BAKU, Azerbaijan, June 29. The volume of e-commerce in Azerbaijan is expected to reach 90 billion manat ($52.9 billion) by the end of the year, Zeynal Kerimzade, Director of Epoint, said at the “Digital Financial Agenda of Azerbaijan” event held in Baku, Trend's correspondent reports from the event.
According to him, the forecast is based on the current growth trajectory of the market.
“If in 2025 the volume of e-commerce amounted to 86 billion manat ($50.5 billion), then by the end of 2026 it is expected to reach 90 billion manat ($52.9 billion). After the pandemic, the e-commerce market showed significant growth, with fintech companies playing a major role in this process.
According to the State Tax Service, Azerbaijan has 882,000 active taxpayers, of which 822,000 are small and medium-sized enterprises,” he said.
He noted that the level of digitalization among entrepreneurs currently remains below 1%.
“This means there are significant opportunities for fintech companies, as these entrepreneurs are expected to gradually shift to digital services. A large share of the market still operates through informal payment methods, including card-to-card transfers, cash payments, and transactions via e-wallets,” Kerimzade said.
He expressed confidence that in the coming years, and even months, a growing share of such transactions will move into the formal digital segment, creating new opportunities for the fintech market.
The Epoint director added that the growth dynamics of e-commerce turnover and transaction volumes differ, which also reflects current market trends.
