) continues the work as part of the “Electronic and Digital Financial Services” project in Azerbaijan, a source in the financial market told Trend Jan. 25.
The source said that working groups were created as part of the project.
Meanwhile, discussions are underway with the Financial Market Supervisory Authority (FIMSA) and the Central Bank of Azerbaijan, noted the source.
The aim of the discussions is to improve the legislative base and define the necessary measures in order to increase the non-cash payments.
The period for the project’s implementation is three years. The project’s aim is to provide the population with modern electronic services and simplify procedures of complex financial services for banking customers.
Azerbaijan became an IFC member in 1995. Since the beginning of cooperation, the IFC has allocated $473 million for projects in Azerbaijan that cover financial services, infrastructure and production.