11:56 - 24.01.2024

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January 24, Fineko/abc.az. The Board of the Central Bank has approved the Procedure of organization & implementation of activity by payment organizations and electronic money organizations.

ABC.AZ reports that in accordance with the new decision signed by Taleh Kazimov, the requirement for the authorized capital of a payment organization rendering services for accepting and issuing finances on a payment account in cash (1), lending, direct debit, performing payment transactions with a payment card or other similar payment instruments (2), issuing payment instruments and acquiring of payment transactions (3) in aggregate or separately from any of them, set at 500,000 manats, the requirements for the authorized capital of a payment organization rendering mediation services for money transfer and payment transactions are in the amount of 100,000 manats, and the requirements for the authorized capital of an electronic money organization are 750,000 manats.

And for a payment organization rendering information services on an account, there are no capital requirements. This organization must insure its civil liability for every 100,000 users of payment services in the amount of at least 50,000 manats from an insurer that is not its person and does not belong to the same financial group, or receive a guarantee in the amount of at least 50,000 manats from a credit institution or an insurer that is not its person and does not belong to to the same financial group. The amount of liability insurance or warranty is recalculated twice a year, on the last business day of June and December, based on the average number of users every 6 months and updated within 10 business days upon request.