CBA expects Mastercard and Visa to cut fees by year-end

The Central Bank of Azerbaijan (CBA) expects international payment systems Mastercard and Visa to reduce their fees by the end of 2026, CBA Chairman Taleh Kazimov said, according to Report.

He said the regulator was negotiating with both payment systems to lower the fees they charge in Azerbaijan.

"I think we will be able to make some progress by the end of this year," the CBA chief said.

Kazimov noted that Mastercard and Visa had sharply increased their prices in recent years, significantly affecting the cost of banks' products and services.

"The main reason was precisely the fee increases introduced by these two organizations. As a result, banks were also forced to raise their prices. We are now negotiating with Mastercard and Visa to get them to lower their fees," he added.