BAKU, Azerbaijan, August 4. As many as 13 licenses have been issued to non-bank credit organizations (NBCOs) over the past three years, Governance Board Chair of Finance for Development LLC non-banking credit organization (NBCO) of the Azerbaijan Micro-finance Association (AMFA) Jalal Aliyev told Trend.
According to him, two NBCOs received licences in 2019, four NBCOs – in 2020, and seven NBCOs – in 2021.
As the chairman noted, majority of NBCO clients are the self-employed people, the chairman said.
AMFA jointly with the Central Bank of Azerbaijan is currently working on microfinance regulations.