(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 17. The share of non-cash
payments in Azerbaijan today is 51 percent compared to 18.18
percent in 2018, which indicates a fivefold increase over the past
5 years, Executive Director of the Central Bank of Azerbaijan (CBA)
Farid Osmanov said during the GSMA M360 Eurasia 2023 conference in
Baku, trend reports.
He noted that there is an eight-fold increase in
internet banking and a forty-fold increase in mobile banking.
Moreover, Osmanov spoke about the introduction of
fintech technologies.
"The Ministry of Digital Development and Transport
plays a big role in accelerating the process of financial
exclusivity. Almost all fintech companies provide only payment
services. Our strategic direction is also to include the insurance
sector, the capital market and the private sector in this process,"
he said.
According to Osmanov, the CBA's current strategy is a
digital payments' strategy that covers three years. At the moment,
the CBA is working on the creation of national payment systems.
"Financial services and payment systems are a
priority, as we are currently going through a period of active
digital transformation, and this requires a large-scale
partnership," he said.
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