The Central Bank of Azerbaijan (CBA) is working on a new strategy of developing digital payments for the next three years, Farid Osmanov, general director of the Central Bank of Azerbaijan, said at the GSMA Mobile 360 Eurasia 2023 conference, according to Report.
"We are working on this document jointly with several structures. The strategy will consist of five main parts," Osmanov said.
"As a result of the work carried out in Azerbaijan's financial sector, the share of digital payments reached 51%. Over the past year, the country's Internet banking market has grown 8 times, and mobile payments rose 40 times. After improving the instant payment system, the activities of fintech companies will be simplified and, as a result, it will be possible to involve them in payment transactions. We live in an era of digital transformation. This requires the cooperation of the public, private and public sectors," the bank CEO said.