Mobile operators in Azerbaijan may compete with banks, payme...| MENAFN.COM

Wednesday, 29 June 2022 04:48 GMT

Mobile operators in Azerbaijan may compete with banks, payments wise

(MENAFN- AzerNews) By

In the future, mobile operators can become serious competitors for banks and payment organizations in Azerbaijan, said head of the payment system sector of the Financial Market Supervision Body of Azerbaijan Hayalledin Tagiyev.

He made the statement, addressing the second Banking Forum on November 23.

He said that the participation of mobile operators in the payment market will become possible thanks to the new law "On Payment Services and Systems."

"Mobile operators will open separate accounts for each of their customers. Through this account, a client will be able to carry out various financial transactions," he explained.

Currently there are three mobile operators in Azerbaijan - Azercell, Bakcell and Nar.

Thirty one banks operate in the country, including two with state participation.

The first day of the 2nd Banking Forum 'Adaptation of banking system to new stage of development was completed in Baku on November 23. About 150 representatives of the banking sector of Azerbaijan, Turkey and Europe took part in the event.


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