Baku, Azerbaijan, Oct. 16
By Taleh Mursagulov - Trend:
In Azerbaijan, it is necessary to adopt a law on non-cash financial services for non-bank credit organizations (NBCOs), the Executive Director of the Azerbaijan Microfinance Association (AMFA) Jale Hajiyeva told Trend.
"To further stabilize the microfinance market, we believe that there is need to modernize the legislative framework," she said.
Presently, in many countries NBCOs are engaged in the provision of digital financial services, she added.
At the same time, she also stressed that the strategic road map emphasizes that the NBCO in Azerbaijan will also create conditions for the provision of digital financial services.
"We expect that new horizons will open after the adoption of the relevant law for NBCO," Hajiyeva said.
Presently, the International Finance Corporation is implementing a project on digital financial services in Azerbaijan. The project is expected to significantly simplify the population's access to financing.
According to the Central Bank of Azerbaijan, as of September 1, 2018, the loan portfolio of non-bank credit organizations (NBCO) amounted to 401.1 million manats, which is 11.32 percent less compared to the same period of 2017.
During the reporting period, the share of NBCO in the credit market of Azerbaijan decreased from 3.7 percent to 3.3 percent.
($1 = 1.7 AZN on Oct. 16)