BAKU, Azerbaijan, January 15. The Central Bank of Azerbaijan (CBA) has issued a binding instruction to the payment organization Fizza Pay Limited Liability Company, Trend reports via the CBA.
“The Central Bank has issued a mandatory instruction to Fizza Pay Limited Liability Company to eliminate a violation of the minimum aggregate capital requirement related to Clause 4.2 of the ‘Rules on the Organization and Implementation of Activities by Payment Organizations and Electronic Money Organizations,’ guided by the requirements of Article 63.1 of the Law of the Republic of Azerbaijan ‘On Payment Services and Payment Systems,’” the statement said.
Fizza Pay (Fizza Pay Limited Liability Company, or FIZZA PAY MMC) is a licensed, multifunctional payment system in Baku, Azerbaijan, operating since 2019, offering cash/cashless transactions via terminals, mobile app, and website for utilities, mobile top-ups, internet, and government payments