BAKU, Azerbaijan, January 29. Azerbaijan's Baku hosted a forum titled "Access to Capital Markets: 1st Investor—Microfinance Forum," bringing together key players from the financial sector, Trend reports.
The forum was jointly organized by the Central Bank of Azerbaijan (CBA), the Azerbaijan Capital Markets Association (AKBA), the Azerbaijan Microfinance Association (AMFA), and the Baku Stock Exchange (BSE).
The main objective of the event was to establish a direct dialogue mechanism between capital market participants and non-bank credit organizations (NBCOs), while presenting investment opportunities in the microfinance sector to potential investors. Within the framework of the forum, NBCOs operating in the regions shared their financial indicators, business models, and investment proposals with investors.
Speaking at the event, Fuad Isayev, Director General of the Central Bank of Azerbaijan (CBA), noted that assets of the non-bank credit organization (NBCO) sector in Azerbaijan rose by 25% to 1.24 billion manat ($73 million) in 2025.
“A total of 54 NBCOs and 34 credit unions are currently operating in the market, with the private sector represented in all but 1 institution. In 2025, assets in the NBCO sector grew by 25% to reach 1.24 billion manat ($73 million). During the same period, the NBCO loan portfolio expanded by 29%, surpassing 1 billion manat ($59 million). The capital of NBCOs rose by 26.2% last year and exceeded 3 million manat ($1.76 billion). Overall, the capital of NBCOs accounts for 24.5% of total assets,” he said.
He also noted that over the past three years, NBCIs have issued 86 million manat ($50.5 million) worth of bonds. Compared with 2023, bond issuance in 2025 recorded a 4-fold increase, signaling growing investor interest and improved access to capital markets for the sector.
In addition, he highlighted that banking and finance in Azerbaijan’s regions are seeing a growing impact from Non-Bank Credit Institutions (NBCI), which now operate 238 branches across the country.
"The sector currently includes 54 NBCIs and 35 credit unions, all but one representing the private sector. In addition, 14 NBCIs with foreign capital are actively operating in the microfinance sector," he noted.
Ogtay Gasimov, Deputy CEO and Chief Commercial Officer at the BSE, stated that the Baku Stock Exchange (BSE) has reduced the minimum debt market requirement for microfinance organizations to 500,000 manat ($294,117).
“Baku Stock Exchange has a standard listing segment and a main market listing segment. The main market is designed for larger, more developed companies, while the standard segment is intended for smaller, developing companies. In the debt market, the nominal minimum requirement was previously 1 million manat ($588,235). To increase accessibility for microfinance organizations, we have halved this amount to 500,000 manat ($294,117). The decision has already been made and will be announced soon,” he emphasized.
The participation of representatives from the CBA and other regulatory bodies enabled an open discussion on the current investment climate, the regulatory framework, and key challenges facing the sector. The forum is viewed as an important platform for strengthening cooperation between investors and NBCOs and for identifying concrete investment opportunities.
