Azerbaijan Plans To Tweak Law On Payment Systems

2025-06-24 08:06:24

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 24. The Central Bank of Azerbaijan (CBA) is preparing a draft amendment to the national law on payment services and payment systems, said Ulfat Yusifov, representative of the Regulation of Payment Services and Payment Systems Operations Division under the Department of Supervision and Policy on Payment Services and Systems at the CBA, Trend reports.

Speaking at the FINTEX SUMMIT 2025-Finance and Technologies Exhibition in Baku-Yusifov noted that the CBA has always welcomed the introduction of innovative products by market participants.

"In light of the myriad inquiries we have garnered, we are currently formulating revisions to the legislative framework governing Payment Services and Payment Systems within the Republic of Azerbaijan, alongside ancillary regulatory instruments emanating from this framework. We are confident that this proposed draft will facilitate the deployment of avant-garde services within the financial and payment ecosystem in Azerbaijan, mirroring advancements observed in numerous jurisdictions."

The pertinent risk factors are, naturally, under thorough evaluation, and we will exert maximum effort to mitigate them," the CBA representative elaborated.

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