Azernews.Az

By Trend

The Azerbaijan Microfinance Association includes 45 active non-bank credit organizations, Chairman of the board of the association Jalal Aliyev told Trend on March 5.

"To date, 14 non-bank credit organizations operating as part of the association have restructured the portfolio in the amount of 28 million manat ($16 million)," Aliyev added. "Restructuring covers 18,824 loan agreements. It is also necessary to ensure refinancing of microcredit organizations in the national currency. The innovations are expected to be made in lending to the entrepreneurs working in small and medium-sized enterprises in 2020."

As for the introduction of new business models in Azerbaijan, the chairman stressed that innovations have been recently developing not only in the banking sector, but also in other spheres of the economy.

"Azerbaijan’s credit organizations are introducing these innovations," the chairman added. "For example, credit organizations are already accepting applications, documents related to salary and those confirming income from our potential customers online via e-government website or through the ASAN Finance system. The association expects to introduce and expand technical capabilities for faster lending to our customers within the legislation in the future."