BAKU, Azerbaijan, May 27. Azerbaijan intends to
increase accessibility by expanding the functional capabilities of
the components of the National Payment System, Trend reports.
This is reflected in the “State Program on expanding financial
inclusion for 2027-2030” approved by the President of the Republic
of Azerbaijan, Ilham Aliyev.
According to the document, the implementation of the measure is
recommended to the Central Bank of Azerbaijan (CBA). Azerbaijan
Banking Association (ABA) and the Azerbaijan Fintech Association
(AzFina) will also be involved in the process.
The execution timeline for the project is scheduled to span from
2027 through 2028.
According to the document, an analysis of compliance with market
requirements will be carried out at the initial stage. As an
intermediate result, it is planned to implement measures to expand
the scope of instant payments.
The ultimate target is to increase the annual number of cashless
transactions per capita to 300. According to the document, this
metric stood at 228 transactions per capita during the benchmark
year.
