BAKU, Azerbaijan, November 5. The Central Bank of Azerbaijan (CBA) and the Microfinance Center (MFC) have discussed the development of microfinance and financial inclusion.
This was reported by the CBA following a meeting between the Deputy Chairman of the Central Bank of Azerbaijan, Toghrul Aliyev, and the CEO of the MFC, Katarzyna Pawlak.
"During the meeting, the parties discussed the steps taken by the Central Bank of Azerbaijan to foster entrepreneurship and microfinance in the country, strategic priorities regarding financial inclusion, and prospects for expanding the use of innovations and technological solutions within the financial sector. Furthermore, the two sides exchanged views on the role of non-bank credit organizations in the development of the financial sector and the business environment, as well as efforts to expand their operations. They also emphasized the importance of strengthening cooperation between international partners and regulatory authorities in this area," the bank said.
The MFC is a regional network of organizations operating in the fields of microfinance and social finance across Europe and Central Asia.
The organization brings together providers of microfinance and social finance services, financial cooperative systems, social finance banks, impact investors, academic institutions, national and international support organizations (including consulting firms and providers of IT and digital solutions), as well as national networks.
In its work, the organization focuses on implementing best practices and sustainability standards, facilitating knowledge sharing, promoting relevant initiatives, and fostering networking within the Europe and Central Asia region.
