BAKU, Azerbaijan, August 5. The Central Bank of Azerbaijan (CBA) has revoked the payment entity license of Modenis LLC.
This is reflected in the information released by the CBA.
"By the decision of the Management Board of the Central Bank of Azerbaijan dated August 4, 2026, the payment entity license of Modenis LLC was revoked in accordance with the law of Azerbaijan 'On payment services and payment systems'.
Mpay LLC was reorganized by merging Modenis LLC with it and is its legal successor," the information noted.
Modenis LLC was granted an indefinite license as an electronic money institution by a decision of the Central Bank of Azerbaijan dated June 5, 2024. However, based on the company’s official request, the Central Bank’s decision dated July 17, 2025 removed the “issuance of electronic money and execution of payment transactions using electronic money” service from the license.
Under the latest decision, the payment institution license of Modenis LLC has been fully revoked. According to the Central Bank, this is related to the reorganization of Mpay LLC through the merger of Modenis LLC into it. Mpay LLC is considered the legal successor of Modenis.
According to the Law “On Payment Services and Payment Systems”, payment institutions may provide payment services only after obtaining the relevant license from the Central Bank. These institutions, except for the issuance of electronic money, carry out activities such as money transfers, operations involving payment accounts, execution of payment card transactions, acquiring, mediation in payment transactions, and account information services.
According to the Central Bank’s current registry, licensed payment institutions operating in the country include Token Azerbaijan LLC, Global Innovations LLC, Drakaris LLC, M.A.X Sistemləri Plyus LLC, Fizza Pay LLC and Azericard LLC. Payment institutions whose licenses have been revoked are Modenis LLC, Kabox LLC, Multi Solutions LLC and CİBPAY LLC.
