CBA prepares legal reforms to foster innovative payment services

The Central Bank of Azerbaijan (CBA) is preparing a draft amendment to the Law on Payment Services and Payment Systems, Azernews reports citing Ulfat Yusifov, Director of the Department of Supervision and Policy for Payment Services and Payment Systems at the Central Bank of the Republic of Azerbaijan, as he said at the “FINTEX SUMMIT 2025 – Finance and Technologies Exhibition” held in Baku.

He said that the CBA has always taken a positive approach to the introduction of innovative products by market participants:
"Considering numerous applications, we are preparing a draft amendment to the Law of the Republic of Azerbaijan on Payment Services and Payment Systems, along with other regulatory acts arising from it."

"We believe this draft will enable the provision of innovative services in the financial and payment sectors in Azerbaijan, similar to many other countries.Of course, we also recognize the risks in this direction and will do our best to minimize them," the CBA official concluded.