BAKU, Azerbaijan, April 28. In its “Report on
the Implementation Status of the 2024–2026 Financial Sector
Development Strategy for 2025,” the Central Bank of Azerbaijan
(CBA) has outlined the following steps for the development of the
payment sector, Trend
reports, citing the CBA.
According to the information, the Central Bank plans to expand
the scope of application of Instant Payment Systems (IPS) by
improving their functional capabilities, as well as adapting the
internal information systems of IPS participants to the
requirements of the updated system.
At the same time, plans include improving the AZQR standard
(Azerbaijani QR code standard) and optimizing the liquidity
management mechanism, as well as defining the governance structure
of the National Payment System (NPS) and conducting the necessary
regulatory and legal approvals to support the rapid development of
digital payments.
In addition, the regulator has included ensuring the application
of risk-based supervision in the payment sector among its
priorities.
The “Financial Sector Development Strategy for 2024–2026,”
approved by the Central Bank of Azerbaijan, was implemented at
85.6% in 2025.
Over this period, implementation of the strategy reached 86.3%
in the banking sector, 80% in the insurance sector, 84.6% in
capital markets, 86.5% in the payment sector, 84.7% in digital
finance, 100% in sustainable finance, and 85.7% in professional
development and financial literacy.
