NBCOs in Azerbaijan may get opportunity to make non-cash remittances

Finance Materials 15 April 2019 18:17 (UTC +04:00)

Baku, Azerbaijan, April 15

By Kheyraddin Nasirzade - Trend:

The Azerbaijan Micro-finance Association (AMFA) proposes to provide non-bank credit organizations (NBCOs) with the opportunity to make non-cash remittances, AMFA Executive Director Jala Hajiyeva told Trend.

In her opinion, the absence of such an opportunity is the main problem of all the existing NBCOs in Azerbaijan. Providing them with the opportunity to make non-cash remittances would have a positive impact on the entire market, Hajiyeva added.

Speaking about the current problems in the microfinance market, she also noted that due to the lack of access of credit unions and leasing companies to the Centralized Credit Registry, they face problems when monitoring loan applications.

However, she added that after the creation of a private credit bureau in 2018, over time, all market participants will become its full members. The AMFA executive director commented positively on this organization. She said that the bureau will solve many problems of all NBCOs.

Hajiyeva also commented on plans to amend the legislation in the field of NBCOs.

She noted that the relevant law was adopted back in 2010, but the process of the entry into force of the law is postponed. Over the past nine years, new proposals have been sent to amend the law and regular meetings are held on this issue, she said.

Hajiyeva expressed hope for speeding up the decision on this law after solving the issue of non-performing loans.

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