BAKU, Azerbaijan, May 27. Azerbaijan intends to increase accessibility by expanding the functional capabilities of the components of the National Payment System, Trend reports.
This is reflected in the “State Program on expanding financial inclusion for 2027-2030” approved by the President of the Republic of Azerbaijan, Ilham Aliyev.
According to the document, the implementation of the measure is recommended to the Central Bank of Azerbaijan (CBA). Azerbaijan Banking Association (ABA) and the Azerbaijan Fintech Association (AzFina) will also be involved in the process.
The execution timeline for the project is scheduled to span from 2027 through 2028.
According to the document, an analysis of compliance with market requirements will be carried out at the initial stage. As an intermediate result, it is planned to implement measures to expand the scope of instant payments.
The ultimate target is to increase the annual number of cashless transactions per capita to 300. According to the document, this metric stood at 228 transactions per capita during the benchmark year.
