CBA: Azerbaijan planning to create new microfinance model

Azerbaijan is planning to create a new microfinance model, Toghrul Aliyev, the General Director of the Central Bank of Azerbaijan (CBA), said at the Azerbaijan Microfinance Conference on Innovative Solutions for Sustainable Microfinance held in Baku, Report informs.

According to Aliyev, this is envisaged within the framework of the "Strategy for the development of the financial sector in 2024-2026".

"Based on advanced international practice, it is aimed to create opportunities for institutions operating in the new microfinance sector to provide additional financial services and thereby increase their competitiveness. Undoubtedly, the development of micro and small entrepreneurship in our country is at the center of these initiatives," he noted.

"Our strategy envisages projects such as researching sustainable microfinance and NBCO models, strengthening microfinance institutions, improving business models, implementing initiatives aimed at this, developing legal and regulatory mechanisms, and diversifying funding sources. Currently, the implementation of our strategy continues. We believe that as a result of our joint efforts, the sustainability of the microfinance sector will be ensured," the CBA official added.