BAKU, Azerbaijan, April 28. In its “Report on the Implementation Status of the 2024–2026 Financial Sector Development Strategy for 2025,” the Central Bank of Azerbaijan (CBA) has outlined the following steps for the development of the payment sector, Trend reports, citing the CBA.
According to the information, the Central Bank plans to expand the scope of application of Instant Payment Systems (IPS) by improving their functional capabilities, as well as adapting the internal information systems of IPS participants to the requirements of the updated system.
At the same time, plans include improving the AZQR standard (Azerbaijani QR code standard) and optimizing the liquidity management mechanism, as well as defining the governance structure of the National Payment System (NPS) and conducting the necessary regulatory and legal approvals to support the rapid development of digital payments.
In addition, the regulator has included ensuring the application of risk-based supervision in the payment sector among its priorities.
The “Financial Sector Development Strategy for 2024–2026,” approved by the Central Bank of Azerbaijan, was implemented at 85.6% in 2025.
Over this period, implementation of the strategy reached 86.3% in the banking sector, 80% in the insurance sector, 84.6% in capital markets, 86.5% in the payment sector, 84.7% in digital finance, 100% in sustainable finance, and 85.7% in professional development and financial literacy.