Central Bank issues licenses for electronic money institutions and a payment institution

23-05-2024

23 May 2024, Baku: In accordance with the Law of the Republic of Azerbaijan ‘on Payment services and payment systems’, payment service providers should operate based on licenses issued by the Central Bank.

The Central Bank is assessing institutions applied for payment service provider licenses across the requirements of the applicable legislation. As part of these efforts, the Central Bank, at the decision of the Management Board dated 16 May 2024, issued perpetual licenses to the A-Solutions Electronic Money Institution LLC and the UNITED PAYMENT LLC to engage in electronic money institution and the Token Azerbaijan LLC to engage in payment institution activities.

The assessment of other organizations applied for a license to provide payment services is under way.

It should be noted that the information about the issuance of payment service licenses will be announced through the Central Bank’s website.