BAKU, Azerbaijan, August 3. The Central Bank of
Azerbaijan (CBA) has issued a mandatory order to the electronic
money (e-money) institution, Algoritma LLC.
This is reflected in a report published by the CBA.
According to the report, in order to eliminate the violation of
the requirement for the minimum amount of aggregate capital
established by paragraph 4.3 of the "Rules for the organization and
implementation of activities by payment institutions and electronic
money institutions", as well as to improve internal control
systems, the CBA has issued a mandatory instruction to Algoritma
LLC, guided by the requirements of Article 63.1 of the law of
Azerbaijan "On payment services and payment systems".
In addition to the issuance of electronic money and the
implementation of payment transactions with electronic money,
electronic money institutions may also provide other payment
services if provided for in their licenses. These services include
cash inflow and outflow to payment accounts, credit transfers,
direct debits, transactions with payment cards, money transfers,
issuance and acquiring of payment instruments, mediation in payment
transactions, as well as account information services.
Currently, according to the CBA's register, there are 15 e-money
institutions operating in Azerbaijan. These are A-Solutions
Electronic Money Organization LLC, United Payment LLC, PashaPay
LLC, Mobile Payment Solutions LLC, Mpay LLC, PulPal LLC, Goldenpay
LLC, K GROUP LLC, Payriff LLC, Cuzdan LLC, Tiko Azerbaijan LLC,
Baku Pay LLC, Algoritma LLC, CIBPAY LLC, and Multi Solutions
LLC.
In addition, according to the CBA, the licenses of the
electronic money institutions Greentek Group LLC, Guavapay LLC,
Azvvallet LLC, and Paysis LLC have been revoked.
