BAKU: The Central Bank of Azerbaijan (CBA) has announced plans to regulate remote lending, with a focus on safeguarding consumer rights and preventing overindebtedness. Khayyam Ismayilov, head of the Credit Institutions Supervision Department at the CBA, revealed the initiative during a conference on innovative solutions for sustainable microfinance.

According to Trend News Agency, the CBA is studying international practices to establish general conditions for distance lending, aligning them with local priorities. The regulatory framework is being developed to ensure consumer protection and financial stability in the growing digital lending market. Furthermore, Ismayilov highlighted that amendments to the legislation related to Non-Banking Credit Organizations (NBCOs) are under consideration. These amendments may enable money transfers and currency exchange without the need for opening accounts with NBCOs, indicating a move towards more flexible financial services in Azerbaijan.