BAKU, Azerbaijan, April 12. New digital solutions on money transfers are being prepared in Azerbaijan, Consultant of International Organization for Migration Anna Prokhorova said during an event themed "Strengthening socio-economic effect of money transfers in Azerbaijan", Trend reports.
"We are aimed at reducing the costs of money transfers. For example, transferring funds from card to card, or by another method, bypassing SWIFT, allows us to reduce costs and commissions,” Prokhorova noted. “Besides, online money transfer allows for transparency of the economy. We can achieve these goals, both locally and internationally. The interest of banks to develop cooperation with fintech players is proof of this.”
She also noted that despite that money transfers are part of the banking system, the legislation allows non-banking organizations to carry out these procedures.
"We are also working on exploring new opportunities both from an innovative point of view and from the point of view of optimizing the law," the expert stressed.
Moreover, according to her, the digital money transfer sector can be considered a promising industry for development.
"Azerbaijan today carries out large volumes of money transfers to and from Türkiye. We also see an increase in bank and postal money transfers within the country. First of all, it’s necessary to continue working on the financial literacy of the population and the promotion of digital money transfers," she added.
The volume of money transfers of individuals to Azerbaijan in 2022 amounted to $3.6 billion, which is 3.2 times more than in 2021.
The list of countries from which money transfers of individuals were made to Azerbaijan include transfers from the US amounting to $155 million (an increase of 2.1 times), Türkiye reaching $122 million (an increase of 13.3 percent), Germany amounting $53.5 million (an increase of two times) and the UK reaching $ 33.9 million (an increase of by 4.9 percent).