Central Bank of Azerbaijan greenlights e-money organization with new license

BAKU, Azerbaijan, March 7. The Central Bank of
Azerbaijan (CBA) is reviewing applications from organizations
seeking a license to offer payment services under Azerbaijan’s Law
“On Payment Services and Payment Systems”, a source in the CBA told
Trend.

According to the source, the CBA has issued an indefinite
license to Algoritma LLC, authorizing it to operate as an
electronic money institution. This decision was made by the Board
of the Central Bank on December 25, 2024.

“The evaluation of organizations that applied for a license to
provide payment services is currently ongoing.

Information about the licenses granted for payment services is
published on the Central Bank’s official website,” the source
noted.

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