IFC helps Azerbaijan ease payments without having to visit banks - Ivana Fernandes Duarte

By Trend

The International Finance Corporation’s (IFC) work on an agent banking initiative with Azerpost will ease payments and access to basic banking services electronically, without having to visit banks, especially in rural areas, Ivana Fernandes Duarte, IFC’s Regional Manager for the South Caucasus said in an exclusive interview with Trend.

"With IFC’s support, the Central Bank of the Republic of Azerbaijan adopted the Open Banking Road Map. This is an important step to help financial sector players and fintech companies provide innovative digital financial services to individuals and businesses," she said.

Duarte went on to add that IFC supports Azerbaijan’s shift to a dynamic private sector-led growth model. Diversifying away from oil and gas will help the country create jobs and stimulate economic growth.

"A conducive business environment is key to attracting investments. That is why, over the last decade, IFC and relevant government agencies cooperated to develop a new legislative framework. Azerbaijan recently adopted a law on tourism, which was developed with IFC’s advisory support. The law deregulates the tourism sector and introduces novelties that align the country’s tourism sector with international best practices. It envisions setting up an electronic register for tourism resources as well as developing an automated data exchange system between hotels and the Ministry of Internal Affairs, among other innovations. The advisory work in this area has been part of IFC’s Azerbaijan Investment Climate and Agribusiness Competitiveness project implemented in partnership with the Swiss State Secretariat for Economic Affairs SECO and the Austrian Federal Ministry of Finance," added IFC regional manager.