Taleh Kazimov reveals main directions of development of financial services in Azerbaijan

"In the framework of the strategy for the development of the financial sector of Azerbaijan until 2026, it is expected to increase financial inclusion in the country," the Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, said during his speech at the forum "Azerbaijan: Growth prospects in a changing global economy" held in Baku, Report informs.

According to him, work is currently underway to create a financing strategy for banking and non-banking organizations: "We are working on a securitization project together with the International Finance Corporation (IFC)."

Talking about the need to create a mechanism for protecting the rights of consumers of financial services, Kazimov gave information about the plans to establish a local credit rating agency as well as other structures.

He also revealed plans to improve the security of payment cards and other bank payments.

According to him, the total number of bank cards issued in Azerbaijan has increased by approximately 50%, and the number of transactions has increased by 2-3 times: "In addition, cashless transactions in the country have already exceeded 40%."

The CBA chairman noted the importance of digitalizing financial services: "We need to develop the Open Banking approach, which is an innovative area of ​​the financial services industry."