IFC: Azerbaijan entering new stage in development of financial services

Representative of the International Finance Corporation (IFC) in Azerbaijan Aliya Azimova has said that Azerbaijan is entering a new stage in the development of financial services.

Azimova made these remarks during the second Baku Forum on Sustainable Development, Trend reports.

“Over the past years, IFC has been developing digital finance markets in Central and Eastern Europe, the Caucasus, and Central Asia. We will continue paying special attention to this sphere, as it will have a significant impact on financial inclusion and economic prosperity. We work with financial sector players, assisting banks in the digital transformation process through our advisory services and programs,” the IFC representative noted.

“We also support developing fintech companies in building their marketplace platforms. Digital finance offerings are evolving in Azerbaijan but require significant support to encourage use and adoption. The banking sector is introducing advanced digital solutions, while the penetration level of online banking is comparable to similar indicators in other regional countries,” Azimov said.

“I would like to talk about the recently adopted law `On the strategy of digital payments and payment systems and services,’ which was developed through the support of the World Bank and IFC. It will become the most important legal basis for the development of digital financial services. After the adoption of this law, Azerbaijan is entering a new stage in the development of financial services. IFC will continue working in this sphere and promote new reforms related to electronic and digital payments,” she said.