BAKU: The Central Bank of Azerbaijan is set to update its prudential regulations for non-bank credit organizations, as announced by Togrul Aliyev, Director General of the Central Bank, during a conference on innovative solutions for sustainable microfinance held in Baku. The initiative aims to enhance opportunities and competitiveness in the microfinance sector while fostering the development of micro and small entrepreneurship across the country.
According to Trend News Agency, Aliyev highlighted the importance of integrating digital technologies into the microfinance and broader financial sector. The Central Bank’s strategy encompasses a comprehensive action plan focused on digital financial initiatives, including regulations on open banking, digital identification, and cybersecurity. Ensuring robust information security and managing cybersecurity challenges remain top priorities for the bank.
Earlier this year, in March, the Central Bank implemented information security requirements applicable to the ent
ire financial sector, encompassing microfinance, banks, and credit organizations. Aliyev emphasized that these measures will continue to be a key supervisory and regulatory focus in the years ahead. Additionally, the bank is working on updating risk management requirements in response to legislative changes affecting non-bank credit organizations, as part of its ongoing efforts to revise prudential regulations.