The Central Bank of Azerbaijan (CBA) plans to regulate remote lending in the country.
As Day.Az reports with reference to Trend, this was stated by the head of the department of supervision of credit organizations of the Central Bank of Azerbaijan Khayyam Ismailov during the conference on the topic “Innovative solutions for sustainable microfinance”.
“The Central Bank of Azerbaijan (CBA) plans to regulate remote lending in the country. International experience is being studied in this direction, and general conditions for remote lending will be determined, taking into account local priorities. The main goal is to protect the rights of consumers and prevent their excessive debt,” he said.
According to him, as part of changes to the legislation relating to NBCOs, the possibilities of money transfers and currency exchange without opening accounts with NBCOs are being considered.
It recently became known that by the end of 2025, the assets of Non-Bank Credit Organizations (NBCOs) in Azerbaijan will double.