12:45 - 23.10.2024

---

October 23, Fineko/abc.az. Despite the fact that the share of non-bank credit organizations in the assets of the financial sector in Azerbaijan is growing, their role in financial intermediation is still small.

ABC.AZ reports, quoting Jalal Aliyev, the chairman of the Microfinance Association of Azerbaijan, as saying this at event "Innovative solutions for sustainable microfinance".

He noted that currently the share of NBCOs in the total assets of the financial sector is 1.6%.

"As of July 1, 2024, the number of NBCOs was 55, and the number of credit unions was 39. Currently, 15 active NBCOs have been created with the participation of foreign capital, in 12 of them the share of foreign capital exceeds 50%. Over Jan-Jun, the number of NBCO employees increased by 153 people to 3,442 people, and the number of branches by 12 to 308 people," Aliyev said.