CBA unveils five main directions of digital payment development strategy

By Trend

The development of digital payments and the introduction of the most advanced trends in this sphere in Azerbaijan is one of the main priorities of the Central Bank of Azerbaijan (CBA), CBA executive director Farid Osmanov told reporters on Dec. 8, Trend reports.

“In this regard, the CBA has a strategy for the development of digital payments for 2021–2023 and our main directions are divided into five spheres in this strategy,” Osmanov said.

The executive director added that the first sphere is the development of a legislative platform to support the connection of new players and financial technologies to the payment system.

“We have already prepared a bill on payment systems, payment services,” Osmanov said. “We have agreed on the bill with the corresponding state agencies and submitted it to the government for approval.”

“The second direction is to expand the coverage of the payment system infrastructure that we have created today, which ensures reliable and sustainable operation,” the executive director said. “The third direction is to create a risk-oriented regulation management system for payment systems.”

Osmanov said that the next directions are the development of financial inclusion in terms of payment and increasing financial literacy, knowledge, and skills.