The Central Bank of Azerbaijan (CBA) has issued mandatory instructions to “Guavapay”, “CIBPay”, and “Baku Pay” LLCs.
According to the information, the main reason for issuing the instructions is the violation of the minimum capital requirement outlined in Article 4.3 of the “Rules on the Organization and Implementation of Activities by Payment Institutions and Electronic Money Institutions.” In other words, these payment companies have not fully complied with the required minimum capital for their operations.
In addition, the CBA’s decision emphasizes the importance of improving internal control systems. This requirement is based on Article 63.1 of the “Law of the Republic of Azerbaijan on Payment Services and Payment Systems,” which aims to ensure that payment institutions operate in a transparent and secure manner.
The CBA notes that the mandatory instructions are intended to strengthen the financial stability of the payment institutions, enhance their operations, and protect customers’ rights. The authority adds that such measures help reinforce discipline in the payment sector and increase reliability in the financial market.
Following these instructions, the mentioned companies are expected to increase their capital base and upgrade their internal control and audit systems in accordance with the CBA’s requirements.
