Azerbaijan Banks Association seeks to create special mobile banking platforms

14 April 2021 16:30 (UTC+04:00)

By Trend

Differences in reforms carried out by the Central Bank of Azerbaijan (CBA) and other structures create difficulties in the creation of new mobile banking, President of Azerbaijan Banks Association (ABA) Zakir Nuriyev said, Trend reports.

Nuriyev made the remark during the online event entitled ‘The Role of Financial Institutions in the Development of the Digital Ecosystem.’

ABA’s main strategy is to create special mobile banking platforms and opportunities for the integration of financial institutions in this area, he said.

The ABA president noted that the volume of e-commerce in Azerbaijan has grown significantly since 2017 and today is estimated at 3.7 billion manat ($2.17 billion), and the share of payment turnover in the overall structure of the card business is 26 percent.

"Due to the difference in the reforms carried out by a number of Azerbaijani structures, work is underway to improve and adapt them," Nuriyev said.

He also praised the role of financial institutions in the development of mobile banking. In his opinion, these structures should gain access to such projects and take part in their development.

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