Baku, Azerbaijan, May 7
By Fikret Dolukhanov – Trend:
UzPaynet, payment service provider (owned by People's Bank of Uzbekistan), will cease operation, the press service of the Justice Ministry of Uzbekistan stated in its official Telegram channel.
According to the information, the changes are provided by the decree of the president of Uzbekistan “On measures to improve the financial situation of the People's Bank and Microcreditbank and further improvement of their activities”.
The PAYNET network (operated by UzPaynet) has been established in 2005, quickly becoming a household name for payment services and is currently wideknown among citizens of the country.
However legislative requirements were tightened in the Autumn 2009 (requirements to the size of the authorized fund, the number of paying agents in the country).
By that time, the controlling stake (62.5 percent) in UzPaynet belonged to the People's Bank, which exempted the company from a high registration fee (140,000 times of the minimum wage). The People’s Bank is currently the sole shareholder of UzPaynet.
According to the statement of UzPaynet, the payment accepting activity under the PAYNET trademark will not be terminated however. It will be provided by the structural subdivision of the People's Bank.
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