IFC Works To Improve Access To Digital Financial Services Fo...| MENAFN.COM

Tuesday, 05 July 2022 09:49 GMT

IFC Works To Improve Access To Digital Financial Services For Individuals, Smes In Azerbaijan Regional Manager


(MENAFN- AzerNews)

By Trend

The International Finance Corporation's (IFC's) Electronic and Digital Financial Services project—implemented in partnership with the Swiss State Secretariat for Economic Affairs SECO—works to promote financial inclusion by improving access to digital financial services for individuals and SMEs in Azerbaijan, Ivana Fernandes Duarte, IFC's Regional Manager for the South Caucasus said in an exclusive interview with Trend.

She noted that the government of Azerbaijan, with advice from IFC, implemented a series of regulatory reforms to improve the country's financial infrastructure and expand access to finance for small businesses.

'It also adopted a modern law on credit bureaus, which led to the creation of the first private credit bureau in 2018, helping improve credit information, reducing risks for financial institutions, and boosting lending.

IFC also helped develop a secured transactions law that allows small businesses, which often lack assets like real estate, to use their movable assets—inventory, accounts receivable, and equipment—as collateral. The reform helped create a movable collateral registry. Driven by the Azerbaijan Financial Infrastructure Advisory Services project, it was a 10-year effort implemented in partnership with SECO,' added Duarte.

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