12:50 - 24.01.2024

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January 24, Fineko/abc.az. In Azerbaijan, payment and electronic money organizations will be able to give loans to persons using their services.

ABC.AZ reports that this is reflected in the Rules of organization & implementation of activity by payment organizations and electronic money organizations, approved by the Board of the Central Bank.

Under the decision, payment organizations will give a loan in the amount of no more than 50 manats per payment transaction only in national currency for the period of no more than 2 months, and until the loan is fully repaid, the user of this payment service will not be provided with a new loan. Also, an organization will not be able to give a loan if its total capital is below the requirements set by the rule.

Also, the total amount of loans given by a payment organization cannot exceed 10% of its total capital, and will also be considered a non-performing asset if the loan is not repaid within 2 months from the date of issue, the organization will not give a loan if the amount of such loans exceeds 10% of the total amount of loans given.

Loans to users of the payment service will be financed exclusively from the organization's own funds. The organization will not be able to issue loans to the account of funds received from users of the payment service. The organization will submit a report on loans given to the CBA on a monthly basis no later than the first 5 working days of the next month in accordance with the Rules.