CBA official: Digital financial services become reality

The digital financial services in Azerbaijan have already become a reality, said Fidan Tofidi, Director of the Financial Technologies and Innovations Department at the Central Bank of Azerbaijan (CBA), Report informs.

Speaking at the Azerbaijan's Digital Finance Agenda event in Baku, Tofidi noted that the era of branchless banking has begun: "Years ago, we spoke about digitalization and the future of digital financial services. Today, we see that future has arrived. Opening a bank account, making transfers, or using various financial services now requires little to no physical presence at a branch or service office. Many services are provided through online channels, made possible by technological progress."

Tofidi emphasized that the transformation is not driven by technology alone: "People's expectations have changed significantly. Everyone now demands faster, more accessible, and more convenient services. Against this backdrop, the role and responsibility of the Central Bank have also evolved. While regulation and financial stability were once our primary tasks, today fostering an innovative environment has become one of our main goals and institutional responsibilities."