BAKU, Azerbaijan, November 3. The Central Bank
of Azerbaijan (CBA) has identified regulatory violations committed
by electronic money institution Mobile Payment Solutions LLC,
according to an official statement issued by the financial sector
regulator.


According to the information, an on-site inspection of the
company conducted by the CBA revealed failures to comply with the
requirements of legislation and regulatory acts.


In light of the identified violations, the Central Bank has
issued mandatory directives to the company, requiring it to rectify
the shortcomings.


This decision was made in accordance with Article 48.2.4 of the
law "On the Central Bank of the Republic of Azerbaijan" and Article
63.1 of the Law "On payment services and payment systems."


The Central Bank oversees the activities of payment service
providers and electronic money institutions within the country. A
key aspect of this oversight is ensuring that these entities adhere
to legislative requirements, as well as to the established
regulatory rules governing the provision of payment services and
the issuance of electronic money.


The mandatory directives are aimed at rectifying shortcomings
identified by the regulatory authority during inspections. However,
the information released by the CBA hasn’t specified the exact
legal violations discovered at Mobile Payment Solutions LLC, which
areas of the company's operations they concern, or the timeframe
established for addressing these issues.







According to public registry data, Mobile Payment Solutions LLC
was registered for tax purposes on August 28, 2012. The company’s
Taxpayer Identification Number (TIN) is 1302997441. Its registered
legal address is 3 Taghi Shahbazi Street, Yasamal District, Baku.
The company’s authorized capital is 857,000 manat ($504,120). The
company’s legal representative is Vusal Hasanov.


The latest extract from the registry, dated June 19, 2026,
indicates that the company is an active taxpayer, which was
registered for VAT purposes, isn’t classified as a risky taxpayer,
and has no outstanding tax liabilities to the state budget. This
information reflects the company's current status within the tax
registration system.


Electronic money and payment institutions are financial market
participants that provide citizens and business entities with
services such as electronic payments, money transfers, and other
payment-related services. Ensuring that entities operating in this
sector comply with legislative requirements is crucial for the
security of payment transactions, the protection of consumer
rights, and maintaining confidence in the financial system.


Currently, 21 electronic money and payment institutions are
operating in Azerbaijan.