IFC to help Azerbaijan boost electronic financial services – regional manager (Exclusive)

Finance Materials 11 October 2021 10:39 (UTC +04:00)

BAKU, Azerbaijan, Oct. 11

By Leman Zeynalova - Trend:

The International Finance Corporation (IFC) will help Azerbaijan boost electronic financial services, Ivana Fernandes Duarte, IFC’s Regional Manager for the South Caucasus, told Trend.

‘To promote financial inclusion, with only around 29 percent of the country’s population having an account at a financial institution, IFC’s partnership with Azerpost, Azerbaijan’s national postal service, will help boost electronic financial services, especially in remote areas, through an agent banking initiative. The work is led by IFC’s Electronic and Digital Financial Services Project, which is implemented in partnership with SECO,” she said.

Duarte pointed out that IFC’s Electronic and Digital Financial Services is also supporting the Central Bank of Azerbaijan in its efforts to boost digital financial services in the country.

“The work is focused on promoting non-bank payment services providers, including Fintech companies to deliver innovative payment solutions.

Going forward, while IFC is well-positioned to support the government in structuring pilot public-private partnership projects, we will continue to explore opportunities for direct investments in private sector companies as well as in financial institutions to expand access to finance for small and medium enterprises in Azerbaijan,” added IFC’s regional director.


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