BAKU, Azerbaijan, August 3. The Central Bank of Azerbaijan (CBA) has issued a mandatory order to the electronic money (e-money) institution, Algoritma LLC.
This is reflected in a report published by the CBA.
According to the report, in order to eliminate the violation of the requirement for the minimum amount of aggregate capital established by paragraph 4.3 of the "Rules for the organization and implementation of activities by payment institutions and electronic money institutions", as well as to improve internal control systems, the CBA has issued a mandatory instruction to Algoritma LLC, guided by the requirements of Article 63.1 of the law of Azerbaijan "On payment services and payment systems".
In addition to the issuance of electronic money and the implementation of payment transactions with electronic money, electronic money institutions may also provide other payment services if provided for in their licenses. These services include cash inflow and outflow to payment accounts, credit transfers, direct debits, transactions with payment cards, money transfers, issuance and acquiring of payment instruments, mediation in payment transactions, as well as account information services.
Currently, according to the CBA's register, there are 15 e-money institutions operating in Azerbaijan. These are A-Solutions Electronic Money Organization LLC, United Payment LLC, PashaPay LLC, Mobile Payment Solutions LLC, Mpay LLC, PulPal LLC, Goldenpay LLC, K GROUP LLC, Payriff LLC, Cuzdan LLC, Tiko Azerbaijan LLC, Baku Pay LLC, Algoritma LLC, CIBPAY LLC, and Multi Solutions LLC.
In addition, according to the CBA, the licenses of the electronic money institutions Greentek Group LLC, Guavapay LLC, Azvvallet LLC, and Paysis LLC have been revoked.
