Azerbaijani Central Bank Revokes License Of Optimal Finance NBCO

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 23. The Central Bank of Azerbaijan (CBA) has revoked the license of Optimal Finance LLC non-bank credit organization (NBCO), Trend reports via the CBA.

In accordance with the amendments made to the law of Azerbaijan "On NBCOs", as well as within the framework of the strategic goals set in the "Strategy for the development of the financial sector in 2024-2026" approved by the CBA, the "Rules for the prudential regulation of the activities of NBCOs" were approved by the relevant decisions of the CBA Management Board.

According to the rules, the minimum capital requirement for existing and new non-bank credit organizations established in the form of a commercial legal entity was set at 1 million manat ($590,000).

"Due to non-compliance with the minimum capital requirement, the CBA has issued mandatory instructions to Optimal Finance LLC. However, as a result of the steps taken by the said organization during the past period, compliance with the minimum capital requirement hasn't been ensured. Taking into account the above, in accordance with Article 25.1.4 of the law 'On NBCOs', the license of Optimal Finance LLC dated 29.12.2020, No. BKT-37 was revoked by the decision of the CBA Management Board dated April 17, 2026.

In accordance with Article 25.4 of the law 'On NBCOs', the NBCO ceases its activities from the date of entry into force of the decision on revocation of its license and is liquidated in accordance with the procedure established by the Civil Code of Azerbaijan," the CBA statement emphasized.

The CBA will continue to take the necessary steps required by legislation, constantly monitoring the activities of non-bank credit institutions based on regulatory requirements.

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